<SEC-DOCUMENT>0001144204-14-025338.txt : 20140428
<SEC-HEADER>0001144204-14-025338.hdr.sgml : 20140428
<ACCEPTANCE-DATETIME>20140428164652
ACCESSION NUMBER:		0001144204-14-025338
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20140428
DATE AS OF CHANGE:		20140428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHORE BANCSHARES INC
		CENTRAL INDEX KEY:			0001035092
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				521974638
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-195527
		FILM NUMBER:		14790050

	BUSINESS ADDRESS:	
		STREET 1:		18 EAST DOVER STREET
		CITY:			EASTON
		STATE:			MD
		ZIP:			21601-3013
		BUSINESS PHONE:		4108221400

	MAIL ADDRESS:	
		STREET 1:		18 EAST DOVER STREET
		CITY:			EASTON
		STATE:			MD
		ZIP:			21601-3013
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>v375736_s3.htm
<DESCRIPTION>FORM S-3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</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-top: 0pt; margin-bottom: 0pt; text-align: center">As filed with the Office of the Securities
and Exchange Commission on April 28, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-______</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">SECURITIES AND EXCHANGE COMMISSION</P>

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

<P STYLE="font: 10pt 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">REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 51%; text-align: center"><font style="font-size: 10pt"><b>Maryland</b></font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 48%; text-align: center"><font style="font-size: 10pt"><b>52-1974638</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-size: 10pt"><i>(State or Other Jurisdiction of Incorporation or Organization</i></font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt"><i>(I.R.S. Employer Identification Number)</i></font></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-align: center"><B>28969 Information Lane, Easton, Maryland
21601</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Address of Principal Executive Offices)</I></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-align: center"><B>Lloyd L. Beatty, Jr.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>28969 Information Lane, Easton, Maryland
21601</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(410) 763-7800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Name, Address and Telephone Number of
Agent for Service)</I></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">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2550 M Street, NW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, DC 20037-1350</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(202) 457-6000</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Approximate date of commencement of proposed
sale to the public: From time to time after the effective date 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">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">o</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 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 2"><B>R</B></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 for the same offering. <FONT STYLE="font-family: Wingdings">o</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">o</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">o</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">o</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"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 definition of &ldquo;large
accelerated filer&rdquo;, &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange
Act. (Check one):</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%"><font style="font-size: 10pt">Large accelerated filer <font style="font-family: Wingdings">o</font></font></td>
    <td style="width: 40%"><font style="font-size: 10pt">Accelerated filer <font style="font-family: Wingdings">o</font></font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Non-accelerated filer <font style="font-family: Wingdings">o</font> (Do not check if a smaller reporting company)</font></td>
    <td><font style="font-size: 10pt">Smaller reporting company <font style="font-family: Wingdings 2"><b>R</b></font></font></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-align: center"><B>CALCULATION OF REGISTRATION FEE</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"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 1.5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Title&nbsp;of&nbsp;each&nbsp;class&nbsp;of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>securities&nbsp;to&nbsp;be&nbsp;registered</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 1.5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>to&nbsp;be&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>registered<BR>
        (1)</B></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 1.5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed&nbsp;<BR>
        maximum</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>offering&nbsp;<BR>
        price</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>per&nbsp;share&nbsp;<BR>
        (2)</B></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 1.5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed&nbsp;<BR>
        maximum</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>aggregate&nbsp;<BR>
        offering</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>price (1) (2)</B></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 1.5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount&nbsp;of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>registration&nbsp;fee&nbsp;<BR>
        (3)</B></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Stock, par value $.01 per share (4)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred Stock, par value $.01 per share&nbsp;&nbsp;(4)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Debt Securities (4) (5)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants (6)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Units (7)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100,000,000</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100,000,000</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,880</FONT></TD>
    <TD NOWRAP>&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; text-indent: 0.5in"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 48px"><font style="font-size: 10pt">(1)</font></td>
    <td><font style="font-size: 10pt">Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended, or the Securities Act, and exclusive of accrued interest and dividends, if any. The aggregate public offering price of all securities registered hereby will not exceed $100,000,000.&nbsp;&nbsp;Such amount represents the issue price rather than the principal amount of any debt securities issued at an original discount.&nbsp;&nbsp;&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">(2)</font></td>
    <td><font style="font-size: 10pt">The proposed maximum aggregate offering price per class of security will be determined from time to time by the Registrant in connection with the issuance by the Registrant of the securities registered hereunder and is not specified as to each class of security pursuant to General Instruction II.D. of Form S-3 under the Securities Act.</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">(3)</font></td>
    <td><font style="font-size: 10pt">Calculated pursuant to Rule 457(o) under the Securities Act.</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">(4)</font></td>
    <td><font style="font-size: 10pt">Such indeterminate number of shares of common or preferred stock or principal amount of debt securities as may, from time to time, be issued (i) at indeterminate prices, or (ii) upon conversion, redemption, exercise or exchange of securities registered hereunder, to the extent any such securities are, by their terms, convertible into or exchangeable for other securities registered hereunder.&nbsp;&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">(5)</font></td>
    <td><font style="font-size: 10pt">May consist of one or more series of senior or subordinated debt.</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">(6)</font></td>
    <td><font style="font-size: 10pt">Warrants will represent rights to purchase common stock, preferred stock or debt securities registered hereby.&nbsp;&nbsp;Because the warrants will provide a right only to purchase such securities offered hereunder, no additional registration fee is required.</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">(7)</font></td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Such indeterminate number of units, which will be comprised
        of two or more of the securities registered hereby in any combination.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></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>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 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
that specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933, as amended, or until this Registration Statement shall become effective on such date as the Securities
and Exchange Commission, acting pursuant to Section 8(a), may determine.</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"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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"><B>The information contained in this prospectus
is not complete and may be changed. We may not sell these securities or accept your offer to buy any of them until the documentation
filed with the Securities and Exchange Commission relating to these securities has been declared &ldquo;effective&rdquo; by the
Securities and Exchange Commission. This 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 or legal.</B></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: 0pt 0; text-align: center; color: red"><B>Subject to completion, dated
April 28, 2014</B></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><IMG SRC="image_001.jpg" ALT="" STYLE="height: 126px; width: 600px"><FONT STYLE="font-size: 12pt"><B></B></FONT></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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>$100,000,000</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-align: center"><B>Common Stock, Preferred Stock, Debt Securities,
Warrants and Units</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 may offer and sell from time to time
in one or more offerings shares of our common stock, shares of our preferred stock, debt securities, and warrants to purchase shares
of our common stock, shares of our preferred stock and/or debt securities, and units comprised of one or more shares of common
stock, shares of preferred stock and warrants in any combination, up to a total public offering price of $100,000,000. This prospectus
provides you with a general description of these securities and the general manner in which we will offer these securities. Each
time we sell securities, we will provide a prospectus supplement that will contain specific information about the terms of that
offering. The prospectus supplement may also add, update or change information contained in this prospectus.</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">You should read both this prospectus and
any prospectus supplement, together with additional information described under the headings &ldquo;INCORPORATION OF CERTAIN INFORMATION
BY REFERENCE&rdquo; beginning on page 1of this prospectus and &ldquo;WHERE YOU CAN FIND MORE INFORMATION&rdquo; beginning on page
2 of this prospectus, before you make your investment decision.</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">Our common stock is listed on the NASDAQ
Global Select Market under the symbol &ldquo;SHBI.&rdquo; On April&nbsp;25, 2014, the closing price of our common stock on the
NASDAQ Global Select Market was $9.56 per share.</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>Investing in our securities involves
certain risks. You should carefully review the risks and uncertainties described under the heading &ldquo;Risk Factors&rdquo; beginning
on page 3 of this prospectus, and the risk factors that may be included in a prospectus supplement and in our periodic reports
and other information we file with the Securities and Exchange Commission.</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-align: center">&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 THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THE SECURITIES OFFERED HEREBY WILL BE EITHER
OUR EQUITY SECURITIES OR UNSECURED OBLIGATIONS OF OUR COMPANY AND WILL NOT BE DEPOSITS OR SAVINGS ACCOUNTS OR OTHER OBLIGATIONS
OF ANY BANK OR NON-BANK SUBSIDIARY OF SHORE BANCSHARES, INC., AND THEY ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
OR ANY OTHER GOVERNMENT AGENCY OR INSTRUMENTALITY.</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-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our principal executive office is located
at 28969 Information Lane, Easton, Maryland 21601 and our telephone number is (410) 763-7800.</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">This prospectus may not be used to sell
securities unless it is accompanied by a 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-align: center"><B>The date of this Prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2014</B>&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</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"></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; background-color: rgb(204,255,204)">
    <TD STYLE="width: 94%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ABOUT THIS PROSPECTUS</FONT></TD>
    <TD STYLE="width: 6%; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHERE YOU CAN FIND MORE INFORMATION</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RISK FACTORS</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ABOUT SHORE BANCSHARES, INC.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SUPERVISION AND REGULATION</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">USE OF PROCEEDS</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DESCRIPTION OF OUR SECURITIES AND THE SECURITIES TO BE REGISTERED</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0 0 0 0.125in; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capital Stock</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0 0 0 0.125in; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Stock</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0 0 0 0.125in; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred Stock</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0 0 0 0.125in; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Debt Securities</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0 0 0 0.125in; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0 0 0 0.125in; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Units</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PLAN OF DISTRIBUTION</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">INDEMNIFICATION OF OUR DIRECTORS AND OFFICERS</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LEGAL MATTERS</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXPERTS</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20</FONT></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>

