<SEC-DOCUMENT>0001144204-13-054795.txt : 20131010
<SEC-HEADER>0001144204-13-054795.hdr.sgml : 20131010
<ACCEPTANCE-DATETIME>20131010172616
ACCESSION NUMBER:		0001144204-13-054795
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20131010
DATE AS OF CHANGE:		20131010

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mandalay Digital Group, Inc.
		CENTRAL INDEX KEY:			0000317788
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				222267658
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-190943
		FILM NUMBER:		131146548

	BUSINESS ADDRESS:	
		STREET 1:		2811 CAHUENGA BOULEVARD WEST
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90068
		BUSINESS PHONE:		(323) 472-5461

	MAIL ADDRESS:	
		STREET 1:		2811 CAHUENGA BOULEVARD WEST
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90068

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NeuMedia, Inc.
		DATE OF NAME CHANGE:	20100514

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Mandalay Media, Inc.
		DATE OF NAME CHANGE:	20071109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Mediavest, Inc.
		DATE OF NAME CHANGE:	20050809
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>v356754_s3a.htm
<DESCRIPTION>S-3/A
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> As filed with the Securities and Exchange
Commission on October 10, 2013 </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B> Registration No.&nbsp;333-190943 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amendment No. 1</B></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B><BR>
<B><I>UNDER THE SECURITIES ACT OF 1933</I></B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MANDALAY DIGITAL GROUP, INC.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B> </FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-size: 10pt"><B>22-2267658</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or</FONT><BR>
<FONT STYLE="font-size: 10pt">organization) </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2811 Cahuenga Blvd. West </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Los Angeles, CA 90068</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(323)&nbsp;472-5461</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-size: 10pt"><I>Copies of communications sent to:</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Peter Adderton</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Chief Executive Officer</B> </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Ben D. Orlanski, Esq.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Mandalay Digital Group, Inc.</B> </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Manatt, Phelps &amp; Phillips, LLP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>2811 Cahuenga Blvd. West</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>11355 West Olympic Blvd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Los Angeles, CA&nbsp;&nbsp;90068</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Los Angeles, CA 90064</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(323)&nbsp;472-5461</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(310)&nbsp;312-4000</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Name, address, including zip code, and telephone</FONT><BR>
<FONT STYLE="font-size: 10pt">number, </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(310)&nbsp;312-4224 Facsimile</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">including area code, of agent for service) </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Approximate date of commencement of proposed
sale to the public: </B>From time to time after the effective date of this Registration Statement as determined by market conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the only securities being registered
on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box: <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other
than securities offered only in connection with dividend or interest reinvestment plans, check the following box: <FONT STYLE="font-family: Wingdings">&thorn;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement of the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is a registration statement
pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule&nbsp;12b-2
of the Exchange Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-size: 10pt">Large accelerated</FONT><BR>
<FONT STYLE="font-size: 10pt">filer&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-size: 10pt">Accelerated</FONT><BR>
<FONT STYLE="font-size: 10pt">filer&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD>
    <TD STYLE="width: 35%; text-align: center"><FONT STYLE="font-size: 10pt">Non-accelerated filer&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT><BR>
<FONT STYLE="font-size: 10pt">(Do not check if a smaller reporting</FONT><BR>
<FONT STYLE="font-size: 10pt">company)</FONT></TD>
    <TD STYLE="width: 25%; text-align: right"><FONT STYLE="font-size: 10pt">Smaller reporting company&nbsp; <FONT STYLE="font-family: Wingdings">&thorn;</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment
which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Securities and Exchange
Commission, acting pursuant to said Section&nbsp;8(a), may determine.</B></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">The information in this prospectus is not complete
and may be changed. The selling stockholders may not sell these securities until the Registration Statement filed with the Securities
and Exchange Commission, of which this prospectus is a part, is effective. This preliminary prospectus is not an offer to sell
these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: red"><B> SUBJECT
TO COMPLETION, DATED OCTOBER 10, 2013 </B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: black"><B> 6,475,722
</B></FONT><B> Shares of Common Stock </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> This prospectus relates solely to
the resale of up to an aggregate of 6,475,722 shares of common stock of Mandalay Digital Group, Inc., or, the Company, by the
selling stockholders identified in this prospectus, of which 996,428 are shares underlying warrants to purchase common stock
held by a selling stockholder which will be sold following the exercise of such warrants. In addition, 60,000 shares underly
options to purchase common stock held by selling stockholders which will be sold following the exercise of such options. We
are registering the offer and sale of the shares on behalf of the selling stockholders. The shares are being registered to
satisfy pre-existing contractual registration rights held by the selling stockholders.&nbsp; Approximately 4.3 million of the
shares being registered were issued prior to 2013 and&nbsp;approximately 1.2 million were issued in connection with corporate
acquisitions, of which&nbsp;approximately&nbsp;940,000 are subject to contractual lock-up agreements with us restricting
sales until April 11, 2014. See &ldquo;Plan of Distribution&rdquo;.&nbsp;In addition,&nbsp;357,143 of the shares being
registered are held by an affiliate.&nbsp; See &ldquo;Certain Relationships and Transactions&rdquo;. </P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling stockholders may offer the shares
from time to time as they may determine through public or private transactions or through other means described in the section
entitled &ldquo;Plan of Distribution&rdquo; at fixed or privately negotiated prices. The prices at which the selling stockholders
may sell the shares may be determined by the prevailing market price for the shares at the time of sale, may be different than
such prevailing market prices or may be determined through negotiated transactions with third parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will not receive any of the proceeds from the sale of these
shares by the selling stockholders. We have agreed to pay all expenses relating to registering the securities. The selling stockholders
will pay any brokerage commissions and/or similar charges incurred for the sale of these securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Our common stock is traded on the
NASDAQ Capital Market under the symbol &ldquo;MNDL.&rdquo; As of October 9, 2013, the closing sale price of our common
stock on the NASDAQ Capital Market was $2.65 per share. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Investing in our Securities involves
a high degree of risks. You should review carefully and consider the risk factors included under the heading &ldquo;Risk Factors&rdquo;
beginning on page 10 of our Annual Report on Form 10-K, as amended, for the fiscal year ended March 31, 2013, which is incorporated
by reference herein, as well as in any other subsequently filed quarterly or current reports.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of the securities described in this prospectus or passed upon the
adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2013.</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">About this Prospectus</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Summary</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Special Note Regarding Forward-Looking Statements</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Selling Stockholders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Description of Capital Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Legal Matters</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Experts</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Documents Incorporated by Reference</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"> This prospectus is
part of a resale registration statement on Form S-3 that we filed with the Securities and Exchange Commission, or SEC, using a
&ldquo;shelf&rdquo; registration process. Under the shelf registration process, using this prospectus, the selling stockholders
may offer and sell, from time to time, an aggregate of up to 6,475,722 shares of Mandalay Digital Group&rsquo;s common stock.
In some cases, the selling stockholders will also be required to provide a prospectus supplement containing specific information
about the terms on which they are offering and selling the Company&rsquo;s common stock. We may also add, update or change information
in a prospectus supplement any information contained in this prospectus. To the extent that any statement we make in a prospectus
supplement is inconsistent with statements made in this prospectus, the statements made in this prospectus will be deemed modified
or superseded by those made in the prospectus supplement. </P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You should read both this prospectus and
any prospectus supplement as well as the information incorporated by reference in this prospectus or any prospectus supplement.
See &ldquo;Documents Incorporated by Reference&rdquo; and &ldquo;Where You Can Find More Information&rdquo; for more information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We and the selling stockholders have not
authorized any dealer, salesman or other person to give any information or to make any representation other than those contained
or incorporated by reference in this prospectus and any applicable supplement to this prospectus. You must not rely upon any information
or representation not contained or incorporated by reference in this prospectus or any applicable prospectus supplement. This prospectus
and any applicable supplement to this prospectus do not constitute an offer to sell or the solicitation of an offer to buy any
securities other than the registered common stock to which they relate, nor do this prospectus and any applicable supplement to
this prospectus constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction to any person
to whom it is unlawful to make such offer or solicitation in such jurisdiction. You should not assume that the information contained
in this prospectus and any applicable prospectus supplement is accurate on any date subsequent to the date set forth on the front
of the document or that any information incorporated therein by reference is correct on any date subsequent to the date of the
document incorporated by reference, even though this prospectus and any applicable prospectus supplement is delivered or common
stock is sold on a later date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference in this prospectus to &ldquo;the
Company,&rdquo; &ldquo;Mandalay Digital Group&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo;, and &ldquo;our&rdquo; refer to Mandalay
Digital Group, Inc., a Delaware corporation, and its consolidated subsidiaries, unless otherwise specified.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><I>This summary highlights selected information
contained elsewhere in this prospectus or incorporated by reference in this prospectus and does not contain all of the information
that you should consider before investing in our securities. You should carefully read the entire prospectus including financial
statements and other information incorporated by reference into the prospectus, and any applicable prospectus supplement, including
the risks discussed under the heading &ldquo;Risk Factors&rdquo; and under similar headings contained in the other documents that
are incorporated by reference into this prospectus.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mandalay Digital Group is at the convergence
of Internet media content and mobile communications. We are an established provider of mobile services enabling mobile content
distribution and transactions serving mobile operators, end consumers, and original equipment manufacturers (OEM&rsquo;s) of mobile
devices and tablets. Our software as a service (&ldquo;SaaS&rdquo;) based platform delivers a mobile services platform that works
with mobile operators and third-party publishers to provide portal management, user interface, content development and billing
technology that enables the ecosystem required for the global distribution of mobile content. Our platforms provide our customers
with the tools to implement an intuitive user experience and storefront, enabling the discovery, purchase and download of mobile
content. Our integrated solutions address the mobile ecosystem spanning mobile optimized websites, mobile applications, mobile
merchandising and content management, mobile messaging, mobile advertising, mobile billing and predictive analytics. Our solutions
empower our customers to drive loyalty, generate revenue and re-engineer business processes to capture the advantages of their
mobile-enabled customer base. Our predictive analytics capabilities allow our customers to recommend the right solution to their
end-customer based upon the consumers&rsquo; tastes and preferences. We are headquartered in Los Angeles and have offices in Europe,
Israel and Australia to support our global sales and marketing efforts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Key Operating Divisions</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Through its acquisitions of Digital Turbine,
Logia, and MIA, the Company now has five product suites that provide an end-to-end solution for operators, device OEMs,
and other third parties to monetize mobile content. Those solutions are branded: Digital Turbine Ignite, Digital Turbine IQ, Digital
Turbine Marketplace, Digital Turbine Content, and Digital Turbine Pay. The solutions can be sold together as a holistic &lsquo;end-to-end&rsquo;
product suite or de-bundled individually, depending upon the needs of the customer.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 28, 2011, the Company acquired
the assets of Digital Turbine Group, LLC, the developer of Digital Turbine, which has been re-branded as &ldquo;Digital Turbine
IQ&rdquo;, a technology platform that allows media companies, mobile carriers, and their OEM handset partners to take advantage
of multiple mobile operating systems across multiple networks, and offers solutions that allow them to maintain their own branding
and personalized, one-to-one relationships with each end-user. IQ&rsquo;s cross-platform user interface and multimedia management
system for carriers and OEMs can be integrated with different operating systems to provide a more organized and unified experience
for end-users of mobile content across search, discovery, billing, and delivery. Other aspects of the platform, such as a smart
content discovery toolbar, allows carriers and OEMs to control the data presented to their users while giving the end-user a more
efficient way of finding and purchasing the desired content.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With the acquisition and integration of
the assets of Digital Turbine, the Company is able to provide an end-to-end, modular platform to the Company&rsquo;s existing carrier
customers. The combined Digital Turbine offering allows new and existing customers to choose from a fully outsourced, smart mobile
ecosystem to more efficient, modular components that can be integrated with different operating systems to provide a more unified
experience for end-users of mobile content across search, discovery, billing, and delivery.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon the initial launch data, the
Company believes there is an opportunity to integrate its IQ platform with new and existing mobile carriers. Mobile carriers are
facing increased competition from competing mobile application storefronts and improved user experiences from other retailing,
social networking, and operating system providers including Apple, Google, Amazon, and Facebook. As a result, operators are looking
for new, innovative solutions to better manage their existing user experience. The IQ platform can be &ldquo;whitelabeled&rdquo;
to allow operators to custom tailor their own unique branding experience to the customer.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to improved user experiences,
many operators are looking for end-to-end solutions for their mobile storefronts that include procuring and programming the content,
managing the content experience, ingesting content into the content management system (CMS), securely installing and de-installing
applications from the device, and integrating with the back-end elements such as billing interfaces, analytics, settlement, and
reporting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Digital Turbine Ignite is a mobile application
management software that is pre-installed on devices to help operators and content providers pre-install software in a more automated
and segmented fashion. This software allows operators to customize the out-of-the-box experience for customers and monetize their
homescreens via Cost-Per-Install or CPI arrangements with third party software developers. The Company has launched with numerous
new customers for Digital Turbine Ignite such as Telefonica, Avea Turkey, and Cellcom Israel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Digital Turbine IQ is a User Experience
and User Interface that enables customers to search and discover content from various sources including social media, search engines,
and applications. Early results from the Digital Turbine IQ product indicate that customers are more satisfied and purchase more
content when the IQ software is being utilized as the primary search and discovery vehicle. To date, IQ has been deployed with
Boost in Australia, Cellcom in Israel, and Axis in Indonesia.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Digital Turbine Marketplace is an application
storefront that manages the retailing of mobile content including features such as merchandizing, product placements, reporting,
pricing, promotions, and distribution of digital goods. The Digital Turbine Marketplace is deployed with many operators around
the world including with operators in Australia, Israel, Philippines, and Italy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Digital Turbine Content is the primary revenue
generating product from Digital Turbine today. It includes the distribution and licensing of content across multiple content categories
including music, applications, wallpapers, eBooks, and games. The Company has its content being sold across multiple geographies
including such as Australia, Israel, Turkey, Indonesia, Philippines, Italy, India and Germany.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">DT Pay is a Application Programming Interface
(API) that integrates between mobile operators billing infrastructure and content publishers to facilitate mobile commerce. Increasingly,
mobile content publishers want to go directly to consumers to sell their content versus sell through traditional distributors such
as Google Play or Apple Application Store. DT Pay allows the publishers and the operators to monetize those applications by allowing
the content to be billed directly to the consumer via the operator bill. Currently DT Pay is launched in both Australia and Italy.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acquired the assets of Logia
Group, Ltd. on September 13, 2012. As a part of the transaction, the Company, through one or more subsidiaries acquired, among
other things, the assets comprising the &ldquo;LogiaDeck&rdquo; software, which has been rebranded &ldquo;Digital Turbine Ignite&rdquo;
(Ignite), and certain operator and other contracts related to the business. Ignite is a patent pending mobile application management
solution that enables operators and device OEM&rsquo;s to pre-install and manage applications from a single web interface. It simplifies
the device launch process for operators as well as allows the Company and the operator or OEM to monetize their devices with pre-installation
of applications.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Logia&rsquo;s solutions for top-tier mobile
operators and content providers include device application management solutions, white label app and media stores, in-app payment
solutions, app-based value added services, and mobile social music and TV offerings. Logia operates in more than 20 countries and
provides services to more than 50 leading mobile carriers. It has relationships with over 500 app developers and content vendors
and well as business agreements with unique mobile platforms and service providers. Our strategy is to combine Logia&rsquo;s mobile
solutions, carrier relationships and global distribution capabilities with the IQ user experience to provide a &lsquo;best-in-class&rsquo;,
end-to-end solution for the Company&rsquo;s carrier partners to fully monetize their mobile content catalogs as well as third-party
offerings. The Company has signed contracts to license the Ignite solution with numerous global customers including Telefonica,
Cellcom, and Avea.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>Twistbox Entertainment,
Inc.</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 12, 2008, the Company completed
its acquisition of Twistbox Entertainment, Inc. (&ldquo;Twistbox&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Twistbox is a global publisher, developer
and enabler of mobile content and data services across mobile networks. Twistbox provides its services in over 14 countries supporting
over 50 carriers. Since operations began in 2003, Twistbox has developed an intellectual property portfolio that includes a proprietary
mobile publishing platform covering: tools that automate device management; distribution and billing technology; a mobile games
development, distribution and retail platform; and a content ratings system adopted by wireless carriers globally to assist with
the deployment of age-verified content. Twistbox has leveraged its intellectual property and carrier-class platforms to secure
agreements with leading mobile operators throughout the world including, among others, Vodafone, Telefonica, and Orange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Twistbox currently has a large number of
distribution agreements with mobile operators and portals in Europe and North America. Twistbox currently has distribution agreements
with more than 15 single territory operators in 11 countries. The strength and coverage of these relationships is of paramount
importance and the ability to support and service them is a vital channel for Twistbox&rsquo;s new product offerings and services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are still considering the
future status and role of Twistbox in relation to our focus on the IQ platform. Although it is one of our active
businesses, Twistbox revenues have been declining, which we expect to continue for the foreseeable future. At the same time,
we are leveraging its existing customer base for offerings by IQ. While offering the IQ platform to Twistbox customers is
an attractive strategy, it continues to entail significant risks, some of which are described in the &ldquo;Risk
Factors&rdquo; set forth in our Annual Report on Form 10-K, as amended, and includes the risk that Twistbox may operate at a deficit
while we work on launching the suite of IQ products, which, in turn, entails business and financial risks and the possibility
of needing additional capital and the associate dilution.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 12, 2013,
the Company, through its indirect wholly owned subsidiary organized under the laws of Australia, acquired all of the issued and
outstanding stock of Mirror Image International Holdings Pty Ltd (&ldquo;MIAH&rdquo;). MIAH owns direct or indirect subsidiaries
that we refer to as the &ldquo;MIA Group&rdquo;. The acquired business of the MIA Group is referred to as &ldquo;MIA&rdquo; in
this prospectus. MIA is a leading mobile solutions provider based in Australia. MIA has extensive content licenses with major brands
as well as a proprietary content management and billing integration system called &ldquo;Sphere&rdquo;. MIA enables experiences
on connected devices by enabling the delivery of content and applications to multiple devices, across any network, in any format.
The Sphere platform enables carriers, media companies and brands to work together.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our facilities and executive offices are
located at <FONT STYLE="color: black">2811 Cahuenga Blvd. West, Los Angeles, CA 90068</FONT>, and our telephone number is (323)&nbsp;472-5461.
Additional information about us is available on our website at www.mandalaydigital.com. The information contained on or that may
be obtained from our website is not, and shall not be deemed to be, a part of this prospectus. Our common stock is currently traded
on the NASDAQ Capital Market under the symbol &ldquo;MNDL.&rdquo;</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have included discussions of cautionary
factors describing risks relating to our business and an investment in our securities in our Annual Report on Form 10-K, as amended,
for the year ended March 31, 2013 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, which are incorporated
by reference into this prospectus. See &ldquo;Where You Can Find More Information&rdquo; for an explanation of how to get a copy
of these reports. Additional risks related to our securities may also be described in a prospectus supplement and are set forth
below. Investing in our securities involves a high degree of risk. Before purchasing our securities, you should carefully consider
the risk factors we describe in this prospectus and in any prospectus supplement or in any report incorporated by reference into
this prospectus or such prospectus supplement, including our Annual Report on Form 10-K, as amended, for the year ended March
31, 2013 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 or any Annual Report on Form 10-K or Quarterly
Report on Form 10-Q that is incorporated by reference into this prospectus or any prospectus supplement after the date of this
prospectus. Although we discuss key risks in those risk factor descriptions, additional risks not currently known to us or that
we currently deem immaterial also may impair our business. Our subsequent filings with the Securities and Exchange Commission
may contain amended and updated discussions of significant risks. We cannot predict future risks or estimate the extent to which
they may affect our financial performance. Please also read carefully the section below entitled &ldquo;Special Note Regarding
Forward-Looking Statements.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Risks relating to Our Common Stock</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The market price of our common stock
is likely to be highly volatile and subject to wide fluctuations, and you may be unable to resell your shares at or above the current
price.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market price of
our common stock is likely to be highly volatile and could be subject to wide fluctuations in response to a number of factors that
are beyond our control, including announcements of new products or services by our competitors. In addition, the market price of
our common stock could be subject to wide fluctuations in response to a variety of factors, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>quarterly variations in our revenues and operating expenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>developments in the financial markets, and the worldwide or regional economies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>announcements of innovations or new products or services by us or our competitors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fluctuations in merchant credit card interest rates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>significant sales of our common stock or other securities in the open market; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in accounting principles.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the past, stockholders
have often instituted securities class action litigation after periods of volatility in the market price of a company&rsquo;s securities.
If a stockholder were to file any such class action suit against us, we would incur substantial legal fees and our management&rsquo;s
attention and resources would be diverted from operating our business to respond to the litigation, which could harm our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If the market price of our common
stock declines, we may not be able to maintain our listing on the Nasdaq Capital Market which may impair our financial flexibility
and restrict our business significantly.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The stock markets have
experienced extreme price and volume fluctuations that have affected the market prices of equity securities of many companies that
may be unrelated or disproportionate to the operating results of such companies. These broad market movements may adversely affect
the market price of the common stock. Our common stock is presently listed on Nasdaq. Although we are not currently in jeopardy
of delisting, we cannot assure you that we will meet the criteria for continued listing and our common stock could become delisted.