<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">ABOUT
THIS PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">This prospectus is part of a registration
statement that we filed with the Securities and Exchange Commission, or SEC, using a &ldquo;shelf&rdquo; registration process.
Under this shelf registration process, we may from time to time offer and sell, either separately or together, any combination
of the securities described in this prospectus in one or more offerings. We may also issue any of the common stock, preferred stock,
debt securities, warrants or units upon conversion, exchange or exercise of any of the securities mentioned above. The aggregate
amount of securities that we may offer under the registration statement is $100 million, denominated in U.S. dollars.</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">This prospectus provides you with a general
description of the securities we may offer and sell. Each time we offer securities under this prospectus, we will provide a prospectus
supplement that will contain more specific information about the terms of that particular offering. The prospectus supplement may
also add, update or change information contained in this prospectus. You should carefully read both this prospectus, especially
the section entitled &ldquo;RISK FACTORS&rdquo; beginning on page 3, and any prospectus supplement before making a decision to
invest in any of the securities. You should also carefully read the additional information described below under the headings &ldquo;INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE&rdquo; and &ldquo;WHERE YOU CAN FIND MORE INFORMATION&rdquo; before making a decision to invest
in any of the securities.</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 not authorized anyone to provide
you with different information. No dealer, salesperson or other person is authorized to give any information or to represent anything
not contained or incorporated by reference in this prospectus. You must not rely on any unauthorized information or representation.
This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where
it is lawful to do so. You should assume that the information in this prospectus and in any prospectus supplement is accurate only
as of the date on the front of the document and that any information we have incorporated by reference is accurate only as of the
date of the document incorporated by reference, regardless of the time of delivery of this prospectus, any prospectus supplement
or any sale of a security.</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 registration statement that contains
this prospectus, including the exhibits to the registration statement, contains additional information about us and the securities
offered under this prospectus. That registration statement can be read at the SEC web site, our website, or at the SEC offices,
which are mentioned in this prospectus under the heading &ldquo;Where You Can Find More Information.&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">Unless otherwise mentioned or unless the
context requires otherwise, all references in this prospectus to &ldquo;Shore Bancshares&rdquo;, &ldquo;the Company&rdquo;, &ldquo;we&rdquo;,
&ldquo;us&rdquo;, &ldquo;our&rdquo; and similar terms refer to Shore Bancshares, Inc.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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&rsquo;s rules allow us to &ldquo;incorporate
by reference&rdquo; information into this prospectus. This means that we can disclose important information to you by referring
you to another document. Any information referred to in this way is considered part of this prospectus from the date we file the
document. Any reports filed by us with the SEC after the date of this prospectus and before the date that the offering of the securities
by means of this prospectus is terminated will automatically update and, where applicable, supersede any information contained
in this prospectus or incorporated by reference in this prospectus.</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 incorporate by reference into this prospectus
the following documents and information filed with the SEC (other than, in each case, documents or information deemed to have been
furnished and not filed in accordance with SEC rules):</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>Annual Report on Form 10-K for the year ended December 31, 2013; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Description of our common stock which appears in our Registration Statement on Form 10/A filed on May 30, 1997, or any description
of the common stock that appears in any prospectus forming a part of any subsequent registration statement of the Company or in
any registration statement filed pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, or the Exchange Act,
including any amendments or reports filed for the purpose of updating such description.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 6; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, all documents that we file
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the initial filing date of the registration statement
to which this prospectus relates and prior to the termination of the offering of the securities to which this prospectus relates
will automatically be deemed to be incorporated by reference into this prospectus. In no event, however, will any of the information
that we &ldquo;furnish&rdquo; to the SEC under Items 2.02, 7.01 or 8.01 of any Current Report on Form 8-K from time to time be
incorporated by reference into, or otherwise be included in, this prospectus. Any statement contained in a document incorporated
or deemed to be incorporated by reference in this prospectus shall be deemed to be modified or superseded to the extent that a
statement contained in this prospectus or in a document subsequently filed modifies or supersedes such statement. Any statement
so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</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 promptly provide without charge
to each person to whom this prospectus is delivered a copy of any or all information that has been incorporated herein by reference
(not including exhibits to the information that is incorporated by reference unless such exhibits are specifically incorporated
by reference into such information) upon the written or oral request of such person. Written requests should be directed to: Shore
Bancshares, Inc. Corporate Secretary, 28969 Information Lane, Easton, Maryland 21601. Telephone requests should be directed to
the Corporate Secretary at (410) 763-7800.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">WHERE
YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">This prospectus is a part of a registration
statement on Form S-3 filed by us with the SEC under the Securities Act of 1933, as amended, or 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">This prospectus does not contain all the
information set forth in the registration statement, certain parts of which are omitted in accordance with the rules and regulations
of the SEC. For further information with respect to us and the securities offered by this prospectus, reference is made to the
registration statement. Statements contained in this prospectus concerning the provisions of such documents are necessarily summaries
of such documents and each such statement is qualified in its entirety by reference to the copy of the applicable document filed
with the SEC.</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 file periodic reports, proxy statements
and other information with the SEC. Our filings with the SEC are available to the public over the Internet at the SEC&rsquo;s website
at http://www.sec.gov. Our filings with the SEC are also available to the public on our website at www.shbi.net, as well as through
document retrieval services. You may read and copy any periodic reports, proxy statements or other information we file at the SEC&rsquo;s
public reference room in Washington, D.C., located at: Public Reference Room, 100 F Street, N.E., Washington, D.C. 20549. You can
request copies of these documents, upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330
for further information on the operation of the SEC&rsquo;s public reference rooms.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">Some of the statements contained, or incorporated
by reference, in this prospectus and in any prospectus supplement may include projections, predictions, expectations or statements
as to beliefs or future events or results or refer to other matters that are not historical facts. Such statements constitute &ldquo;forward-looking
information&rdquo; within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange 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">These forward-looking statements represent
plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning
future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based.
Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results,
performance or achievements, and are typically identified with words such as &ldquo;may,&rdquo; &ldquo;could,&rdquo; &ldquo;should,&rdquo;
&ldquo;will,&rdquo; &ldquo;would,&rdquo; &ldquo;believe,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo;
&ldquo;intend,&rdquo; &ldquo;plan,&rdquo; or words or phases of similar meaning. We caution that the forward-looking statements
are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject
to change based on factors which are, in many instances, beyond our control. Actual results, performance or achievements could
differ materially from those contemplated, expressed, or implied by the forward-looking statements.</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>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 following factors, among others, could
cause our financial performance to differ materially from that expressed in such forward-looking statements:</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>general economic conditions, whether national or regional, and conditions in the lending markets in which we participate that
may have an adverse effect on the demand for our loans and other products, our credit quality and related levels of nonperforming
assets and loan losses, and the value and salability of the real estate that we own or that is the collateral for our loans;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>results of examinations of us by our regulators, including the possibility that our regulators may, among other things, require
us to increase our reserve for loan losses or to write-down assets;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changing bank regulatory conditions, policies or programs, whether arising as new legislation or regulatory initiatives, that
could lead to restrictions on activities of banks generally, or our subsidiary banks in particular, more restrictive regulatory
capital requirements, increased costs, including deposit insurance premiums, regulation or prohibition of certain income producing
activities or changes in the secondary market for loans and other products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in market rates and prices may adversely impact the value of securities, loans, deposits and other financial instruments
and the interest rate sensitivity of our balance sheet;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our liquidity requirements could be adversely affected by changes in our assets and liabilities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the effect of legislative or regulatory developments, including changes in laws concerning taxes, banking, securities, insurance
and other aspects of the financial services industry;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>competitive factors among financial services organizations, including product and pricing pressures and our ability to attract,
develop and retain qualified banking professionals;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the growth and profitability of non-interest or fee income being less than expected;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the effect of changes in accounting policies and practices, as may be adopted by the Financial Accounting Standards Board,
 the SEC, the Public Company Accounting Oversight Board and other regulatory agencies;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the effect of fiscal and governmental policies of the United States federal government.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If one or more of the factors affecting
our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ
materially from those expressed in, or implied by, forward-looking information and statements contained in this prospectus and
in the information incorporated by reference herein. Therefore, we caution you not to place undue reliance on our forward-looking
information and statements.</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 undertake no obligation to publicly update
forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult
any further disclosures we make on related subjects in our periodic and current reports that we file with the SEC. Also note that
we provide cautionary discussion of risks, uncertainties and possibly inaccurate assumptions relevant to our businesses in our
periodic and current reports to the SEC incorporated by reference in this prospectus and in prospectus supplements and other offering
materials. These are factors that, individually or in the aggregate, management believes could cause our actual results to differ
materially from expected and historical results.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">An investment in our securities involves
a high degree of risk. You should carefully consider the risks and uncertainties and the risk factors set forth in the documents
and reports filed with the SEC that are incorporated by reference into this prospectus, as well as any risks described in any applicable
prospectus supplement, before making an investment decision. Our business, financial condition and/or results of operations could
be materially adversely affected by any of these risks. The trading price of our securities could decline due to any of these risks,
and you may lose all or part of your investment. This prospectus also contains, and any prospectus supplement may also contain,
forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated
in these forward-looking statements as a result of certain factors, including the risks faced by us described below and elsewhere
in this prospectus and the documents incorporated by reference in this prospectus and any 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"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">Shore Bancshares is a Maryland corporation
and the largest independent financial holding company headquartered on the Eastern Shore of Maryland. We are the parent company
of The Talbot Bank of Easton, Maryland, a Maryland-chartered commercial bank located in Easton, Maryland, or Talbot Bank, and CNB,
a Maryland-chartered commercial bank with trust powers located in Centreville, Maryland. These bank subsidiaries operate 18 full
service branches in Kent, Queen Anne&rsquo;s, Talbot, Caroline and Dorchester Counties in Maryland and Kent County, Delaware. We
engage in the insurance business through two general insurance producer firms, The Avon-Dixon Agency, LLC, a Maryland limited liability
company, and Elliott Wilson Insurance, LLC, a Maryland limited liability company; one marine insurance producer firm, Jack Martin
&amp; Associates, Inc., a Maryland corporation; three wholesale insurance firms, Tri-State General Insurance Agency, LTD, a Maryland
corporation, Tri-State General Insurance Agency of New Jersey, Inc., a New Jersey corporation, and Tri-State General Insurance
Agency of Virginia, Inc., a Virginia corporation; and an insurance premium finance company, Mubell Finance, LLC, a Maryland limited
liability 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">The Company has three inactive subsidiaries,
Wye Financial Services, LLC, Shore Pension Services, LLC, and Wye Mortgage, LLC, all of which were organized under Maryland law.</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">Talbot Bank owns all of the issued and outstanding
securities of Dover Street Realty, Inc., a Maryland corporation that engages in the business of holding and managing real property
acquired by Talbot Bank as a result of loan foreclosures.</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 operate in two business segments: community
banking and insurance products and services. Financial information related to our operations in these segments for each of the
two years ended December 31, 2013 is provided in Note 25 to the Company&rsquo;s Consolidated Financial Statements included in Item
8 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2013. A detailed discussion of our business is contained
in Item 1 of Part I of our Annual Report on Form 10-K for the year ended December 31, 2013, and any subsequent reports that we
file with the SEC, which are incorporated by reference in this prospectus. See &ldquo;WHERE YOU CAN FIND MORE INFORMATION&rdquo;
above for information on how to obtain a copy of our annual report and any subsequent reports.</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">Our principal executive office is located
at 28969 Information Lane, Easton, Maryland 21601 and our telephone number is (410) 763-7800. We maintain an Internet site at <U>http://www.shbi.net</U>
on which we make available free of charge our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form
8-K, and all amendments to the foregoing as soon as reasonably practicable after these reports are electronically filed with, or
furnished to, the SEC.</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">At December 31, 2013, we had consolidated
total assets of approximately $1.05 billion, total loans (net of the allowance for credit losses) of approximately $701.2 million,
total deposits of approximately $933.5 million, and stockholders&rsquo; equity of approximately $103.3 million.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 financial holding company registered
under the federal Bank Holding Company Act of 1956, as amended. We and our bank subsidiaries are extensively regulated under federal
and state laws. The regulation of financial holding companies and banks is intended primarily for the protection of depositors
and the deposit insurance fund and not for the benefit of security holders. For a discussion of the material elements of the extensive
regulatory framework applicable to us and our bank subsidiaries, including a discussion of the May 2013 enforcement actions taken
by Talbot Bank&rsquo;s federal and state regulators and related consent agreement entered into by Talbot Bank, please refer to
Item 1 of Part I of our Annual Report on Form 10-K for the year ended December 31, 2013 under the heading &ldquo;Supervision and
Regulation&rdquo; and any subsequent reports that we file with the SEC, which are incorporated by reference in this prospectus.
See &ldquo;WHERE YOU CAN FIND MORE INFORMATION&rdquo; above for information on how to obtain a copy of our Form 10-K and any subsequent
reports.</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>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">Except as we may indicate otherwise in a
prospectus supplement accompanying this prospectus, we intend to use the proceeds from the sale of the securities for capital infusion
in our banking subsidiaries, acquisitions, capital expenditures, repayment of indebtedness we may incur in the future, working
capital and other general corporate purposes. Before we use the proceeds for these purposes, we may invest them in short-term investments.
If we decide to use the proceeds from a particular offering of the securities for a specific purpose, we will describe that purpose
in the related prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">DESCRIPTION
OF OUR SECURITIES AND THE SECURITIES TO BE REGISTERED</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">This prospectus relates to the offer
and sale of shares of our common stock, shares of our preferred stock, debt securities, and warrants to purchase shares of
our common stock, shares of our preferred stock and/or debt securities, and units comprised of one or more shares of common
stock, shares of preferred stock and warrants in any combination. The following is a summary of the general terms of our
capital stock and the securities covered by this prospectus. The full terms of our capital stock and the securities
covered by this prospectus are set forth in Exhibit 3.1(i) through Exhibit 4.11,
inclusive, to the registration statement that contains this prospectus, which are incorporated by reference in this
prospectus. Unless expressly stated otherwise, the following summary does not give effect to provisions of applicable
statutory or common law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are authorized by our Amended and Restated
Articles of Incorporation, or Charter, to issue up to 35,000,000 shares of capital stock, par value $.01 per share, all of which
are currently classified as shares of common stock. Our Charter generally permits the Board of Directors of the Company to increase
or decrease the number of authorized shares of capital stock of any class or series without the approval of our stockholders. Our
Charter also generally permits the Board to classify and reclassify any unissued shares of capital stock of any class or series
by setting or changing in any one or more respects the preferences, conversion or other rights, voting powers, restrictions, limitations
as to dividends, qualifications, or terms or conditions of redemption of the shares of stock.</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">As of April 25, 2014, we had 8,461,289
shares of common stock issued and outstanding held by approximately 1,561 owners of record. We anticipate that the shares of
common stock covered by this prospectus will be listed on The NASDAQ Global Select Market under the
symbol &ldquo;SHBI.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following section describes the material
features and rights of our common stock. The summary does not purport to be exhaustive and is qualified in its entirety by reference
to our Charter, as supplemented, and Amended and Restated Bylaws, as amended, which have been filed as exhibits to the registration
statement of which this prospectus is a part, and to applicable Maryland law, including the Maryland General Corporation Law, or
the MGCL.</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><I>General</I></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 holders of our common stock are entitled
to one vote for each share held of record on all matters submitted to a vote of stockholders. Holders of shares of common stock
are not entitled to cumulative voting rights in the election of directors. Subject to preferences that may be applicable to any
outstanding preferred stock, holders of common stock are entitled to receive ratable dividends which are declared by our Board
of Directors out of funds legally available for such a purpose.</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>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">Our ability to pay dividends is subject
to the requirements of Maryland corporate laws, federal and state banking laws, and the policies and actions of our regulators.
Moreover, our ability to pay dividends to stockholders is largely dependent upon our earnings in future periods and upon the receipt
of dividends from our bank subsidiaries. Under corporate law, stockholders are entitled to dividends on their shares of common
stock if, when, and as declared by our Board of Directors out of funds legally available for that purpose. Federal Reserve Board,
or FRB, guidance requires a bank holding company, like us, to consult with the FRB before paying dividends if our earnings do not
exceed the aggregate amount of the proposed dividend. The FRB has the ability to prohibit a dividend in such a situation. Both
federal and state laws impose restrictions on the ability of our bank subsidiaries to pay dividends. Federal law prohibits the
payment of a dividend by an insured depository institution if the depository institution is considered &ldquo;undercapitalized&rdquo;
or if the payment of the dividend would make the institution &ldquo;undercapitalized.&rdquo; Maryland banking law provides that
a state-chartered bank may pay dividends out of undivided profits or, with the prior approval of the Commissioner of Financial
Regulation of Maryland, or the Commissioner, from surplus in excess of 100% of required capital stock. If, however, the surplus
of a Maryland bank is less than 100% of its required capital stock, then cash dividends may not be paid in excess of 90% of net
earnings. In addition to these specific restrictions, bank regulatory agencies also have the ability to prohibit proposed dividends
by a financial institution that would otherwise be permitted under applicable regulations if the regulatory body determines that
such distribution would constitute an unsafe or unsound practice. Both the Company and Talbot Bank are currently prohibited from
paying any dividends without the consent of the FRB or the Federal Deposit Insurance Corporation, or the FDIC, and the Commissioner,
respectively. Thus, even if we and/or Talbot Bank had cash sufficient under corporate and banking laws to lawfully pay dividends,
the FRB and/or the FDIC and the Commissioner could deny a request to do so.</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">As a general corporate law matter, the MGCL
prohibits us from paying dividends on shares of the common stock unless, after giving effect to a proposed dividend, (a) we will
be able to pay our debts as they come due in the normal course of business and (b) our total assets will be greater than our total
liabilities plus, unless our Charter permits otherwise, the amount that would be needed, if we were to be dissolved at the time
of the dividend, to satisfy the preferential rights upon dissolution of stockholders whose preferential rights on dissolution are
superior to those receiving the dividend. Currently, we have no authorized class of capital stock with preferential rights upon
dissolution that are superior to the common stock.</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, holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities and liquidation
preferences, if any, on any outstanding shares of preferred stock. Holders of common stock have no preemptive rights and have no
rights to convert their common stock into any other securities. The common stock is not redeemable. All of the outstanding shares
of our common stock are fully paid and nonassessable.</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 Transfer Agent for the common stock
is Registrar &amp; Transfer 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"><B><I>Anti-Takeover Provisions under Maryland Law, Our Charter
and Our Bylaws</I></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 provisions of Maryland law and our
Charter and Bylaws that we summarize below may have an anti-takeover effect and may delay, defer or prevent a tender offer or
takeover attempt that a stockholder might consider in his or her best interest, including those attempts that might result in
a premium over the market price for the common stock.</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"><I>Business Combinations under Maryland
Law</I>. Section 3-602 of the MGCL, as in effect on the date hereof, generally prohibits corporations from being involved in any
&ldquo;business combination&rdquo; (defined as a variety of transactions, including a merger, consolidation, share exchange, asset
transfer or issuance or reclassification of equity securities) with any &ldquo;interested stockholder&rdquo; for a period of five
years following the most recent date on which the interested stockholder became an interested stockholder. An interested stockholder
is defined generally as a person who is the beneficial owner of 10% or more of the voting power of the outstanding voting stock
of the corporation after the date on which the corporation had 100 or more beneficial owners of its stock or who is an affiliate
or associate of the corporation and was the beneficial owner, directly or indirectly, of 10% percent or more of the voting power
of the then outstanding stock of the corporation at any time within the two-year period immediately prior to the date in question
and after the date on which the corporation had 100 or more beneficial owners of its stock.</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>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">A business combination that is not
prohibited must be recommended by the board of directors, and approved by the affirmative vote of at least 80% of the
corporation&rsquo;s outstanding shares entitled to vote and two-thirds of the outstanding shares entitled to vote which are
not held by the interested shareholder with whom the business combination is to be effected, unless, among other things, the
corporation&rsquo;s common stockholders receive an acceptable price (as determined in accordance with criteria set forth in
the MGCL) for their shares, in cash or in the same form as paid by the interested stockholder for its
shares.&nbsp;&nbsp;These provisions will not apply if the board of directors has exempted the transaction in question or the
interested stockholder prior to the time that the interested stockholder became an interested stockholder. In addition, the
board of directors may adopt a resolution approving or exempting specific business combinations, business combinations
generally, or generally by type, as to specifically identified or unidentified existing or future stockholders or their
affiliates from the business combination provisions of the MGCL.</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"><I>Control Share Acquisitions</I>. Maryland&rsquo;s
control share acquisition law (Sections 3-701 to 709 of the MGCL), as in effect on the date hereof, generally provides that &ldquo;control
shares&rdquo; of a Maryland corporation acquired in a &ldquo;control share acquisition&rdquo; have no voting rights except to the
extent approved by the stockholders at a meeting by the affirmative vote of two-thirds of all the votes entitled to be cast on
the matter, excluding all interested shares. &ldquo;Control shares&rdquo; are shares of stock that, if aggregated with all other
shares of stock of the corporation previously acquired by a person or in respect of which that person is entitled to exercise or
direct the exercise of voting power, except solely by virtue of a revocable proxy, entitle that person, directly or indirectly,
to exercise or direct the exercise of the voting power of shares of stock of the corporation in the election of directors within
any of the following ranges of voting power: one-tenth or more, but less than one-third of all voting power; one-third or more,
but less than a majority of all voting power or a majority or more of all voting power. &ldquo;Control share acquisition&rdquo;
means the acquisition, directly or indirectly, of control shares, subject to certain exceptions. If voting rights or control shares
acquired in a control share acquisition are not approved at a stockholders&rsquo; meeting, then, subject to certain conditions,
the issuer may redeem any or all of the control shares for fair value. If voting rights of such control shares are approved at
a stockholders&rsquo; meeting and the acquiror becomes entitled to vote a majority of the shares of stock entitled to vote, all
other stockholders may exercise appraisal rights.</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">Our Bylaws contain a provision exempting
all shares of our capital stock from the MGCL&rsquo;s control share acquisition law.</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"><I>Preference Stock Authorization</I>. As
noted above under the heading &ldquo;Capital Stock&rdquo;, the Charter gives our Board of Directors the authority to, without stockholder
approval, create and issue a class or series of capital stock with rights superior to the rights of the holders of our common stock.
As a result, this &ldquo;blank check&rdquo; stock, while not intended as a defensive measure against takeovers, could be issued
quickly and easily, could adversely affect the rights of holders of common stock and could be issued with terms calculated to delay
or prevent a change of control of the Company or make removal of management more difficult.</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"><I>Advance Notice Procedure for Stockholder
Proposals. </I>Our Charter and Bylaws allow stockholders to submit director nominations and stockholder proposals. For nominations
and proposals to properly come before the meeting, however, the proposing stockholder must have given timely notice in writing
to the Secretary of Shore Bancshares pursuant to the Bylaws.</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">For an annual meeting, notice of intention
to make a director nomination must be delivered or mailed to the Secretary at Shore Bancshares&rsquo; principal executive offices
not less than 120 days nor more than 180 days prior to the meeting called for the election of directors. In the event that the
date of the annual meeting is advanced by more than 30 days or delayed by more than 60 days from the anniversary date of the preceding
year&rsquo;s annual meeting, notice by the stockholder must be delivered not earlier than the 180th day prior to such annual meeting
and no later than close of business on the later of the 120<FONT STYLE="font-size: 10pt"><SUP>th</SUP></FONT> day prior to such
annual meeting of the 10<FONT STYLE="font-size: 10pt"><SUP>th</SUP></FONT> day following the day on which public announcement of
the date of such annual meeting is first made. In the case of a special meeting called for the purpose of electing directors, a
stockholders&rsquo; notice must be given not later than the close of business on the 10<FONT STYLE="font-size: 10pt"><SUP>th</SUP></FONT>
day following the day on which notice of the date of the special meeting was mailed or public announcement of the meeting was made,
whichever occurs first. Notice to the Secretary shall set forth:</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>