Any such delisting could harm our ability to raise capital through alternative financing sources on terms acceptable to us, or
at all, and may result in the loss of confidence in our financial stability by suppliers, customers and employees. If our common
stock were to be delisted from Nasdaq, we may face a lengthy process to re-list the common stock, if we are able to re-list the
common stock at all, and the liquidity that Nasdaq provides will no longer be available to investors.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The sale of securities by us in any
equity or debt financing, or the issuance of new shares related to an acquisition, could result in dilution to our existing stockholders
and have a material adverse effect on our earnings.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any sale or issuance
of common stock by us in a future offering or acquisition could result in dilution to the existing stockholders as a direct result
of our issuance of additional shares of our capital stock. In addition, our business strategy may include expansion through internal
growth by acquiring complementary businesses, acquiring or licensing additional brands, or establishing strategic relationships
with targeted customers and suppliers. In order to do so, or to finance the cost of our other activities, we may issue additional
equity securities that could dilute our stockholders&rsquo; stock ownership. We may also assume additional debt and incur impairment
losses related to goodwill and other tangible assets if we acquire another company, and this could negatively impact our earnings
and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may need to raise additional capital
to grow our business, and we may not be able to raise capital on terms acceptable to us or at all.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The operation of our
business and our efforts to grow our business will further require significant cash outlays and commitments. If our cash, cash
equivalents and short-term investments balances and any cash generated from operations are not sufficient to meet our cash requirements,
we will need to seek additional capital, potentially through debt or equity financings, to fund our growth. We may not be able
to raise needed cash on terms acceptable to us or at all. Financings, if available, may be on terms that are dilutive or potentially
dilutive to our stockholders, and the prices at which new investors would be willing to purchase our securities may be lower than
the fair market value of our common stock. The holders of new securities may also receive rights, preferences or privileges that
are senior to those of existing holders of our common stock. If new sources of financing are required but are insufficient or unavailable,
we would be required to modify our growth and operating plans to the extent of available funding, which would harm our ability
to grow our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If securities or industry analysts
do not publish research or reports about our business, or if they downgrade their recommendations regarding our common stock, our
stock price and trading volume could decline.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trading market
for our common stock will be influenced by the research and reports that industry or securities analysts publish about our business
or us. If any of the analysts who cover us downgrade our common stock, our common stock price would likely decline. If analysts
cease coverage of our Company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which
in turn could cause our common stock price or trading volume to decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We do not anticipate paying dividends.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never paid
cash or other dividends on our common stock. Payment of dividends on our common stock is within the discretion of our Board of
Directors and will depend upon our earnings, our capital requirements and financial condition, and other factors deemed relevant
by our Board of Directors. However, the earliest our Board of Directors would likely consider a dividend is if we begin to generate
excess cash flow.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our officers, directors and principal
stockholders can exert significant influence over us and may make decisions that are not in the best interests of all stockholders.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Our
officers, directors and principal stockholders (greater than 5% stockholders) collectively beneficially own approximately
47.3% of our outstanding common stock as of October 8, 2013. As a result, this group will be able to affect the outcome of, or
exert significant influence over, all matters requiring stockholder approval, including the election and removal of directors
and any change in control. In particular, this concentration of ownership of our common stock could have the effect of
delaying or preventing a change of control of us or otherwise discouraging or preventing a potential acquirer from attempting
to obtain control of us. This, in turn, could have a negative effect on the market price of our common stock. It could also
prevent our stockholders from realizing a premium over the market prices for their shares of common stock. Moreover, the
interests of this concentration of ownership may not always coincide with our interests or the interests of other
stockholders, and, accordingly, this group could cause us to enter into transactions or agreements that we would not
otherwise consider. </P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>If we fail to
maintain an effective system of internal controls, we might not be able to report our financial results accurately or prevent fraud;
in that case, our stockholders could lose confidence in our financial reporting, which could negatively impact the price of our
stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective internal
controls are necessary for us to provide reliable financial reports and prevent fraud. In addition, Section&nbsp;404 of the Sarbanes-Oxley
Act of 2002, or the Sarbanes-Oxley Act, requires us to evaluate and report on our internal control over financial reporting. We
are in the process of strengthening and testing our system of internal controls. The process of implementing our internal controls
and complying with Section&nbsp;404 is expensive and time consuming and requires significant attention of management. We cannot
be certain that these measures will ensure that we implement and maintain adequate controls over our financial processes and reporting
in the future. Even if we conclude that our internal control over financial reporting provides reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles, because of its inherent limitations, internal control over financial reporting may not prevent
or detect fraud or misstatements. Failure to implement required new or improved controls, or difficulties encountered in their
implementation, could harm our operating results or cause us to fail to meet our reporting obligations. We currently have material
weaknesses, as discussed in our Annual Report on Form 10-K, as amended, for the year ended March 31, 2013 and our Quarterly Report
on Form 10-Q for the quarter ended June 30, 2013. If we discover an additional material weakness in our internal control, the disclosure
of that fact, even if quickly remedied, could reduce the market&rsquo;s confidence in our financial statements and harm our stock
price. In addition, if we fail to comply with the applicable portions of Section&nbsp;404, we could be subject to a variety of
administrative sanctions, including ineligibility for short form resale registration, action by the SEC, and the inability of registered
broker-dealers to make a market in our common stock, which could further reduce our stock price and harm our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Maintaining and improving our financial
controls and the requirements of being a public company may strain our resources, divert management&rsquo;s attention and affect
our ability to attract and retain qualified members for our Board of Directors.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a public company,
we are subject to the reporting requirements of the Exchange Act and the Sarbanes-Oxley Act. The requirements of these rules and
regulations has resulted in an increase in our legal, accounting and financial compliance costs, may make some activities more
difficult, time-consuming and costly and may place undue strain on our personnel, systems and resources.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sarbanes-Oxley
Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial
reporting. This can be difficult to do. For example, we depend on the reports of wireless carriers for information regarding the
amount of sales of our products and services and to determine the amount of royalties we owe branded content licensors and the
amount of our revenues. These reports may not be timely, and in the past they have contained, and in the future they may contain,
errors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to maintain
and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, we expend
significant resources and provide significant management oversight. We have a substantial effort ahead of us to implement appropriate
processes, document our system of internal control over relevant processes, assess their design, remediate any deficiencies identified
and test their operation. As a result, management&rsquo;s attention may be diverted from other business concerns, which could harm
our business, operating results and financial condition. These efforts will also involve substantial accounting-related costs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;The Sarbanes-Oxley
Act makes it more difficult and more expensive for us to maintain directors&rsquo; and officers&rsquo; liability insurance, and
we may be required in the future&nbsp;to accept reduced coverage or incur substantially higher costs to maintain coverage. If we
are unable to maintain adequate directors&rsquo; and officers&rsquo; insurance, our ability to recruit and retain qualified directors,
and officers will be significantly curtailed.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The ownership interest of our current
stockholders will be substantially diluted if our outstanding securities convertible and/or exercisable&nbsp;into shares of our
common stock are converted and/or exercised.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> As of October 8,
2013, we had an aggregate of warrants to purchase approximately 4,194,383 shares of our common stock. To the extent our outstanding
securities convertible and/or exercisable into shares of our common stock are converted and/or exercised, additional shares of
our common stock will be issued, which will result in dilution to our stockholders and increase the number of shares of common
stock eligible for resale into the public market. Sales of such shares of common stock could adversely affect the market price
of our common stock. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Shares eligible for future sale</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> As of October 8,
2013, 20,153,695 total outstanding shares of common stock are restricted from immediate resale but may be sold into the market
in the near future, or, in certain cases, as soon as contractual lock-up restrictions have been lifted.&nbsp; In addition, 4,194,383
shares are underlying warrants and may be immediately sold into the marketplace upon exercise thereof, subject, in certain cases,&nbsp;to
any contractual or statutory holding period limitations on the warrants. This could cause the market price of our common stock
to drop significantly. Shares of restricted common stock are generally available for resale following a six month holding period.
As restrictions on resale end, the market price could drop significantly if the holders of these restricted shares sell them or
are perceived by the market as intending to sell them. </P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus contains, and may incorporate
by reference, forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, or the
Securities Act, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. You can find many
(but not all) of these statements by looking for words such as &ldquo;approximates,&rdquo; &ldquo;believes,&rdquo; &ldquo;hopes,&rdquo;
&ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo;
&ldquo;would,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;may,&rdquo; &ldquo;will&rdquo; or other similar expressions
in this prospectus or the documents incorporated by reference. These forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from our historical experience and our present expectations
or projections. Factors that could cause actual results to differ from those discussed in the forward-looking statements include,
but are not limited to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.15in"><B>&bull;</B></TD><TD>Our limited cash and a history of losses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.15in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.15in"><B>&bull;</B></TD><TD>Our ability to complete customer transactions and strategic acquisitions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.15in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.15in"><B>&bull;</B></TD><TD>Risks and costs associated with product development;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.15in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.15in"><B>&bull;</B></TD><TD>The outcome of our plans for future operations and growth;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.15in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.15in"><B>&bull;</B></TD><TD>Successful integration of acquired businesses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.15in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.15in"><B>&bull;</B></TD><TD>Economic downturns, reduced capital expenditures, consolidation and technological and regulatory changes in our industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.15in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.15in"><B>&bull;</B></TD><TD>The highly competitive nature of our industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.15in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.15in"><B>&bull;</B></TD><TD>Our ability to attract and retain qualified managers and skilled employees;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.15in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.15in"><B>&bull;</B></TD><TD>Our ability to raise sufficient capital when needed, or at all;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.15in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.15in"><B>&bull;</B></TD><TD>Local, regional, national and international economic conditions and events and the impact they may have on us and our customers,
such as the current worldwide recession;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.15in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.15in"><B>&bull;</B></TD><TD>Political instability, acts of war or terrorism, or natural disasters;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.15in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.15in"><B>&bull;</B></TD><TD>Continued volatility in the credit and equity markets and the resulting effect on the general economy; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.15in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.15in"><B>&bull;</B></TD><TD>Our success at managing the risks involved in the foregoing items.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We claim the protection of the safe harbor
contained in the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented
in this prospectus or any prospectus supplement or the documents incorporated by reference herein or therein, or those that we
may make orally or in writing from time to time, are based upon management&rsquo;s beliefs and assumptions and are made based on
information available to us as of the time made. We undertake no obligation to publicly update or revise any forward-looking statements
included or incorporated by reference in this prospectus or any prospectus supplement or to update the reasons why actual results
could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except
to the extent required by federal securities laws. Forward-looking statements may be contained in this prospectus or any prospectus
supplement (and the documents incorporated by reference herein or therein) under &ldquo;Risk Factors,&rdquo; or may be contained
in our Annual Report on Form 10-K, as amended, or in our Quarterly Reports on Form 10-Q under headings such as &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Conditions and Results of Operations&rdquo; and &ldquo;Business,&rdquo; or in our Current
Reports on Form 8-K, among other places. Any investor in us should consider all risks and uncertainties disclosed in our filings
with the SEC described below under the heading &ldquo;Where You Can Find More Information,&rdquo; all of which are accessible on
the SEC&rsquo;s website at www.sec.gov.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling stockholders will receive all
of the proceeds from the sale of our common stock under this prospectus. Accordingly, we will not receive any part of the proceeds
from the sale or our common stock under this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a party to various agreements for
the sale of our securities to stockholders pursuant to which we have agreed to register, under the Securities Act of 1933, shares
of our common stock or common stock underlying the exercise of warrants issued to stockholders as part of the consideration to
purchase shares of our common stock or warrants exercisable for shares of our common stock. This prospectus is filed to comply
with these registration obligations. The selling stockholders may sell all, a portion or none of their shares at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stock Ownership of Selling Stockholders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The following table sets forth the maximum
number of shares of common stock to be sold by the selling stockholders and information known to us with respect to the beneficial
ownership of our common stock as of October 3, 2013 held by the selling stockholders and their affiliates. We have prepared this
table using information furnished to us by or on behalf of the selling stockholders. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have determined the number and percentage
of shares beneficially owned in accordance with Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), and this information does not necessarily indicate beneficial ownership for any other purpose. In determining the
number of shares beneficially owned by the selling stockholders and the percentage ownership of the selling stockholders, we included
any shares as to which the selling stockholders has sole or shared voting power or investment power. Under the rules of the SEC
more than one person may be deemed a beneficial owner of the same securities. Percentage of shares beneficially owned is based
on 31,252,303 shares of common stock outstanding and 20,000 shares of common stock issuable upon conversion of outstanding shares
of our Series A convertible preferred stock as of October 3, 2013.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"> Selling&nbsp;Stockholder </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"> Common&nbsp;Stock&nbsp;Beneficially&nbsp;Owned<BR>
    Prior&nbsp;to&nbsp;this&nbsp;Offering&nbsp;(3) </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"> Number&nbsp;of&nbsp;Shares&nbsp;of<BR>
    Common&nbsp;Stock&nbsp;to&nbsp;be<BR> Sold&nbsp;Under&nbsp;the<BR> Offering&nbsp;(1) </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid"> Shares&nbsp;of&nbsp;Common&nbsp;Stock<BR>
    Beneficially&nbsp;Owned&nbsp;After<BR> the&nbsp;Offering&nbsp;(2) </TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 45%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"> TAJA, LLC (4) </FONT></TD><TD STYLE="width: 1%; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </FONT></TD>
    <TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </FONT></TD><TD STYLE="width: 8%; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"> 755,714 </FONT></TD><TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </FONT></TD><TD STYLE="width: 1%; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </FONT></TD>
    <TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </FONT></TD><TD STYLE="width: 8%; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"> 2.4 </FONT></TD><TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"> % </FONT></TD><TD STYLE="width: 1%; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </FONT></TD>
    <TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </FONT></TD><TD STYLE="width: 8%; color: black; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"> 250,000 </FONT></TD><TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"> (21) </FONT></TD><TD STYLE="width: 1%; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </FONT></TD>
    <TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </FONT></TD><TD STYLE="width: 8%; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"> 625,714 </FONT></TD><TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </FONT></TD><TD STYLE="width: 1%; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </FONT></TD>
    <TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </FONT></TD><TD STYLE="width: 8%; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"> 2.0 </FONT></TD><TD STYLE="width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"> % </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Adage Capital Partners (5) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 2,913,893 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 9.2 </TD><TD STYLE="color: black; text-align: left"> % </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 2,510,667 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 403,226 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 1.3 </TD><TD STYLE="color: black; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"> William C. Powers Trust dtd 12/18/09 (6) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 1,071,428 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 3.4 </TD><TD STYLE="color: black; text-align: left"> % </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 1,071,428 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left"> Powers Trust dtd 12/18/09 (7) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 357,143 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 1.1 </TD><TD STYLE="color: black; text-align: left"> % </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 357,143 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"> McKenna &amp; Associates LLC (8) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 107,143 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 107,143 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Louis Addeo </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 35,714 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 35,714 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"> Mather Family Trust dated 08/21/08 (9) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 178,571 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 178,571 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left"> Logia Group Ltd. (10) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 62,500 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 62,500 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"> LOGIADECK Ltd. (11) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 125,000 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 125,000 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Donald G. Drapkin </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 121,429 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 21,429 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 100,000 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> &nbsp;- </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"> Erich P. Mauff </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 89,286 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 89,286 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> James Berylson </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 178,571 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 178,571 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"> Windsor Media Inc (12) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 357,143 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 1.1 </TD><TD STYLE="color: black; text-align: left"> % </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 357,143 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left"> Mirror Image Media Group Pty Limited (13) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 165,769 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 165,769 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"> RHP Interests Pty Ltd (14) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 165,769 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 165,769 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left"> Eleven Eleven Holdings Pty Limited (15) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 165,769 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 165,769 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"> M4H Pty Limited (16) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 165,769 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 165,769 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left"> Tricky Pty Ltd (17) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 165,769 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 165,769 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"> Zingo (Aust) Pty Ltd (18) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 165,769 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 165,769 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left"> Connelly Superannuation Pty Ltd CAN 137 554 388 (19) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 23,664 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 23,664 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"> Kirstie Elizabeth Brown </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 23,664 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 23,664 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left"> Timothy McKnight </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 29,185 </TD><TD STYLE="color: black; text-align: left"></TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 29,185 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left"> Andrew Schleimer (20) </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 260,000 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> * </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 60,000 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 200,000 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> - </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black"> TOTAL </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 7,684,662 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 23.8 </TD><TD STYLE="color: black; text-align: left"> % </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 6,475,722 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black"> &nbsp; </TD>
    <TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD STYLE="color: black; text-align: right"> 1,328,940 </TD><TD STYLE="color: black; text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 4.2 </TD><TD STYLE="text-align: left"> % </TD></TR>
</TABLE>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denotes
less than 1%</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial
ownership is determined in accordance with Rule 13d-3 under the Exchange Act.&nbsp;In computing the number of shares beneficially
owned by a person and the percentage ownership of that person, shares of common stock subject to warrants or options held by that
person that are currently exercisable or exercisable within 60 days (of October 3, 2013) are deemed outstanding.&nbsp;Shares subject
to warrants or options, however, are not deemed outstanding for the purpose of computing the percentage ownership of any other
person. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumes
all shares held by the selling stockholders included in this prospectus are offered and sold in a future offering.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes
shares underlying warrants to purchase common stock of the company as follows: </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 40%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 87%; text-align: left">Adage Capital Partners</TD><TD STYLE="width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: black; text-align: right">500,000</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">William C. Powers Trust dtd 12/18/09</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">214,285</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="color: black; text-align: left">Powers Trust dtd 12/18/09</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">71,428</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">McKenna &amp; Associates LLC</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">21,429</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Louis Addeo</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">7,143</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mather Family Trust dated 08/21/08</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">35,714</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Donald G. Drapkin</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">21,429</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Erich P. Mauff</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">17,857</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">James Berylson</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">35,714</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Windsor Media Inc.</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">71,429</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>TOTAL</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">996,428</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (4) Gina Robins holds investment and voting control with
respect to the shares owned by TAJA, LLC. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (5) Adage Capital Partners GP, L.L.C. is the general partner
of Adage Capital Partners, L.P., and as such has discretion over the portfolio securities beneficially owned by the Adage Capital
Partners, L.P. Adage Capital Advisors, L.L.C., is the managing member of Adage Capital Partners GP, L.L.C. and directs its operations.
Robert Atchinson and Phillip Gross are the managing members of Adage Capital Partners GP, L.L.C. and Adage Capital Advisors, L.L.C.
and general partners of Adage Capital Partners, L.P. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (6) William C. Powers is the trustee of the William C. Powers
Trust and has the sole power to vote or to direct the vote and dispose or to direct the disposition the shares, including the
shares underlying warrants, owned by the William C. Powers Trust. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (7) William C. Powers and his wife, Carolyn Clark are the
co-trustees of the Powers Trust and jointly have the power to vote or to direct the vote and dispose or to direct the disposition
of the shares, including the shares underlying warrants, owned by the Powers Trust. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (8) Andrew McKenna holds investment and voting control with
respect to the shares owned by McKenna &amp; Associates, LLC. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (9) Scott Mather is the trustee of the Mather Family Trust
and holds investment and voting control with respect to the shares owned by the Mather Family Trust. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (10) Kobi Marenko and Leon Shalev, directors of Logia Group
Ltd. co-hold investment and voting control with respect to the shares owned by Logia Group Ltd. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (11) Kobi Marenko and Leon Shalev, directors of
LOGIADECK Ltd. co-hold investment and voting control with respect to the shares owned by LOGIADECK Ltd. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (12) Terry Semel holds investment and voting control with
respect to the shares owned by Windsor Media, Inc. Jeffrey Karish, the President of Windsor Media, Inc. is a director of the Company. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (13) Patrick Chye holds investment and voting control with
respect to the shares owned by Mirror Image Media Group Pty Ltd. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (14) Tim McGee holds investment and voting control with
respect to the shares owned by RHP Interests Pty Ltd. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (15) Tim Ricker holds investment and voting control with
respect to the shares owned by Eleven Eleven Holdings Pty Limited. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (16) Andrew McKnight holds investment and voting control
with respect to the shares owned by M4H Pty Limited. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (17) Richard Mergler holds investment and voting control
with respect to the shares owned by Tricky Pty Ltd. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (18) Jon Mooney holds investment and voting control with
respect to the shares owned by Zingo (Aus) Pty Ltd. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (19) Garry Connelly holds investment and voting control
with respect to the shares owned by Connelly Superannuation Pty Ltd. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (20) Mr. Schleimer received options to purchase
60,000 shares of common stock of the Company, pursuant to a consulting agreement he entered into on October 2, 2013. The
exercise price of the options is $2.75, the closing price of the Company&rsquo;s stock on October 3, 2013. Mr.
Schleimer also owns 200,000 shares of restricted stock of the Company, earned under a prior consulting agreement, that are not
being registered hereunder. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (21) Includes 120,000 shares of common stock issuable upon
the exercise of warrants that are not exercisable until August 14, 2014 pursuant to contractual restrictions and, therefore, not
presently beneficially owned by TAJA, LLC. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B> Transactions Through Which the Selling Stockholders Obtained
Beneficial Ownership of the Shares of Common Stock being Offered Hereby </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> TAJA, LLC received the shares of the Company common stock
to be sold under the offering pursuant to that certain Second Amended and Restated Senior Subordinated Secured Note (the &ldquo;Secured
Note&rdquo;) due June 21, 2013, as amended to extend the maturity date to June 21, 2015, between Twistbox Entertainment, Inc.,
a subsidiary of the Company, and TAJA, LLC (the &ldquo;Investor&rdquo;), and that certain Unsecured Subordinated Convertible Note
(the &ldquo;Unsecured Note&rdquo;) with the Investor, the terms of which are reflected in that certain Convertible Note Financing
Binding Term Sheet dated December 29, 2011 as amended by that certain Convertible Note Financing Binding Term Sheet dated March
1, 2012, and that certain Convertible Note Financing Agreement with the Investor, dated as of August 14, 2013, pursuant to which
the Investor subscribed for 80,000 shares of the Company&rsquo;s common stock and warrants to purchase 120,000 shares of the Company&rsquo;s
common stock (the &ldquo;Warrants&rdquo;) and converted debt under the Unsecured Note into 285,714 shares of the Company&rsquo;s
common stock exchanged the remaining principal of $180,000 and interest of $55,977 (in the combined amount of $235,977) for a
like amount of additional Secured Notes. The Company issued 50,000 shares of common stock to TAJA, LLC in June 2013 as consideration
for TAJA, LLC entering into a subordination agreement relating to the acquisition of MIA Group in April 2013. The material terms
of the Convertible Note Financing Agreement are described in the Company&rsquo;s Current Report on Form 8-K filed on August 15,
2013, which is incorporated herein by reference. The material terms of the Secured Note and the Unsecured Note are described in
the Company&rsquo;s Annual Report, as amended, on Form 10-K/A under Item 7 Management Discussion and Analysis of Financial Condition
and Result of Operations &ndash; Summary of the AMV Acquisition filed on July 2, 2013, each of which are incorporated herein by
reference. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Adage Capital Partners L.P. received the shares of the Company
common stock to be sold under the offering pursuant to (1) that certain convertible note financing (the &ldquo;Financing&rdquo;)
under which the Company issued to Adage Capital Partners L.P. an unsecured subordinated convertible note (the &ldquo;Note&rdquo;)
in the principal amount of $7,000,000 on December 29, 2011 and (2) that certain Convertible Note Financing Binding Term Sheet
(the &ldquo;Adage Term Sheet&rdquo;), effective as of March 1, 2012, pursuant to which the parties agreed to restructure certain
terms of the Financing, including conversion of the entire outstanding principal amount and all accrued and unpaid interest thereon
under the Financing into 2,010,666 shares of common stock of the Company and warrants to purchase 500,000 shares of Company common
stock at a exercise price of $3.50. The material terms of the Financing are described in the Company&rsquo;s Current Report on
Form 8-K filed on January 4, 2012, and the material terms of the Adage Term Sheet are described in the Company&rsquo;s Current
Report on Form 8-K filed on March 7, 2012, each of which are incorporated herein by reference. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The William C. Powers Trust dtd 12/18/09 received certain
shares of the Company common stock to be sold under the offering pursuant to an Equity Financing Binding Term Sheet, dated as
of March 1, 2012 (the &ldquo;First William Powers Trust Term Sheet&rdquo;), pursuant to which the Company agreed to issue an aggregate
of 571,428 shares of its common stock and warrants to purchase 142,857 shares of its common stock (subject to adjustment), for
an aggregate purchase price of $2,000,000. The warrants have an exercise price of $3.50 per share (subject to adjustment) and
a five year term and may be exercised only following the first anniversary of the date of issuance. In addition, the William C.