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>the name and address of each proposed nominee;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the principal occupation of each proposed nominee;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the number of shares of capital stock of Shore Bancshares owned by each proposed nominee;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the name and residence address of the notifying stockholder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the number of shares of capital stock of Shore Bancshares owned by the notifying stockholder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the consent in writing of the proposed nominee as to the proposed nominee&rsquo;s name being placed in nomination for director;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a description of all arrangements or understandings between the notifying stockholder and each proposed nominee and any
                                                                                                              other
                                                                                                              person(s)
                                                                                                              (including their names) pursuant to which the nomination(s) are to be made by the notifying stockholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a representation that such notifying stockholder intends to appear in person or by proxy at the meeting to make the
                                                                                                              nomination; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other information relating to the nominee required to be disclosed in a proxy statement in connection with the
                                                                                                              solicitation of proxies for election of directors by Regulation 14A under the Exchange Act and Rule 14a-11 promulgated
                                                                                                              thereunder.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A stockholder proposal will be timely if
it is delivered or mailed and received by the Secretary at Shore Bancshares&rsquo; principal executive offices not less than 60
days nor more than 90 days prior to the first anniversary of the preceding year&rsquo;s annual meeting. If, however, the date of
the annual meeting is advanced by more than 30 days or delayed by more than 60 days from the anniversary date of the preceding
year&rsquo;s annual meeting, then notice by the stockholder must be so delivered not earlier than the 90<FONT STYLE="font-size: 10pt"><SUP>th</SUP></FONT>
day prior to such annual meeting and not later than the close of business on the later of the 60<FONT STYLE="font-size: 10pt"><SUP>th</SUP></FONT>
day prior to such annual meeting or the tenth day following the day on which public announcement of the date of such meeting is
first made. Notice to the Secretary shall set forth as to each proposal:</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>a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such business
at the meeting;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the name and address of such stockholder as they appear on Shore Bancshares&rsquo; books and of the beneficial owner, if any,
on whose behalf the proposal is made;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the class or series and number of shares of capital stock of Shore Bancshares owned beneficially or of record by such stockholder
and such beneficial owner;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a description of all arrangements or understandings between the stockholder and any other person(s) (including their names)
in connection with the proposal and any material interest of such stockholder in such business; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a representation that such stockholder intends to appear in person or by proxy at the meeting to make the proposal.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Classified Board; Removal of
Directors. </I>Our Charter provides that the members of our Board of Directors are divided into three classes as nearly equal
as possible. Each class is elected for a three-year term. At each annual meeting of stockholders, approximately one-third of
the members of the Board are elected for a three-year term and the other directors remain in office until their three-year
terms expire. Our Bylaws provide that a director may be removed only in accordance with the provisions of Maryland law. The
MGCL provides that, because our Board of Directors is divided into classes, no director may be removed without cause. Any removal for cause requires the affirmative vote of the holders of at least a majority of the voting power of the outstanding capital stock entitled to vote for the election of
directors. Thus, control of the Board of Directors cannot be changed in one year without removing the directors for cause as
described above; rather, at least two annual meetings must be held before a majority of the members of the Board could be
changed. Generally, an amendment or repeal of these provisions requires the authorization of the Board of Directors and the
approval of the holders of at least 80% of the aggregate votes entitled to be cast on the matter; however, two-thirds of the
entire Board of Directors may alter the number of directors set by the Charter to not exceeding 25 nor less than one, but
such action may not affect the tenure of office of any director.</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>

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All of our authorized capital stock is currently
classified as common stock. As stated above, however, our Charter gives the Board of Directors the authority to, without stockholder
approval, create a class or series of capital stock, such as preferred stock, with rights superior to the rights of the holders
of our common stock. Prior to the issuance of any shares of preferred stock, our Board would authorize such preferred stock by
classifying authorized but unissued shares of common stock as one or more classes or series of preferred stock and approve the
rights, preferences, privileges and restrictions applicable to such class or series of preferred stock, including the dividend
rate, the time of payment for dividends, whether such dividends shall be cumulative or non-cumulative, and the date or dates from
which any cumulative dividends will begin to accrue, redemption terms (including sinking fund provisions), redemption price or
prices, liquidation preferences, the extent of the voting powers, if any, and conversion rights. The terms of any class or series
of preferred stock so created would be set forth in Articles Supplementary, which we would file with the State Department of Assessments
and Taxation of Maryland. The prospectus supplement will describe the specific terms of any preferred stock we offer. To the extent
any preferred stock we offer has general voting rights, or voting rights with respect to the election of directors, the anti-takeover
provisions discussed above in the &ldquo;Common Stock&rdquo; section would apply to such preferred stock. All of the shares of
preferred stock offered by us, when issued and paid for, will be fully paid and not subject to further call or assessment by us.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we issue any debt securities offered
by this prospectus and any accompanying prospectus supplement, we will issue them under an indenture to be entered into by the
Company and a trustee to be identified in the applicable prospectus supplement, as trustee. The terms of the debt securities will
include those stated in the indenture and those made part of the indenture by reference to the Trust Indenture Act of 1939, as
in effect on the date of the indenture. We have filed a copy of the proposed form of indenture as an exhibit to the registration
statement that contains this prospectus. Each indenture will be subject to and governed by the terms of the Trust Indenture Act
of 1939. Unless otherwise specified in the applicable prospectus supplement, the debt securities will represent direct, unsecured
obligations of the Company and will rank equally with all of our other unsecured indebtedness, if any. The following statements
relating to the debt securities and the indenture are summaries only. These summaries are subject in their entirety to the detailed
provisions of the indenture. For complete information, we urge you to read the actual 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"><B><I>General</I></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 may issue the debt securities in one
or more series with the same or various maturities, at par, at a premium, or at a discount. We will describe the particular terms
of each series of debt securities in a prospectus supplement relating to that series, which we will file with the SEC. To review
the terms of a series of debt securities, you must refer to both the prospectus supplement for the particular series and to the
description of debt securities in this prospectus.</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 prospectus supplement will set forth
the following terms of the debt securities in respect of which this prospectus is delivered:</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>