Powers Trust dtd 12/18/09 received certain shares of the Company common stock to be sold under the offering pursuant to an Equity
Financing Binding Term Sheet, dated as of December 13, 2012 (the &ldquo;Second William Powers Trust Term Sheet&rdquo;), pursuant
to which the Company agreed to issue an aggregate of 285,714 shares of its common stock and warrants to purchase 71,428 shares
of its common stock (subject to adjustment), for an aggregate purchase price of $1,000,000. The warrants have an exercise price
of $3.50 per share (subject to adjustment) and a five year term and may be exercised only following the first anniversary of the
date of issuance. In addition, each of the First and Second William Powers Trust Term Sheets provide that (a) the Company will
use its best efforts to file a registration statement covering the shares of common stock issued and the shares of common stock
issuable upon exercise of the warrants within 120 calendar days after the date such term sheet and use its best efforts to cause
the registration statement to become effective as soon as possible thereafter; and (b) the applicable investor will have a right
to participate in future financings by the Company (subject to standard exceptions) for a period of two years on a pro rata basis
in accordance with his ownership interests in the Company (on a fully diluted basis assuming exercise of the applicable warrant). </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> The Powers Trust dtd 12/18/09 received the shares of the
Company common stock to be sold under the offering pursuant to an Equity Financing Binding Term Sheet, dated as of June 7, 2012
(the &ldquo;Powers Trust Term Sheet&rdquo;), pursuant to which the Company agreed to issue an aggregate of 285,714 shares of its
common stock and warrants to purchase 71,428 shares of its common stock (subject to adjustment), for an aggregate purchase price
of $1,000,000. The warrants have an exercise price of $3.50 per share (subject to adjustment) and a five year term and may be
exercised only following the first anniversary of the date of issuance. In addition, the Powers Trust Term Sheet provides that
(a) the Company will use its best efforts to file a registration statement covering the shares of common stock issued and the
shares of common stock issuable upon exercise of the warrants within 120 calendar days after the date of the Powers Trust Term
Sheet and use its best efforts to cause the registration statement to become effective as soon as possible thereafter; and (b)
the applicable investor will have a right to participate in future financings by the Company (subject to standard exceptions)
for a period of two years on a pro rata basis in accordance with his ownership interests in the Company (on a fully diluted basis
assuming exercise of the applicable warrant). </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> McKenna &amp; Associates LLC received the shares of the
Company common stock to be sold under the offering pursuant to two separate Equity Financing Binding Term Sheets, as follows:
The first term sheet, dated March 5, 2012, pursuant to which the Company agreed to issue an aggregate of 28,571 shares of its
common stock and warrants to purchase 7,142 shares of its common stock (subject to adjustment), for an aggregate purchase price
of $100,000 (the &ldquo;First Term Sheet&rdquo;). The warrants issued under the first term sheet have an exercise price of $3.50
per share (subject to adjustment) and a five year term. The second term sheet, dated May 9, 2013, pursuant to which the Company
agreed to issue an aggregate of 57,143 shares of its common stock and warrants to purchase 14,286 shares of its common stock (subject
to adjustment), for an aggregate purchase price of $200,000 (the &ldquo;Second Term Sheet&rdquo;). The warrants issued under the
second term sheet have an exercise price of $3.50 per share (subject to adjustment) and a five year term and may be exercised
only following the first anniversary of the date of issuance. In addition, the each of the First Term Sheet and the Second Term
Sheet provide that (a) the Company will use its best efforts to file a registration statement covering the shares of common stock
issued and the shares of common stock issuable upon exercise of the warrants within 120 calendar days after the date of the Equity
Agreements and use its best efforts to cause the registration statement to become effective as soon as possible thereafter; and
(b) the applicable investor will have a right to participate in future financings by the Company (subject to standard exceptions)
for a period of two years on a pro rata basis in accordance with his ownership interests in the Company (on a fully diluted basis
assuming exercise of the applicable warrant). </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Louis Addeo and the Mather Family Trust received the shares
of the Company common stock to be sold under the offering pursuant to two separate Equity Financing Binding Term Sheets, each
dated as of March 5, 2012 (the &quot;Equity Agreements&quot;), pursuant to which the Company agreed to issue an aggregate of 171,428
shares of its common stock and warrants to purchase 42,857 shares of its common stock (subject to adjustment), for an aggregate
purchase price of $600,000. The warrants have an exercise price of $3.50 per share (subject to adjustment) and a five year term.
In addition, the Equity Agreements provide that (a) the Company will use its best efforts to file a registration statement covering
the shares of common stock issued and the shares of common stock issuable upon exercise of the warrants within 120 calendar days
after the date of the Equity Agreements and use its best efforts to cause the registration statement to become effective as soon
as possible thereafter; and (b) the applicable investor will have a right to participate in future financings by the Company (subject
to standard exceptions) for a period of two years on a pro rata basis in accordance with his ownership interests in the Company
(on a fully diluted basis assuming exercise of the applicable warrant). </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Logia Group Ltd. and LOGIADECK Ltd. each received the shares
of Company common stock to be sold in the offering in connection with the Company&rsquo;s acquisition of subsidiaries and assets
of Logia Group, Ltd. (&ldquo;Logia&rdquo;): Logia Content Development and Management Ltd., Volas Entertainment Ltd. and Mail Bit
Logia (2008) Ltd (the &ldquo;Targets&rdquo;). In addition, the Company acquired, by assignment to an acquisition entity from S.M.B.P.
IGLOO Ltd. (an affiliate of Logia) (&ldquo;Igloo&rdquo;) the assets comprising the &ldquo;LogiaDeck&rdquo; software, and certain
operator and other contracts related to the business of the Targets that were entered into by Logia, on August 14, 2012. The material
terms of the Company&rsquo;s acquisition of the MIA group are described in our Current Report on Form 8-K filed by the Company
on August 20, 2012, which is incorporated herein by reference. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Donald Drapkin received shares of
the Company common stock to be sold in the offering pursuant to an Equity Financing Binding Term Sheet, dated as of January
20, 2013 (the &ldquo;Drapkin Term Sheet&rdquo;), pursuant to which the Company agreed to issue an aggregate of 85,714 shares
of its common stock and warrants to purchase 21,428 shares of its common stock (subject to adjustment), for an aggregate
purchase price of $300,000. As of the date hereof, Mr. Drapkin continues to own the warrants to purchase 21,428 shares of
common stock. The warrants have an exercise price of $3.50 per share (subject to adjustment) and a five year term and may
be exercised only following the first anniversary of the date of issuance. In addition, the Drapkin Term Sheet provides that
(a) the Company will use its best efforts to file a registration statement covering the shares of common stock issued and
the shares of common stock issuable upon exercise of the warrants within 120 calendar days after the date of the Drapkin
Term Sheet and use its best efforts to cause the registration statement to become effective as soon as possible thereafter;
and (b) the applicable investor will have a right to participate in future financings by the Company (subject to
standard exceptions) for a period of two years on a pro rata basis in accordance with his ownership interests in the Company
(on a fully diluted basis assuming exercise of the applicable warrant). </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Eric Mauff received shares of the Company common stock to
be sold in the offering pursuant to an Equity Financing Binding Term Sheet, dated as of January 25, 2013 (the &ldquo;Mauff Term
Sheet&rdquo;), pursuant to which the Company agreed to issue an aggregate of 71,429 shares of common stock and warrants to purchase
17,857 shares of its common stock (subject to adjustment), for an aggregate purchase price of $250,000. The warrants have an exercise
price of $3.50 per share (subject to adjustment) and a five year term and may be exercised only following the first anniversary
of the date of issuance. In addition, the Mauff Term Sheet provides that (a) the Company will use its best efforts to file a registration
statement covering the shares of common stock issued and the shares of common stock issuable upon exercise of the warrants within
120 calendar days after the date of the Mauff Term Sheet and use its best efforts to cause the registration statement to become
effective as soon as possible thereafter; and (b) the applicable investor will have a right to participate in future financings
by the Company (subject to standard exceptions) for a period of two years on a pro rata basis in accordance with his ownership
interests in the Company (on a fully diluted basis assuming exercise of the applicable warrant). </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> James Berylson received shares of the Company common stock
to be sold in the offering pursuant to an Equity Financing Binding Term Sheet, dated as of April 8, 2013 (the &ldquo;Berylson
Term Sheet&rdquo;), pursuant to which the Company agreed to issue 142,857 shares of its common stock and warrants to purchase
35,714 shares of its common stock (subject to adjustment), for a purchase price of $500,000 in cash. The warrants have an exercise
price of $3.50 per share (subject to adjustment), a five year term, and may be exercised only following the first anniversary
of the date of issuance. In addition, the Berylson Term Sheet provides that (a) the Company will use its best efforts to file
a registration statement covering the shares of common stock issued and the shares of common stock issuable upon exercise of the
warrants within 120 calendar days after the date of the Berylson Term Sheet and use its best efforts to cause the registration
statement to become effective as soon as possible thereafter; and (b) the investor will have a right to participate in future
financings by the Company (subject to standard exceptions) for a period of two years on a pro rata basis in accordance with his
ownership interests in the Company (on a fully diluted basis assuming exercise of the applicable warrant). </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Windsor Media Inc. received shares of the Company common
stock to be sold in the offering pursuant to an Equity Financing Binding Term Sheet, dated as of May 22, 2013, (the &ldquo;Windsor
Equity Agreement&rdquo;), pursuant to which the Company agreed to issue an aggregate of 285,714 shares of its common stock and
warrants to purchase 71,429 shares of its common stock (subject to adjustment), for an aggregate purchase price of $1,000,000.