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>the title;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the aggregate principal amount and whether there is any limit on the aggregate principal amount that we may subsequently issue;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the issue price or prices (expressed as a percentage of the principal amount thereof);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date or dates on which principal is payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the interest rate or rates (which may be fixed or variable), or, if applicable, the method used to determine such rate or rates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date or dates from which the interest, if any, will accrue and the date or dates on which such interest, if any, shall
commence and be payable and any regular record date for the interest payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the place or places where principal (and premium, if any) and interest, if any, is payable or the method of such payment, if
by wire transfer, mail or other means;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the period or periods within which, the price or prices at which and the terms and conditions upon which we may redeem the
debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our obligation, if any, to redeem or purchase the debt securities pursuant to any sinking fund or analogous provisions or at
the option of a holder of such debt security and the period or periods within which, the price or prices at which and the terms
and conditions upon which such debt securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the dates, if any, on which and the price or prices at which we will repurchase the debt security at the option of the holders
of such debt security and other terms and provisions of such repurchase obligations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the denominations in which the debt securities may be issuable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the debt securities are to be issuable in the form of certificated debt securities (as described below) or global debt
securities (as described below);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the portion of principal amount that will be payable upon declaration of acceleration of the maturity date in the case of debt
securities issued at a discount from their face amount;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the designation of the currency, currencies or currency units in which payment of principal (and premium, if any) and interest,
if any, will be made;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if payments of principal (and premium, if any) and interest, if any, on the debt securities are to be made in one or more currencies
or currency units other than the currency of denomination, the manner in which the exchange rate with respect to these payments
will be determined;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if amounts of principal (and premium, if any) and interest, if any, may be determined (a) by reference to an index based on
a currency or currencies other than the currency of denomination or designation or (b) by reference to a commodity, commodity index,
stock exchange index or financial index, then the manner in which these amounts will be determined;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the provisions, if any, relating to any security provided for the debt securities;</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any addition to or change in the covenants in the indenture;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any addition to or change in the events of default and/or the acceleration provisions described in the indenture;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms and conditions for conversion into or exchange for shares of common stock or preferred stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other terms, which may modify or delete any provision of the indenture insofar as it applies to that series;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the terms and conditions, if any, upon which the debt securities and any guarantees thereof shall be subordinated in right
of payment to our other indebtedness, if any, or other indebtedness of any guarantor;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any provisions relating to covenant defeasance and legal defeasance; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the form and terms of any guarantee of the debt securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may issue discount debt securities that
provide for an amount less than the stated principal amount to be due and payable upon acceleration of the maturity of the debt
securities in accordance with the terms of the indenture. We may also issue debt securities in bearer form, with or without coupons.
If we issue discount securities or debt securities in bearer form, we will describe United States federal income tax considerations
and other special considerations that apply to the debt securities in the applicable prospectus supplement. We may issue debt securities
denominated in or payable in a foreign currency or currencies or a foreign currency unit or units. If we do so, we will describe
the restrictions, elections, general tax considerations, specific terms and other information with respect to the issue of debt
securities and the foreign currency or currencies or foreign currency unit or units 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"><B><I>Exchange and/or Conversion Rights</I></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">If we issue debt securities that may be
exchanged for or converted into shares of common stock or preferred stock, we will describe the terms of exchange or conversion
in the prospectus supplement relating to those debt securities.</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><I>Transfer and Exchange</I></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 may issue debt securities that will be
represented by either:</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>&ldquo;book-entry securities&rdquo;, which means that there will be one or more global securities registered in the name of
The Depository Trust Company, as depository, or a nominee of the depository; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;certificated securities&rdquo;, which means that they will be represented by a certificate issued in definitive registered
form.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will specify in the prospectus supplement
applicable to a particular offering whether the debt securities offered will be book-entry or certificated securities.</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><I>Certificated Debt Securities</I></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">If you hold certificated debt securities
that have been offered by this prospectus, you may transfer or exchange them at the trustee&rsquo;s office or at the paying agency
in accordance with the terms of the indenture. You will not be charged a service charge for any transfer or exchange of certificated
debt securities, but may be required to pay an amount sufficient to cover any tax or other governmental charge payable in connection
with the transfer or exchange.</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>

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">You may effect the transfer of certificated
debt securities and of the right to receive the principal of (and premium, if any) and interest, if any, on your certificated debt
securities only by surrendering the certificate representing your certificated debt securities and having us or the trustee issue
a new certificate to the new holder.</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><I>Global Debt Securities and Book Entry System</I></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">If we decide to issue debt securities in
the form of one or more global securities, then we will register the global securities in the name of the depositary for the global
securities or the nominee of the depositary and the global securities will be delivered by the trustee to the depositary for credit
to the accounts of the holders of beneficial interests in the debt securities.</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 prospectus supplement or term sheet
will describe the specific terms of the depositary arrangement for debt securities of a series that are issued in global form.
None of our company, the trustee, any payment agent or the security registrar will have any responsibility or liability for any
aspect of the records relating to or payments made on account of beneficial ownership interests in a global debt security or for
maintaining, supervising or reviewing any records relating to these beneficial ownership interests.</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><I>No Protection in the Event of Change of Control</I></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 indenture does not provide for a put
or increased interest or otherwise that would give holders of debt securities additional protection in the event of a recapitalization
transaction, a change of control or a highly leveraged transaction. If we offer this type of provision with respect to any debt
securities in the future, we will describe it 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"><B><I>Covenants</I></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">Unless otherwise indicated in this prospectus
or a prospectus supplement, the debt securities will not have the benefit of any covenants that limit or restrict our business
or operations, the pledging of our assets or the incurrence by us of additional indebtedness.</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><I>Consolidation, Merger and Sale of Assets</I></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 will agree in the indenture not to consolidate
with or merge into any other person or convey, transfer, sell or lease all or substantially all of our properties and assets to
any person, unless:</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>either (a) in the case of a merger or consolidation, we are the surviving person, or (b) the person formed by the consolidation
or into or with which we are merged or the person to which our properties and assets are conveyed, transferred, sold or leased,
is a corporation organized and existing under the laws of the United States, any State thereof or the District of Columbia and
such person has expressly assumed all of our obligations, including the payment of the principal of (and premium, if any) and interest,
if any, on the debt securities and the performance of the other covenants under the indenture; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>immediately before and immediately after giving effect to the transaction, no event of default, and no event which, after notice
or lapse of time or both, would become an event of default, has occurred and is continuing under the indenture.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Events of Default</I></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">Unless otherwise specified in the applicable
prospectus supplement, the following events will be events of default under the indenture with respect to debt securities of any
series:</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>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>we fail to pay any principal or premium, if any, when it becomes due;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we fail to pay any interest within 30 days after it becomes due;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we fail to observe or perform any other covenant in the debt securities or the indenture for 90 days after written notice from
the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding debt securities of that series;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>certain events occur involving bankruptcy, insolvency or reorganization.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The trustee may withhold notice to the holders
of the debt securities of any series of any default, except in payment of the principal of (and premium, if any) and interest,
if any, on the debt securities of that series, if the trustee considers it to be in the interest of the holders of the debt securities
of that series to do so. If an event of default (other than an event of default resulting from certain events of bankruptcy, insolvency
or reorganization) occurs, and is continuing, then the trustee or the holders of not less than 25% in aggregate principal amount
of the outstanding debt securities of any series may accelerate the maturity of the debt securities.</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 happens, the entire principal amount
of all the outstanding debt securities of that series plus accrued interest to the date of acceleration will be immediately due
and payable. At any time after an acceleration, but before a judgment or decree based on the acceleration is obtained by the trustee,
the holders of a majority in aggregate principal amount of outstanding debt securities of that series may rescind and annul the
acceleration if (a) all events of default (other than nonpayment of accelerated principal, premium or interest) have been cured
or waived, (b) all overdue interest and overdue principal has been paid and (c) the rescission would not conflict with any judgment
or decree.</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 an event of default resulting from certain
events of bankruptcy, insolvency or reorganization occurs, the principal, premium and interest amount with respect to all of the
debt securities of any series shall be due and payable immediately without any declaration or other act on the part of the trustee
or the holders of the debt securities of that series. Subject to certain limitations specified in the indenture, the holders of
a majority in principal amount of the outstanding debt securities of a series shall have the right to waive any existing default
or compliance with any provision of the indenture or the debt securities of that series.</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">No holder of any debt security of a series
will have any right to institute any proceeding or pursue any remedy with respect to the indenture or the debt securities of that
series, unless:</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>the holder gives to the trustee written notice of a continuing event of default;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series make a written
request and offer reasonable indemnity to the trustee to pursue the remedy;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the trustee fails to comply with the request within 60 days of the receipt of the request and the offer of indemnity; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the holders of a majority in aggregate principal amount of the outstanding debt securities of that series have not given the
trustee a direction inconsistent with such written request during the 60-day period.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">However, these limitations do not apply
to a suit instituted for payment on debt securities of any series on or after the due dates expressed in the debt securities.</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><I>Modification and Waiver</I></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">From time to time, we and the trustee may,
without the consent of holders of the debt securities of one or more series, amend the indenture or the debt securities of one
or more series, or supplement the indenture, for certain specified purposes, including:</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>

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>to provide that the surviving entity following a change of control permitted under the indenture shall assume all of our obligations
under the indenture and debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to provide for uncertificated debt securities in addition to certificated debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to comply with any requirements of the SEC under the Trust Indenture Act of 1939;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to cure any ambiguity, defect or inconsistency, or make any other change that does not adversely affect the rights of any holder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to issue and establish the form and terms and conditions of debt securities of any series as permitted by the indenture; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to appoint a successor trustee under the indenture with respect to one or more series.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time, we and the trustee may,
with the consent of holders of at least a majority in principal amount of the outstanding debt securities of any series, amend
or supplement the indenture or the debt securities of such series, or waive compliance in a particular instance by us with any
provision of the indenture or the debt securities of such series. However, without the consent of each holder affected by the action,
we may not modify or supplement the indenture or the debt securities or waive compliance with any provision of the indenture or
the debt securities 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the amount of debt securities whose holders must consent to an amendment, supplement, or waiver to the indenture or
the debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the rate of or change the time for payment of interest on any debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduce the principal or change the stated maturity of any debt security or reduce the amount of, or postpone the date fixed
for, the payment of any sinking fund or analogous obligation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>make any debt security payable in money other than that stated in the debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the amount or time of any payment required by the debt security or reduce the premium payable upon any redemption of
the debt security, or change the time before which no such redemption may be made;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>waive a default or event of default in the payment of the principal of (and premium, if any) and interest, if any, on any debt
security, except as specified in the indenture;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>waive a redemption payment with respect to any debt security or change any of the provisions with respect to the redemption
of any debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>make any changes in the sections of the indenture relating to waiver of past defaults, the rights of holders to receive payment
of the principal of (and premium, if any) and interest, if any, on any debt security, or amendments of or supplements to the indenture
or any debt security that require the consent of the holders, except as specified in the indenture; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>take any other action otherwise prohibited by the indenture to be taken without the consent of each holder affected by that
action.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Defeasance and Discharge of Debt Securities and Certain
Covenants in Certain Circumstances</I></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 indenture permits us, at any time, to
elect to discharge our obligations with respect to one or more series of debt securities by following certain procedures described
in the indenture. These procedures will allow us either</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>to defease and be discharged from any and all of our obligations with respect to any debt securities except for the following
obligations (which discharge is referred to as &ldquo;legal defeasance&rdquo;):</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>to register the transfer or exchange of the debt securities;</TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>to replace temporary or mutilated, destroyed, lost or stolen debt securities;</TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>to compensate and indemnify the trustee; or</TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>to maintain an office or agency in respect of the debt securities and to hold monies for payment in trust; or</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>to be released from our obligations with respect to the debt securities under certain covenants contained in the indenture,
as well as any additional covenants which may be contained in the applicable prospectus supplement (which release is referred to
as &ldquo;covenant defeasance&rdquo;).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To exercise either defeasance option, we
must deposit with the trustee or other qualifying trustee, in trust for this purpose:</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>money;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>U.S. Government Obligations (as described below) or Foreign Government Obligations (as described below) which through the scheduled
payment of principal and interest in accordance with their terms will provide money; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a combination of money and/or U.S. Government Obligations and/or Foreign Government Obligations sufficient in the written opinion
of a nationally-recognized firm of independent accountants to provide money;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">which, in each case, provides a sufficient amount to pay the
principal of (and premium, if any) and interest, if any, on the debt securities of a series, on the scheduled due dates or on a
selected date of redemption in accordance with the terms of the indenture.</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">In addition, defeasance may be effected
only if, among other things:</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>in the case of either legal or covenant defeasance, we deliver to the trustee an opinion of counsel, as specified in the indenture,
stating that as a result of the defeasance neither the trust nor the trustee will be required to register as an investment company
under the Investment Company Act of 1940;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the case of legal defeasance, we deliver to the trustee an opinion of counsel stating that we have received from, or there
has been published by, the Internal Revenue Service a ruling to the effect that, or there has been a change in any applicable federal
income tax law with the effect that, and the opinion shall confirm that, the holders of outstanding debt securities will not recognize
income, gain or loss for United States federal income tax purposes solely as a result of the legal defeasance and will be subject
to United States federal income tax on the same amounts, in the same manner, including as a result of prepayment, and at the same
times as would have been the case if a legal defeasance had not occurred;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the case of covenant defeasance, we deliver to the trustee an opinion of counsel to the effect that the holders of the outstanding
debt securities will not recognize income, gain or loss for United States federal income tax purposes as a result of the covenant
defeasance and will be subject to United States federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if a covenant defeasance had not occurred; and</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>certain other conditions described in the indenture are satisfied.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we fail to comply with our remaining
obligations under the indenture and applicable supplemental indenture after a covenant defeasance of the indenture and applicable
supplemental indenture, and the debt securities are declared due and payable because of the occurrence of any undefeased event
of default, the amount of money and/or U.S. Government Obligations and/or Foreign Government Obligations on deposit with the trustee
could be insufficient to pay amounts due under the debt securities of that series at the time of acceleration. We will, however,
remain liable in respect of these payments.</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 term &ldquo;U.S. Government Obligations&rdquo;
as used in the above discussion means securities which are direct non-callable obligations of, or non-callable obligations guaranteed
by, the United States of America for the payment of which obligation or guarantee the full faith and credit of the United States
of America is pledged. The term &ldquo;Foreign Government Obligations&rdquo; as used in the above discussion means, with respect
to debt securities of any series that are denominated in a currency other than U.S. dollars (a) direct obligations of the government
that issued or caused to be issued the currency for the payment of which obligations its full faith and credit is pledged or (b)
obligations of a person controlled or supervised by or acting as an agent or instrumentality of that government the timely payment
of which is unconditionally guaranteed as a full faith and credit obligation by that government, which in either case under clauses
(a) or (b) are not callable or redeemable at the option of the issuer.</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><I>The Trustee</I></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 will identify the trustee with respect
to any series of debt securities in the prospectus supplement relating to the debt securities. You should note that if the trustee
becomes a creditor of ours, the indenture and the Trust Indenture Act of 1939 limit the rights of the trustee to obtain payment
of claims in certain cases, or to realize on certain property received in respect of certain claims, as security or otherwise.
The trustee and its affiliates may engage in, and will be permitted to continue to engage in, other transactions with us and our
affiliates. If, however, the trustee acquires any &ldquo;conflicting interest&rdquo; within the meaning of the Trust Indenture
Act of 1939, it must eliminate the conflict or resign.</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">Generally, the holders of a majority in
principal amount of the debt securities then outstanding of any series may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the trustee. If an event of default occurs and is continuing, the trustee, in
the exercise of its rights and powers, must use the degree of care and skill of a prudent person in the conduct of his or her own
affairs. Subject to this provision, the trustee will be under no obligation to exercise any of its rights or powers under the indenture
at the request of any of the holders of the debt securities, unless they have offered to the trustee reasonable indemnity or security.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may issue warrants, including warrants
to purchase debt securities, common stock or preferred stock or any combination of the foregoing. Warrants may be issued independently
or together with any other securities offered by this prospectus and may be attached to or separate from the other securities.
If warrants are issued, they will be issued under warrant agreements to be entered into between us and a bank or trust company,
as warrant agent, all of which will be described in the prospectus supplement relating to warrants being offered.</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">A prospectus supplement relating to any
warrants being offered will include specific terms relating to the offering, including a description of any other securities sold
together with the warrants. Such terms will include:</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>the title of the warrants;</TD></TR></TABLE>

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

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

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

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

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

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

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the designation, amount, and terms of the debt securities, common stock or preferred stock purchasable upon exercise of the
warrants and procedures by which those numbers may be adjusted;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the designation and terms of the other offered securities, if any, with which the warrants are issued and the number of the
warrants issued with each security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if applicable, the date on and after which the warrants and the offered securities purchasable upon exercise of the warrants
will be separately transferable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the price or prices at which the offered securities purchasable upon exercise of the warrants may be purchased;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date on which the right to exercise the warrants shall commence and the date on which the right shall expire;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the minimum or maximum amount of the warrants that may be exercised at any one time;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any terms relating to the modification of the warrants, including adjustments in the exercise price;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information with respect to book-entry procedures, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a discussion of any material federal income tax considerations; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other material terms of the warrants, including terms, procedures, and limitations relating to the transferability, exchange,
exercise or redemption of the warrants.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The descriptions of the warrant agreements
in this prospectus and in any prospectus supplement are summaries of the applicable provisions of the applicable agreements. These
descriptions do not restate those agreements in their entirety and do not contain all of the information that you may find useful.
We urge you to read the applicable agreements because they, and not the summaries, define your rights as holders of the warrants.
For more information, please review the form of the relevant agreements, which we will file with the SEC and will be available
as described in the heading &ldquo;WHERE YOU CAN FIND MORE INFORMATION&rdquo; above.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may issue units comprised of one or more
shares of common stock, shares of preferred stock, debt securities and warrants in any combination. Each unit will be issued so
that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the
rights and obligations of a holder of each included security. If units are issued, they will be issued under unit agreements to
be entered into between us and a unit agent, as detailed in the prospectus supplement relating to the units being offered. The
unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred
separately at any time or before a specified date. A prospectus supplement relating to any units being offered will include specific
terms relating to the offering, including a description of any securities included in each unit. Such terms will include:</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>the designation and terms of the units, and the terms of any of the debt securities, common stock, preferred stock and warrants
comprising the units, including whether and under what circumstances those securities may be held or transferred separately;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a description of the terms of any unit agreement governing the units;</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a description of the provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities
comprising the units;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a discussion of material federal income tax considerations, if applicable; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the units will be issued in fully registered or in global form.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The descriptions of the units in this prospectus
and in any prospectus supplement are summaries of the applicable provisions of the applicable agreements. These descriptions do
not restate those agreements in their entirety and do not contain all of the information that you may find useful. We urge you
to read the applicable agreements because they, and not the summaries, define your rights as holders of the units. For more information,
please review the form of the relevant agreements, which we will file with the SEC and will be available as described in the heading
&ldquo;WHERE YOU CAN FIND MORE INFORMATION&rdquo; above.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 may sell the securities to or through
one or more underwriters or dealers, and also may sell the securities directly to other purchasers or through agents. These firms
may also act as our agents in the sale of the securities. Only underwriters named in the prospectus supplement will be considered
as underwriters of the securities offered by the 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 may distribute the securities at different
times in one or more transactions. We may sell the securities at fixed prices, which may change, at market prices prevailing at
the time of sale, at prices related to the prevailing market prices or at negotiated prices.</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 the sale of the securities,
underwriters may receive compensation from us or from purchasers of the securities in the form of discounts, concessions or commissions.
Underwriters, dealers and agents that participate in the distribution of the securities may be deemed to be underwriters. Discounts
or commissions they receive and any profit on their resale of the securities may be considered underwriting discounts and commissions
under the Securities Act. We will identify any underwriter or agent, and we will describe any compensation, in the 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 may agree to indemnify underwriters,
dealers and agents who participate in the distribution of the securities against certain liabilities, including liabilities 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">We may authorize dealers or other persons
who act as our agents to solicit offers by certain institutions to purchase the securities from us under contracts which provide
for payment and delivery on a future date. We may enter into these contracts with commercial and savings banks, insurance companies,
pension funds, investment companies, educational and charitable institutions and others. If we enter into these agreements concerning
any series of securities, we will indicate that in the 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">In connection with an offering of the securities,
underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of the securities. Specifically,
underwriters may over-allot in connection with the offering, creating a syndicate short position in the securities for their own
account. In addition, underwriters may bid for, and purchase, securities in the open market to cover short positions or to stabilize
the price of the securities. Finally, underwriters may reclaim selling concessions allowed for distributing the securities in the
offering if the underwriters repurchase previously distributed securities in transactions to cover short positions, in stabilization
transactions or otherwise. Any of these activities may stabilize or maintain the market price of the securities above independent
market levels. Underwriters are not required to engage in any of these activities and may end any of these activities at any time.</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 series of securities (other than our
common stock) offered will be a new issue of securities and will have no established trading market. The securities (other than
our common stock) may or may not be listed on a national securities exchange. No assurance can be given as to the existence of
trading markets for any securities offered (other than with respect to our common stock) or the liquidity of any securities offered.</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>