The warrants have an exercise price of $3.50 per share (subject to adjustment), a five year term, and may be exercised only following
the first anniversary of the date of issuance thereof. In addition, the Windsor Equity Agreement provides that (a) the Company
will use its best efforts to file a registration statement covering the shares of common stock issued and the shares of common
stock issuable upon exercise of the warrants within 120 calendar days after the date of the Windsor Equity Agreement and use its
best efforts to cause the registration statement to become effective as soon as possible thereafter; and (b) the investor will
have a right to participate in future financings by the Company for a period of two years on a pro rata basis in accordance with
its ownership interests in the Company (on a fully diluted basis assuming exercise of the applicable warrant). Jeffrey Karish,
the president of Windsor Media Inc. is a director of the Company. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Mirror Image Media Group Pty Limited, RHP Interests Pty
Ltd., Eleven Eleven Holdings Pty Limited, M4H Pty Limited, Tricky Pty Ltd., Zingo (Aust) Pty Ltd., Connelly Superannuation Pty
Ltd., Kirstie Elizabeth Brown and Timoth McKnight each received the shares of Company common stock to be sold in the offering
in connection with the Company&rsquo;s acquisition of Mirror Image International Holdings Pty Ltd (&quot;MIAH&quot;) and its direct
or indirect subsidiaries Mirror Image Access (Australia) Pty Ltd (MIA), MIA Technology Australia Pty Ltd (MIATA) and MIA Technology
IP Pty Ltd (together the MIAH, the &ldquo;MIA Group&rdquo;), on April 12, 2013. The material terms of the Company&rsquo;s acquisition
of the MIA group are described in our Current Reports on Form 8-K filed by the Company on April 12, 2013 and on July 17, 2013,
which are incorporated herein by reference. Jon Mooney who holds investment and voting control with respect to the shares owned
by Zingo (Aus) Pty Ltd., and Kirstie Elizabeth Brown are employees of Digital Turbine Asia Pacific, which is an indirect, wholly-owned
subsidiary of the Company. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other than as disclosed above and in the selling stockholder
table above, the Company has not had any material relationships with the selling stockholders during the past three years.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Relationships and Transactions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are registering <FONT STYLE="color: black">357,143
shares of common stock on behalf of Windsor Media Inc., a selling stockholder. </FONT>Jeffrey Karish, the President of Windsor
Media, Inc., is a member of the Board of Directors of the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are registering the shares covered
by this prospectus to permit the selling stockholders to sell shares directly to purchasers or through underwriters, broker-dealers
or agents from time to time after the date of this prospectus. We will not receive any of the proceeds of the sale of the shares
offered by this prospectus. The aggregate proceeds to the selling stockholders from the sale of the shares will be the purchase
price of the shares less any discounts and commissions. Each selling stockholder reserves the right to accept and, together with
its respective agents, to reject, any proposed purchases of shares to be made directly or through agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> 938,934 of the shares being
registered are subject to contractual lock-up agreements with us restricting sales by the holder until April 13, 2014. 60,000
of the shares being registered are subject to lock-up until February 16, 2014 (which such lock-up could terminate earlier
under certain limited circumstances).&nbsp; The Company has the right to waive the April 2014 lock-ups but has no plan on
doing so.&nbsp; The lock-up agreements generally restrict sales,&nbsp;transfers, short sales, grants of options, hedging
or pledging of the shares. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling stockholders may, from time
to time, sell any or all of their shares of common stock offered by this prospectus on any stock exchange, market or trading facility
on which the shares are traded or in private transactions. The selling stockholders may use any one or more of the following methods
when selling the shares offered by this prospectus:</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">to or through underwriters or broker-dealers; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">block trades in which the broker-dealer will attempt to sell the shares as agent but may position
and resell a portion of the block as principal to facilitate the transaction; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">purchases by a broker-dealer as principal and resale by the broker-dealer for its account; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">an exchange distribution in accordance with the rules of the applicable exchange; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">underwriters or broker-dealers may agree with the selling stockholders to sell a specified number
of such shares at a stipulated price per share; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a combination of any such methods of sale; and </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any other method permitted pursuant to applicable law. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the selling stockholders may
sell securities from time to time in one or more transactions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at a fixed price or prices, which may be changed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at market prices prevailing at the time of sale;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at prices related to such prevailing market prices; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at negotiated prices.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon various agreements that we have
entered into with the selling stockholders, we may or may not have provided the selling stockholders with various rights to require
us to facilitate their sales, and we may be required to take specific actions on behalf of such stockholders such as the filing
of prospectus supplements or entering into underwriting agreements. However, for the avoidance of doubt, any obligation of the
Company will in call cases be limited to the contractual obligations set forth in each specific agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Offers to purchase our common stock may
be solicited by agents designated by the selling stockholders from time to time. Any agent involved in the offer or sale of our
securities will be named, and any commissions payable by us and/or the selling stockholders to the agent will be described, in
the applicable prospectus supplement. Unless otherwise indicated in the applicable prospectus supplement, any such agent will be
acting on a best efforts basis for the period of its appointment. Any agent may be deemed to be an underwriter, as such term is
defined in the Securities Act, of the securities so offered and sold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling stockholders may transfer their
shares of common stock in ways not involving market makers or established trading markets, including directly by gift, distribution,
or other transfer. The selling stockholders may also sell any shares of common stock that qualify for sale pursuant to Rule 144.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the selling stockholders offer and sell
our securities through an underwriter or underwriters, we and/or the selling stockholders will execute an underwriting agreement
with the underwriter or underwriters. The names of the specific managing underwriter or underwriters, as well as any other underwriters,
and the terms of the transactions, including compensation of the underwriters and dealers, which may be in the form of discounts,
concessions or commissions, if any, will be described in the applicable prospectus supplement, which, along with this prospectus,
will be used by the underwriters to make re-sales of our securities. If underwriters are used in the sale of any of our securities
in connection with this prospectus, those securities will be acquired by the underwriters for their own account and may be resold
from time to time in one or more transactions, including negotiated transactions, at fixed public offering prices or at varying
prices determined by the underwriters and us and/or the selling stockholders at the time of sale. Our securities may be offered
to the public either through underwriting syndicates represented by managing underwriters or directly by one or more underwriters.
If any underwriter or underwriters are used in the sale of our securities, unless otherwise indicated in a related prospectus supplement,
the underwriting agreement will provide that the obligations of the underwriters are subject to some conditions precedent and that
with respect to a sale of our securities the underwriters will be obligated to purchase all such securities if any are purchased.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any underwriters are involved in the
offer and sale of our securities, they will be permitted to engage in transactions that maintain or otherwise affect the price
of our stock. These transactions may include over-allotment transactions, purchase to cover short positions created by an underwriter
in connection with the offering and the imposition of penalty bids. If an underwriter creates a short position in the securities
in connection with the offering, i.e., if it sells more securities than set forth on the cover page of the applicable prospectus
supplement, the underwriter may reduce that short position by purchasing securities in the open market. In general, purchases of
stock to reduce a short position could cause the price of the stock to be higher than it might be in the absence of such purchases.
As noted above, underwriters may also choose to impose penalty bids on other underwriters and/or selling group members. This means
that if underwriters purchase securities on the open market to reduce their short position or to stabilize the price of the securities,
they may reclaim the amount of the selling concession from those underwriters and/or selling group members who sold such securities
as part of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the selling stockholders offer and sell
our securities through a dealer, the selling stockholders or an underwriter will sell our securities to the dealer, as principal.
The dealer may then resell our securities to the public at varying prices to be determined by the dealer at the time of resale.
Any such dealer may be deemed to be an underwriter, as such term is defined in the Securities Act, of our securities so offered
and sold. The name of the dealer and the terms of the transactions will be set forth in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling stockholders may solicit offers
to purchase our securities directly and the selling stockholders may sell our securities directly to institutional or other investors,
who may be deemed to be an underwriter within the meaning of the Securities Act with respect to any re-sales of those securities.
The terms of these sales, including the terms of any bidding or auction process, if utilized, will be described in the applicable
prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We and/or the selling stockholders may enter
into agreements with agents, underwriters and dealers under which we may agree to indemnify the agents, underwriters and dealers
against certain liabilities, including liabilities under the Securities Act, or to contribute to payments they may be required
to make with respect to these liabilities. The terms and conditions of this indemnification or contribution will be described in
the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Some of the agents, underwriters or dealers
or their affiliates may be customers of, engage in transactions with or perform services for us, the selling stockholders or any
of our or their affiliates in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling stockholders may authorize our
respective agents or underwriters to solicit offers to purchase our securities at the public offering price under delayed delivery
contracts. The terms of these delayed delivery contracts, including when payment for and delivery of our securities sold will be
made under the contracts and any conditions to each party&rsquo;s performance set forth in the contracts, will be described in
the applicable prospectus supplement. The compensation received by underwriters or agents soliciting purchases of our securities
under delayed delivery contracts will also be described in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling stockholders may be deemed to
be underwriters within the meaning of Section 2(11) of the Securities Act. Any profit they realize on the resale of our common
stock may be deemed to be underwriting discounts and commissions under the Securities Act. Neither we nor any selling stockholder
can presently estimate the amount of any such compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time, the selling stockholders
may pledge or grant a security interest in some or all of our shares of common stock owned by them. If the selling stockholders
default in the performance of their secured obligations, the pledgees or secured parties may offer and sell such common stock from
time to time by this prospectus. The selling stockholders also may transfer, distribute or donate our common stock owned by them
in other circumstances. The number of shares of our common stock beneficially owned by selling stockholders will decrease as and
when the selling stockholders transfer, distribute or donate their shares of our common stock or default in performing obligations
secured by their shares of our common stock. The plan of distribution for the securities offered and sold under this prospectus
will otherwise remain unchanged, except that the transferees, distributees, donees, pledgees, other secured parties or other successors
in interest will be the selling stockholders for purposes of this prospectus.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any underwriters who are qualified market makers on the NASDAQ
Capital Market may engage in passive market making transactions in the common stock on the NASDAQ Capital Market in accordance
with Rule 103 of Regulation M, during the business day prior to the pricing of the offering, and before the commencement of offers
or sales of the common stock. Passive market makers must comply with applicable volume and price limitations and must be identified
as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent
bid for such security; if all independent bids are lowered below the passive market maker&rsquo;s bid, however, the passive market
maker&rsquo;s bid must then be lowered when certain purchase limits are exceeded.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;The following description of our common
stock, together with the additional information we include in any applicable prospectus supplement, summarizes the material terms
and provisions of the common stock that the selling stockholders may offer pursuant to this prospectus. For the complete terms
of our common stock, please refer to our certificate of incorporation, as amended, or our certificate of incorporation, and our
bylaws, as amended, or our bylaws, which are exhibits to the registration statement of which this prospectus is a part. The terms
of these securities may also be affected by the General Corporation Law of the State of Delaware. The summary below and that contained
in any prospectus supplement is qualified in its entirety by reference to our certificate of incorporation and our bylaws, as either
may be amended from time to time after the date of this prospectus, but before the date of any such prospectus supplement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> We have 202,000,000 shares of capital
stock authorized under our certificate of incorporation, consisting of 200,000,000 shares of common stock, par value $0.0001 per
share, and 2,000,000 shares of preferred stock, of which 100,000 have been designated as Series&nbsp;A Convertible Preferred Stock,
par value $0.0001 per share, or Series&nbsp;A Preferred Stock. As of October 3, 2013, we had 31,252,303 shares of common stock
outstanding and 100,000 shares of our Series&nbsp;A Preferred Stock outstanding that are convertible into 20,000 shares of common
stock. Our authorized shares of common stock and preferred stock are available for issuance without further action by our stockholders,
unless such action is required by applicable law or the rules of any stock exchange or automated quotation system on which our
securities may be listed or traded. If the approval of our stockholders is not so required, our board of directors may determine
not to seek stockholder approval. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders of our common stock are entitled
to such dividends as may be declared by our board of directors out of funds legally available for such purpose, subject to any
preferential dividend rights of any then outstanding preferred stock. The shares of common stock are neither redeemable nor convertible.