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">INDEMNIFICATION
OF OUR DIRECTORS AND OFFICERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">Our Charter and Bylaws require us to indemnify our directors and officers to the fullest extent required
or permitted by Maryland law, including the advance of expenses.&nbsp; Our Charter also provides for the elimination of personal
liability of our directors and officers to us or our stockholders for money damages to the fullest extent permitted by Maryland
law.&nbsp; Any amendment to, repeal of or adoption of any provision inconsistent with the indemnification or exculpation provisions
of our Charter must be approved by not less than 80% of the aggregate votes entitled to be cast on the matter.&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">These provisions may have the practical
effect in certain cases of eliminating the ability of our stockholders to collect monetary damages from directors and executive
officers. We believe that these provisions are necessary to attract and retain qualified persons as directors and executive officers.</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">Our Bylaws obligate us to indemnify and
advance expenses to a director or an officer in connection with a proceeding to the fullest extent permitted by and in accordance
with Section 2-418 of the MGCL, or the Indemnification Section. However, we may not indemnify a director or an officer in connection
with a proceeding commenced by such director or officer unless the Board authorized the proceeding. We may indemnify and advance
expenses to employees and agents, other than directors and officers, as determined by and in the discretion of the Board, in connection
with a proceeding to the extent permitted by and in accordance with the Indemnification Section.</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 Indemnification Section permits us to
indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or
suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that the person was a director,
officer, employee or agent of Shore Bancshares unless (a) an act or omission of the director or officer was material to the matter giving rise to the
action suit or proceeding, and such act or omission was committed in bad faith or was the result of active and deliberate dishonesty,
(b) the director or officer actually received an improper personal benefit in money, property, or services, or (c) in the case
of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.</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">Under the Indemnification Section,
indemnification may be against judgments, penalties, fines, settlements, and reasonable expenses actually incurred by the
director or officer in connection with the proceeding. Indemnification may not be made unless authorized for a specific
proceeding after a determination has been made that the director or officer has met the applicable standard of conduct.
This determination is required to be made: (a) by the board of directors; (b) by special legal counsel selected by the board
of directors or a committee of the board; or (c) by the stockholders.</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 may pay, before final
disposition, the reasonable expenses, including attorneys&rsquo; fees, incurred by a director or officer  in defending
a proceeding when the director of officer gives an undertaking to Shore Bancshares to repay the amounts advanced if it is
ultimately determined that he or she is not entitled to indemnification, and such director or officer affirms his or her good faith belief that the standard of conduct necessary
for indemnification by us has been met. Shore Bancshares is required to indemnify any
director who has been successful on the merits or otherwise, in defense of a proceeding for reasonable expenses incurred in
connection with the proceeding.</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">These indemnification and advancement of
expenses provisions are not exclusive of any other rights to which a person seeking indemnification or advancement of expenses
may be entitled under any bylaw, agreement, vote of stockholders, vote of directors or otherwise.</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">Notwithstanding the above, insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company
pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</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>

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 validity of the securities offered pursuant
to this prospectus has been passed upon for us by Patton Boggs LLP, Washington, D.C. If legal matters in connection with offerings
made pursuant to this prospectus are passed upon by counsel for the underwriters, dealers or agents, if any, such counsel will
be named in the prospectus supplement relating to such offering.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 consolidated financial statements incorporated
in this prospectus by reference from our Annual Report on Form 10-K for the year ended December 31, 2013 and the effectiveness
of our internal control over financial reporting have been audited by Stegman &amp; Company, an independent registered public accounting
firm, as stated in their report, which is incorporated herein by reference. Such consolidated financial statements have been so
incorporated in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing.</P>

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

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

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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. 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">The following table itemizes the expenses
incurred by Shore Bancshares, Inc., or the Corporation, in connection with the offering of the securities being registered hereby.
All amounts shown are estimates.</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="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%; font-size: 10pt; text-align: left">Registration Fee - Securities and Exchange Commission</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">12,880</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Accounting Fees and Expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><font style="font-size: 10pt">*</font></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Legal Fees and Expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><font style="font-size: 10pt">*</font></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Printing Fees and Expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><font style="font-size: 10pt">*</font></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">Miscellaneous</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><font style="font-size: 10pt">*</font></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12,880</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>*</B>These fees depend on the securities offered and the
number of issuances and cannot be estimated at this 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>Item 15. 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">The Maryland General Corporation Law permits
a corporation to indemnify its present and former directors, among others, against judgments, penalties, fines, settlements and
reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of
their services in those capacities, unless it is established that:</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: 0.5in">(1)</TD><TD>the act or omission of the director was material to the matter giving rise to such proceeding and</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(A)&#9;was committed in bad faith or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(B)&#9;was the result of active and deliberate dishonesty;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&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: 0.5in">(2)</TD><TD>the director actually received an improper personal benefit in money, property, or services; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>in the case of any criminal proceeding, the director had reasonable cause to believe that the act or omission was unlawful.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Maryland law permits a corporation to indemnify a present and
former officer to the same extent as a director.</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">In addition to the foregoing, a court of
appropriate jurisdiction: (1) shall order indemnification of reasonable expenses incurred by a director who has been successful,
on the merits or otherwise, in the defense of any proceeding identified above, or in the defense of any claim, issue or matter
in the proceeding; and (2) may under certain circumstances order indemnification of a director or an officer who the court determines
is fairly and reasonably entitled to indemnification in view of all of the relevant circumstances, whether or not the director
or officer has met the standards of conduct set forth in the preceding paragraph or has been declared liable on the basis that
a personal benefit improperly received in a proceeding charging improper personal benefit to the director or the officer, provided,
however, that if the proceeding was an action by or in the right of the corporation or involved a determination that the director
or officer received an improper personal benefit, no indemnification may be made if the director or officer is adjudged liable
to the corporation, except to the extent of expenses approved by a court of appropriate jurisdiction.</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 Maryland General Corporation Law also
permits a corporation to pay or reimburse, in advance of the final disposition of a proceeding, reasonable expenses incurred by
a present or former director or officer made a party to the proceeding by reason of his or her service in that capacity, provided
that the corporation shall have received:</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>

<!-- Field: Page; Sequence: 26; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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: 0.5in">(1)</TD><TD>a written affirmation by the director or officer of his good faith belief that he has met the standard of conduct necessary
for indemnification by the corporation; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>a written undertaking by or on behalf of the director to repay the amount paid or reimbursed by the corporation if it shall
ultimately be determined that the standard of conduct was not met.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Corporation has provided for indemnification
of directors, officers, employees and agents in Section (a)(5) of Article Seventh of its Amended and Restated Articles of Incorporation,
or the Charter. This provision of the Charter reads as follows:</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 0pt 0.5in; text-indent: 0.5in">(5)&#9;The Corporation shall indemnify
(A) its directors and officers, whether serving the Corporation or at its request any other entity, to the full extent required
or permitted by the General Laws of the State of Maryland now or hereafter in force, including the advance of expenses under the
procedures and to the full extent permitted by law and (B) other employees and agents to such extent as shall be authorized by
the Board of Directors or the Corporation&rsquo;s Bylaws and be permitted by law. The foregoing rights of indemnification shall
not be exclusive of any other rights to which those seeking indemnification may be entitled. The Board of Directors may take such
action as is necessary to carry out these indemnification provisions and is expressly empowered to adopt, approve and amend from
time to time such by-laws, resolutions or contracts implementing such provisions or such further indemnification arrangements as
may be permitted by law. No amendment of the Charter of the Corporation or repeal of any of its provisions shall limit or eliminate
the right to indemnification provided hereunder with respect to acts or omissions occurring prior to such amendment or repeal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Maryland General Corporation Law authorizes
a Maryland corporation to limit by provision in its Articles of Incorporation the liability of directors and officers to the corporation
or to its stockholders for money damages except to the extent:</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: 0.5in">(1)</TD><TD>the director or officer actually receives an improper benefit or profit in money, property, or services, for the amount of
the benefit or profit actually received, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>a judgment or other final adjudication adverse to the director or officer is entered in a proceeding based on a finding in
the proceeding that the director&rsquo;s or officer&rsquo;s action, or failure to act, was the result of active and deliberate
dishonesty and was material to the cause of action adjudicated in the proceeding.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Corporation has limited the liability
of its directors and officers for money damages in Section (a)(6) of Article Seventh of the Charter. This provision reads as follows:</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 0pt 0.5in; text-indent: 0.5in">(6)&#9;To the fullest extent permitted
by Maryland statutory or decisional law, as amended or interpreted, no director or officer of the Corporation shall be personally
liable to the Corporation or its stockholders for money damages. No amendment of the Charter of the Corporation or repeal of any
of its provisions shall limit or eliminate the limitation on liability provided to directors and officers hereunder with respect
to any act or omission occurring prior to such amendment or repeal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As permitted under Section 2-418(k) of the
Maryland General Corporation Law, the Corporation has purchased and maintains insurance on behalf of its directors and officers
against any liability asserted against such directors and officers in their capacities as such, whether or not the Corporation
would have the power to indemnify such persons under the provisions of Maryland law governing indemnification.</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">Section 8(k) of the Federal Deposit Insurance
Act, or the FDI Act, provides that the Federal Deposit Insurance Corporation, or the FDIC, may prohibit or limit, by regulation
or order, payments by any insured depository institution or its holding company for the benefit of directors and officers of the
insured depository institution, or others who are or were &ldquo;institution-affiliated parties,&rdquo; as defined under the FDI
Act, to pay or reimburse such person for any liability or legal expense sustained with regard to any administrative or civil enforcement
action which results in a final order against the person. The FDIC has adopted regulations prohibiting, subject to certain exceptions,
insured depository institutions, their subsidiaries and affiliated holding companies from indemnifying officers, directors or employees
for any civil money penalty or judgment resulting from an administrative or civil enforcement action commenced by any federal banking
agency, or for that portion of the costs sustained with regard to such an action that results in a final order or settlement that
is adverse to the director, officer or employee.</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>