Holders of common stock have are not entitled to preemptive or subscription rights to purchase any of our securities under our
charter documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each holder of our common stock is entitled
to one vote for each such share outstanding in the holder&rsquo;s name. No holder of common stock is entitled to cumulate votes
in voting for directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event of our liquidation, dissolution
or winding up, the holders of our common stock are entitled to receive pro rata our assets that are legally available for distribution,
after payments of all debts and other liabilities and subject to the prior rights of any holders of preferred stock then outstanding.
All of the outstanding shares of our common stock are, and the shares of common stock issued upon the conversion of any securities
convertible into our common stock will be, fully paid and non-assessable. The shares of common stock offered by this prospectus
will also be, fully paid and non-assessable.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our common stock is listed on the NASDAQ
Capital Market under the symbol &ldquo;MNDL.&rdquo; American Stock Transfer is the transfer agent and registrar for our common
stock. Its address is 6201 15th Avenue Brooklyn, NY 11219, and its telephone number is (800) 937-5449.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated in the applicable
prospectus supplement, the validity of the securities offered by this prospectus, and any supplement thereto, will be passed upon
for us by Manatt, Phelps &amp; Phillips, LLP, Los Angeles, California. The legality of the securities for any underwriters, dealers
or agents will be passed upon by counsel as may be specified in the applicable prospectus supplement. Manatt, Phelps &amp; Phillips,
LLP owns 552,857 shares of common stock and warrants to purchase an additional 23,214 shares of common stock of the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The financial statements incorporated in
this prospectus by reference to the Annual Report on Form 10-K, as amended, for the year ended March 31, 2013 have been so incorporated
in reliance on the report of SingerLewak LLP, an independent registered public accounting firm, given on the authority of said
firm as experts in auditing and accounting.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; information that we file with them, which means that we can disclose important information to you by referring
you to those documents. The information incorporated by reference is an important part of this prospectus, and the information
that we file later with the SEC will automatically update and supersede this information. The following documents have been previously
filed by us with the SEC pursuant to the Exchange Act and are hereby incorporated by reference in this prospectus and the registration
statement of which this prospectus forms a part:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.35in"><B>&bull;</B></TD><TD>Our Annual Report on Form 10-K for the year ended March 31, 2013, filed with the SEC on July 1, 2013 as amended by Amendment
No. 1 on Form 10-K/A filed with the SEC on July 2, 2013;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.35in"><B>&bull;</B></TD><TD>Our Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, filed with the SEC on August 14, 2013;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.35in"><B> &bull; </B></TD><TD> Our Current Reports on Form 8-K and Form 8-K/A,
                                                                           as applicable, filed with the SEC on April 12, 2013,
                                                                           April 17, 2013, April 18, 2013, May 30, 2013, May 30,
                                                                           2013, May 31, 2013, June 11, 2013, June 26, 2013, July
                                                                           12, 2013, July 12, 2013, July 17, 2013, August 15,
                                                                           2013, August 23, 2013, September 17, 2013, September
                                                                           24, 2013, September 24, 2013 and September 27, 2013
                                                                           (but excluding the portions of such reports expressly
                                                                           noted as being furnished and not filed); and </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.35in"><B>&bull;</B></TD><TD>The description of our common stock contained in our registration statement on Form 8-A filed with the SEC on June 6, 2013.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.15in"></TD><TD STYLE="width: 0.35in"><B> &bull; </B></TD><TD> All Exchange Act filings required to be incorporated
                                                                           by reference into this prospectus after the date of
                                                                           the registration statement and prior to the effectiveness
                                                                           of the registration statement shall be deemed to be
                                                                           incorporated by reference into the prospectus. </TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain Current Reports on Form 8-K dated
both prior to and after the date of this prospectus are or will be furnished to the SEC and shall not be deemed &ldquo;filed&rdquo;
with the SEC and will not be incorporated by reference into this prospectus. However, all other reports and documents filed by
us after the date of this prospectus under Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the termination
of the offering of the securities covered by this prospectus will also be deemed incorporated by reference in this prospectus and
considered to be part of this prospectus from the date those documents are filed. Information in such future filings updates and
supplements the information provided in this prospectus. Any statements in any such future filings will automatically be deemed
to modify and supersede any information in any document we previously filed with the SEC that is incorporated or deemed to be incorporated
herein by reference to the extent that statements in the later filed document modify or replace such earlier statements. If you
make a request, orally or in writing, for any information that has been incorporated by reference into this prospectus but not
delivered with this prospectus, we will provide you, without charge, a copy of any or all of that information. Requests for this
information should be submitted in writing to our Secretary, at our principal executive offices at Mandalay Digital Group, Inc.,
2811 Cahuenga Blvd West, Los Angeles, California 90068 or by telephone at (323)&nbsp;472-5461.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus is part of a registration
statement we have filed with the SEC. You should rely only on the information incorporated by reference or provided in this prospectus,
or any prospectus supplement. No one else is authorized to provide you with different information. You should not rely on any other
representations. We are not making an offer of these securities in any state where the offer is not permitted. Our affairs may
change after this prospectus or any prospectus supplement is distributed. You should not assume that the information in or incorporated
by reference into this prospectus or any prospectus supplement is accurate as of any date other than the date on the front of those
documents. You should read all information supplementing or incorporated by reference into this prospectus or any prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We file annual, quarterly and special reports,
proxy statements and other information with the SEC. You may read and copy any document we file with the SEC at the SEC&rsquo;s
Public Reference Room at 100 F Street, N.E., Washington D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information
on the operation of the Public Reference Room. The SEC also maintains a web site that contains reports, proxy and information statements,
and other information regarding registrants that file electronically with the SEC at http://www.sec.gov. In addition, we maintain
a web site that contains information about us at http://www.mandalaydigital.com. The information contained on or that may be obtained
from our website is not, and shall not be deemed to be, a part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have filed with the SEC a registration
statement on Form S-3, of which this prospectus is a part, including exhibits, schedules and amendments filed with, or incorporated
by reference in, this registration statement, under the Securities Act, with respect to the securities registered thereby. This
prospectus does not contain all of the information set forth in the registration statement and exhibits and schedules to the registration
statement. For further information with respect to our company and the securities registered thereby, reference is made to the
registration statement, including the exhibits to the registration statement. Statements contained in this prospectus as to the
contents of any contract or other document referred to in, or incorporated by reference in, this prospectus are not necessarily
complete and, where that contract is an exhibit to the registration statement, each statement is qualified in all respects by the
exhibit to which the reference relates. Copies of the registration statement, including the exhibits and schedules to the registration
statement, may be examined and copied (upon payment of applicable fees) at the SEC&rsquo;s Public Reference Room at 100 F Street,
N.E., Washington D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the Public Reference
Room. The registration statement is also available to you on the SEC&rsquo;s web site, <FONT STYLE="text-underline-style: none; color: windowtext">http://www.sec.gov</FONT>.</P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 14.&nbsp;&nbsp;&nbsp;&nbsp;OTHER EXPENSES OF ISSUANCE
AND DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;The following table itemizes the fees
and expenses incurred or expected to be incurred by the Registrant in connection with the preparation and filing of this registration
statement. All amounts in the table below are estimates, except the Securities and Exchange Commission and Financial Industry Regulatory
Authority registration fees.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 87%; text-align: left">&nbsp;SEC registration Fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">FINRA filing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Transfer Agent Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Printing and Miscellaneous fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">28,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 15.&nbsp;&nbsp;&nbsp;&nbsp;INDEMNIFICATION OF DIRECTORS
AND OFFICERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;145 of the Delaware General
Corporation Law, or the Delaware Law, provides that a corporation may indemnify directors and officers as well as other employees
and individuals against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement in connection
with specified actions, suits or proceedings, whether civil, criminal, administrative or investigative (other than an action by
or in the right of the corporation &mdash; a &ldquo;derivative action&rdquo;), if they acted in good faith and in a manner they
reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action
or proceeding, had no reasonable cause to believe their conduct was unlawful. A similar standard is applicable in the case of derivative
actions, except that indemnification only extends to expenses (including attorneys&rsquo; fees) incurred in connection with defense
or settlement of such action, and the statute requires court approval before there can be any indemnification where the person
seeking indemnification has been found liable to the corporation. Under Section&nbsp;145, a corporation shall indemnify an agent
of the corporation for expenses actually and reasonably incurred if and to the extent such person was successful on the merits
in a proceeding or in defense of any claim, issue or matter therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;145 of the Delaware Law provides
that they are not exclusive of other indemnification that may be granted by a corporation&rsquo;s charter, bylaws, disinterested
director vote, stockholders vote, agreement or otherwise. The limitation of liability contained in our certificate of incorporation,
as amended, and the indemnification provision included in our bylaws, as amended, are consistent with Delaware Law Sections&nbsp;102(b)(7)
and 145. We have purchased directors and officers liability insurance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;145 of the Delaware Law authorizes
court to award, or a corporation&rsquo;s board of directors to grant, indemnity to directors and officers in terms sufficiently
broad to permit such indemnification under certain circumstances for liabilities (including reimbursement for expenses incurred)
arising under the Securities Act of 1933. Our certificate of incorporation, as amended, and our bylaws, as amended, provide for
indemnification of our directors, officers, employees and other agents to the maximum extent permitted by the Delaware Law. In
addition, we enter into indemnification agreements with our officers and directors in the ordinary course.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 16.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See Exhibit Index which is incorporated
herein by reference.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 17.&nbsp;&nbsp;&nbsp;&nbsp;UNDERTAKINGS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned Registrant hereby undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1)&nbsp;To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;To include any prospectus required
by Section&nbsp;10(a)(3) of the Securities Act of 1933;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;To reflect in the prospectus any
facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes
in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation
of Registration Fee&rdquo; table in the effective registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii)&nbsp;To include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement; provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this Section
do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports
filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant
to Rule 424(b) that is part of the registration statement.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I> Provided, however </I> , that paragraphs (a)(1)(i),
(a)(1)(ii) and (a)(1)(iii) do not apply if the registration statement is on Form S-3 and the information required to be included
in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Securities and
Exchange Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act, that are incorporated by reference
in the registration statement or contained in a form prospectus filed pursuant to Rule 424(b) that is part of the registration
statement. </P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2)&nbsp;That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3)&nbsp;To remove from registration by
means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> (b) The undersigned Registrant hereby
undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual
report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee
benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement relating to the securities offered herein, and
the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> (h) Insofar as indemnification for liabilities
arising under the Securities Act of 1933, may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid
by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will,
unless in the opinion of its counsel the matter has been settled by controlling precedent submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue. </P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Pursuant to the requirements of the
Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that the Registrant meets
all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Los Angeles, State of California, on October 10, 2013. </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">MANDALAY DIGITAL GROUP, INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Peter Adderton</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Peter Adderton</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below by the following persons on behalf of the Registrant and in the
capacities and on the dates indicated:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt"> /s/ Peter Adderton </FONT></TD>
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt"> Chief Executive Officer and Director </FONT></TD>
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 16%"> October 10, 2013 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> Peter Adderton </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> (Principal Executive Officer) </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> /s/Lisa Lucero </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Principal Financial Officer </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> October 10, 2013 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> Lisa Lucero </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> (Principal Financial and Accounting Officer) </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> * </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Director </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> October 10, 2013 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> Paul Schaeffer </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> * </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Director </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> October 10, 2013 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> Christopher Rogers </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> * </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Chairman of the Board </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> October 10, 2013 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> Peter Guber </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> * </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Director </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> October 10, 2013 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> Rob Deutschman </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> * </TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Director </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> October 10, 2013 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> Jeff Karish </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 1%"> *&nbsp; </TD>
    <TD STYLE="width: 1%; padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"> By: </TD>
    <TD STYLE="width: 48%; padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"> &nbsp;/s/ Peter Adderton </TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"> Name:&nbsp;&nbsp; </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"> Peter Adderton </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"> Title: </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"> Attorney-in-Fact </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0"> &nbsp; </TD></TR>
</TABLE>


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

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 8%"><FONT STYLE="font-size: 10pt"><B>EXHIBIT</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 90%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>NUMBER</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>DESCRIPTION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement.* </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">2.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Amended Disclosure Statement filed with the United States Bankruptcy Court for the Southern District of New York. (3)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">2.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Amended Plan of Reorganization filed with the United States Bankruptcy Court for the Southern District of New York. &nbsp;(3)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">2.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Order Confirming Amended Plan of Reorganization issued by the United States Bankruptcy Court for the Southern District of New York. (3)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">2.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Plan and Agreement of Merger, dated September 27, 2007, of NeuMedia Media, Inc., a Delaware corporation, and Mediavest, Inc., a New Jersey corporation. (4)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">2.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certificate of Merger merging Mediavest, Inc., a New Jersey corporation, with and into NeuMedia Media, Inc., a Delaware corporation, as filed with the Secretary of State of the State of Delaware. (4)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">2.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Agreement and Plan of Merger, dated as of December 31, 2007, by and among NeuMedia Media, Inc., Twistbox Acquisition, Inc., Twistbox Entertainment, Inc. and Adi McAbian and Spark Capital, L.P. (5)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">2.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Amendment to Agreement and Plan of Merger, dated as of February 12, 2008, by and among NeuMedia Media, Inc., Twistbox Acquisition, Inc., Twistbox Entertainment, Inc. and Adi McAbian and Spark Capital, L.P. (6)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">2.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certificate of Ownership merging Mandalay Digital Group, Inc. into Neumedia, Inc., dated February 2, 2012. (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certificate of Incorporation. (4)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certificate of Amendment of Certificate of Incorporation, dated August 14, 2012. (7)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">3.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certificate of Amendment of Certificate of Incorporation, dated March 28, 2013. (8)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">3.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certificate of Correction of Certificate of Amendment, dated April 9, 2013. (8)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">3.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Bylaws. (4)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">3.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Certificate of Amendment of the Bylaws of NeuMedia, Inc., dated February 2, 2012. (9)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">4.1 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Specimen Stock Certificate evidencing the shares of common stock (10)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.1 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Manatt, Phelps &amp; Phillips, LLP (2)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">23.1 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Manatt, Phelps &amp; Phillips, LLP (included in legal opinion filed as Exhibit&nbsp;5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">23.2 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of SingerLewak LLP (2)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 24.1 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font-size: 10pt"> Powers of Attorney (11) </FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.65pt"></TD><TD STYLE="width: 18pt">(*)</TD><TD>To be filed, when appropriate, by amendment or as an exhibit to a Current Report of the registrant on Form 8-K and incorporated
herein by reference.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 8.65pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD>Incorporated by reference from Registrant&rsquo;s Annual Report on Form 10-K (File No. 000-10039), filed with the Commission
on June 26, 2012 for the year ended March&nbsp;31, 2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 8.65pt"></TD><TD STYLE="width: 18pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">Filed herewith.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.65pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD>Incorporated by reference to the Registrant&rsquo;s Annual Report on Form 10-KSB (File No. 000-10039), filed with the Commission
on December 2, 2005.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.65pt"></TD><TD STYLE="width: 18pt">(4)</TD><TD>Incorporated by reference to the Registrant&rsquo;s Current Report on Form 8-K (File No. 000-10039), filed with the Commission
on November 14, 2007.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.65pt"></TD><TD STYLE="width: 18pt">(5)</TD><TD>Incorporated by reference to the Registrant&rsquo;s Current Report on Form 8-K (File No. 000-10039), filed with the Commission
on January 2, 2008.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.65pt"></TD><TD STYLE="width: 18pt">(6)</TD><TD>Incorporated by reference to the Registrant&rsquo;s Current Report on Form 8-K (File No. 000-10039), filed with the Commission
on February 12, 2008.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.65pt"></TD><TD STYLE="width: 18pt">(7)</TD><TD>Incorporated by reference to Appendix B of the Registrant&rsquo;s Definitive Information Statement on Form 14-C (File No. 000-10039),
filed with the Commission on July 10, 2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.65pt"></TD><TD STYLE="width: 18pt">(8)</TD><TD>Incorporated by reference to the Registrant&rsquo;s Current Report on Form 8-K (File No. 000-10039), filed with the Commission
on April 18, 2013.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.65pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.65pt"></TD><TD STYLE="width: 18pt">(9)</TD><TD>Incorporated by reference to our Current Report on Form 8-K (File No. 000-10039), filed with the Commission on February 7,
2012.</TD></TR>               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(10)</TD><TD>Incorporated by reference to the Registrant&rsquo;s Registration Statement on Form S-3 (File
                            No. 333-189783), filed with the Commission on July 3, 2013.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> (11) </TD><TD> Previously filed. </TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>v356754_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 10, 2013</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mandalay Digital Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2811 Cahuenga Blvd West</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Los Angeles, CA 90068</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Re:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Registration
Statement on Form S-3</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have examined the Registration Statement
on Form S-3 (the &ldquo;<U>Registration Statement</U>&rdquo;) of Mandalay Digital Group, Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;),
as originally filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) on or about August 30, 2013,
and as amended by Amendment No. 1 thereto filed with the Commission on or about October 10, 2013, in connection with the registration
under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), of 6,475,722 shares of the Company&rsquo;s
common stock, par value $0.0001 per share (&ldquo;<U>Common Stock</U>&rdquo;), that are proposed to be offered and sold by the
selling stockholders named in the Registration Statement (the &ldquo;<U>Shares</U>&rdquo;) and are either held by the selling stockholders,
are issuable by the Company upon the exercise of certain warrants held by the selling stockholders to purchase Common Stock (the
&ldquo;<U>Warrants</U>&rdquo;), or are issuable by the Company upon the exercise of certain options held by the selling stockholders
to purchase Common Stock (the &ldquo;<U>Options</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have examined or considered originals
or copies, certified or otherwise identified to our satisfaction, of the certificate of incorporation of the Company, as amended
and as in effect on and as of the date hereof, the bylaws of the Company, as amended and as in effect on and as of the date hereof,
records of relevant corporate proceedings with respect to the authorization and issuance of the Shares, and such other documents,
instruments and corporate records as we have deemed necessary or appropriate for the expression of the opinions contained herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with our representation of
the Company, and as a basis for the opinions expressed herein, we have assumed the authenticity and completeness of all records,
certificates and other instruments submitted to us as originals, the conformity to original documents of all records, certificates
and other instruments submitted to us as copies, the authenticity and completeness of the originals of those records, certificates
and other instruments submitted to us as copies and the correctness of all statements of fact contained in all records, certificates
and other instruments that we have examined. We also have obtained from the officers of the Company certificates as to certain
factual matters necessary for the purpose of this opinion and, insofar as this opinion is based on such matters of fact, we have
relied solely on such certificates without independent investigation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon the foregoing and subject to
the assumptions, limitations and exceptions set forth herein, we are of the opinion that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Shares
included in the Registration Statement have been duly authorized by all necessary corporate action on the part of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Shares
held by selling stockholders and included in the Registration Statement are validly issued, fully paid and non-assessable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Shares
underlying Warrants included in the Registration Statement, when issued by the Company against payment of the exercise price in
accordance with the terms and conditions of the Warrants, will be validly issued, fully paid and non-assessable; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Shares
underlying Options included in the Registration Statement, when issued by the Company against payment of the exercise price in
accordance with the terms and conditions of the Options, will be validly issued, fully paid and non-assessable.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We express no opinion as to the applicability
or effect of any laws, orders or judgments of any state or other jurisdiction other than the General Corporation Law of the State
of Delaware (including the statutory provisions and all applicable provisions of the Delaware Constitution and reported judicial
decisions interpreting those laws), and the federal securities laws. This opinion is expressly limited to the matters set forth
above and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company or the Common
Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this
opinion with the Commission as an exhibit to the Registration Statement and the use of our name therein under the caption &ldquo;Legal
Matters.&rdquo; &nbsp;In giving this consent, we do not admit that we come within the category of persons whose consent is required
under Section 7 of the Securities Act or the rules and regulations of the Commission adopted under the Securities Act.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt; color: black">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; color: black">/s/ <FONT STYLE="font-variant: small-caps">MANATT, PHELPS &amp; PHILLIPS, LLP</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; color: black">Manatt, Phelps &amp; Phillips, LLP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>v356754_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in Amendment No.
1 to Registration Statement (No. 333-190943) on Form S-3 of Mandalay Digital Group, Inc. and Subsidiaries (collectively, the &ldquo;Company&rdquo;)
of our report dated July 1, 2013, relating to our audit of the consolidated financial statements, which appears in the Annual Report
on Form 10-K/A of the Company for the years ended March 31, 2013 and 2012. Our report dated July 1, 2013 relating to the consolidated
financial statements includes an emphasis paragraph relating to an uncertainty as to the Company&rsquo;s ability to continue as
a going concern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also consent to the reference to our firm under the caption
&ldquo;Experts&rdquo; in the Prospectus, which is part of this Registration Statement.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;10, 2013</P>

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



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

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