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 16. 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">The exhibits filed with this Registration
Statement are listed in the Exhibit Index which immediately follows the signatures hereto and 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 17. 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; text-indent: 0.5in">(a)&#9;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: 1in">(1)&#9;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; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)&#9;To include any prospectus required
by Section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)&#9;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; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)&#9;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Provided</U>, <U>however</U>, that paragraphs (a)(1)(i),
(a)(1)(ii), and (a)(1)(iii) do not apply if 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 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 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&#9;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; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&#9;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; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(4)&#9;N/A;</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">(5)&#9;That, for the purpose of determining
liability under the Securities Act to any purchaser:</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: 1.5in">(i)&#9;Each prospectus filed by the registrant
pursuant to Rule 424(b)(3) shall be deemed to be part of this registration statement as of the date the filed prospectus was deemed
part of and included in this registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)&#9;Each prospectus required to be filed
pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of this registration statement in reliance on Rule 430B relating to an offering
made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the
Securities Act shall be deemed to be part of and included in this registration statement as of the earlier of the date such form
of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described
in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of this registration statement relating to the securities in this registration
statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof. <U>Provided</U>, <U>however</U>, that no statement made in a registration statement or prospectus that
is part of this registration statement or made in a document incorporated or deemed incorporated by reference into this registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior
to such effective date, supersede or modify any statement that was made in this registration statement or prospectus that was part
of this registration statement or made in any such document immediately prior to such effective date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(6)&#9;That, for the purpose of determining
liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or
sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:</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: 1.5in">(i)&#9;Any preliminary prospectus or prospectus
of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)&#9;Any free writing prospectus relating
to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)&#9;The portion of any other free writing
prospectus relating to the offering containing material information about the undersigned registrant or its securities provided
by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iv)&#9;Any other communication that is
an offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#9;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 section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit
plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time will be deemed to be the initial bona fide offering thereof.</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">(c)&ndash;(g)&#9;N/A.</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">(h)&#9;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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)-(l)&#9;N/A.</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>

<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>

<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, the registrant certifies that it has reasonable grounds to believe that it 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 Easton, State of Maryland, on April 28, 2014.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">
<tr style="vertical-align: top">
    <td colspan="2"><font style="font-size: 10pt"><b>SHORE BANCSHARES, INC.:</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</td>
    <TD STYLE="width: 92%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">By:</font></td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">/s/ Lloyd L. Beatty, Jr.</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Lloyd L. Beatty, Jr.</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt"><i>President and Chief Executive Officer</i></font></td></tr>
</table><BR STYLE="clear: both">
<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">KNOW ALL MEN BY THESE PRESENTS, that each
person whose signature appears below constitutes and appoints Lloyd L. Beatty, Jr. and George S. Rapp, and each of them (with full
power to each of them to act alone), his or her true and lawful attorneys-in-fact and agents, with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments
(including post-effective amendments) to this registration statement, and to file the same, with all exhibits thereto and other
documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents,
and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, or their substitutes, may lawfully do or cause to be done by virtue
hereof.</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">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on April 28, 2014.</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: 38%; padding-bottom: 1.5pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Herbert L. Andrew, III</FONT></td>
    <td style="width: 21%; padding-bottom: 1.5pt"><font style="font-size: 10pt"><u></u></font></td>
    <TD STYLE="width: 41%; padding-bottom: 1.5pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Blenda W. Armistead</FONT></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Herbert L. Andrew, III, Director</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">Blenda W. Armistead, Director</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;/s/ Lloyd L. Beatty, Jr.</FONT></td>
    <td style="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt"><U></U></FONT></td>
    <TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ David J. Bates</FONT></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Lloyd L. Beatty, Jr., Director</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">David J. Bates, Director</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">President and Chief Executive Officer</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ James A. Judge </font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Neil R. LeCompte<U> </U></FONT></td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td><font style="font-size: 10pt">James A. Judge, Director</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Neil R. LeCompte, Director</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ Frank E. Mason, III</font></td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Christopher F. Spurry</P></td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td><font style="font-size: 10pt">Frank E. Mason, III, Director</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Christopher F. Spurry, Director</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ F. Winfield Trice, Jr. </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; padding-bottom: 1.5pt"><font style="font-size: 10pt">/s/ W. Moorhead Vermilye&#9;</font></td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td><font style="font-size: 10pt">F. Winfield Trice, Jr., Director</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">W. Moorhead Vermilye, Director</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <TD STYLE="padding-bottom: 1.5pt; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ John H. Wilson</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ George S. Rapp</font></td>
    <td>&nbsp;</td>
    <td><font style="font-size: 10pt">&nbsp;John H. Wilson, Director</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">George S. Rapp, Vice President and</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Chief Financial Officer</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Principal Financial Officer and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Principal Accounting Officer)</P></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"><B>&nbsp;</B></P>

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

<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td nowrap style="border-bottom: black 1.5pt solid; padding-bottom: 6pt; text-align: center"><font style="font-size: 10pt">Exhibit No.</font></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; padding-bottom: 6pt; text-align: center"><font style="font-size: 10pt">Description</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">3.1(i)</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 of the Company&rsquo;s Form 8-K filed on December 14, 2000)</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">3.1(ii)</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">Articles Supplementary filed for record on January 7, 2009 creating the Fixed Rate Cumulative Perpetual Preferred Stock, Series A (incorporated by reference Exhibit 4.1 of the Company&rsquo;s Form 8-K filed on January 13, 2009)</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">3.1(iii)</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">Articles Supplementary filed for record on June 16, 2009 reclassifying all shares of authorized Fixed Rate Cumulative Perpetual Preferred Stock, Series A as shares of common stock (incorporated by reference to Exhibit 3.1 of the Company&rsquo;s Form 8-K filed on June 17, 2009)</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">3.2(i)</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">Amended and Restated By-Laws (incorporated by reference to Exhibit 3.2(i) of the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2007)</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">3.2(ii)</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">First Amendment to Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2(ii) of the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2007)</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">3.2(iii)</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">Second Amendment to Amended and Restated By-Laws (incorporated by reference to Exhibit 3.2(iii) of the Company&rsquo;s Form 10-K for the year ended December 31, 2010)</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">3.2(iv)</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">Third Amendment to Amended and Restated By-Laws (incorporated by reference to Exhibit 3.2(iv) of the Company&rsquo;s Form 10-K for the year ended December 31, 2010)</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">4.1</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 of the Company&rsquo;s Form S-3 filed on June&nbsp;25, 2010)</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">4.2</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">Form of Articles Supplementary relating to Preferred Stock<b>*</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">4.3</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">Specimen Preferred Stock Certificate*</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">4.4</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">Form of Indenture (incorporated by reference to Exhibit 4.4 of the Company&rsquo;s Form S-3 filed on June&nbsp;25, 2010)</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">4.5</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">Form of Note*</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">4.6</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">Form of Warrant*</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">4.7</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">Form of Warrant Agreement*</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 6pt"><font style="font-size: 10pt">4.8</font></td>
    <td colspan="2" style="padding-bottom: 6pt"><font style="font-size: 10pt">Form of Unit Agreement*</font></td></tr>
<tr>
    <td style="vertical-align: top; width: 9%; padding-bottom: 6pt"><font style="font-size: 10pt">5.1</font></td>
    <td style="vertical-align: top; width: 90%; padding-bottom: 6pt"><font style="font-size: 10pt">Opinion of Patton Boggs LLP<b>&nbsp;</b>(filed herewith)</font></td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 6pt"><font style="font-size: 10pt">23.1</font></td>
    <td style="vertical-align: top; padding-bottom: 6pt"><font style="font-size: 10pt">Consent of Stegman &amp; Company, Independent Registered Public Accounting Firm (filed herewith)</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 6pt"><font style="font-size: 10pt">23.2</font></td>
    <td style="vertical-align: top; padding-bottom: 6pt"><font style="font-size: 10pt">Consent of Patton Boggs LLP (included in Exhibit 5.1)</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 6pt"><font style="font-size: 10pt">24.1</font></td>
    <td style="vertical-align: top; padding-bottom: 6pt"><font style="font-size: 10pt">Power of Attorney (included in the signature page hereto)</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top; padding-bottom: 6pt"><font style="font-size: 10pt">25.1</font></td>
    <td style="vertical-align: top; padding-bottom: 6pt"><font style="font-size: 10pt">Statement of Eligibility of Trustee under the Indenture on Form T-1 (to be filed separately pursuant to Section 305(b)(2) of the Trust Indenture Act of 1939)*</font></td>
    <td>&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">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* To be filed, if necessary, by amendment or as an exhibit to
a Current Report on Form 8-K.</P>

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

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

<!-- Field: Page; Sequence: 31; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">&nbsp;</P>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>v375736_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 5.1</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">April 28, 2014</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">Board of Directors<BR>
Shore Bancshares, Inc.<BR>
28969 Information Lane<BR>
Easton, Maryland 21601</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-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.5in">Re: <U>Registration Statement on Form S-3</U></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">Dear 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">At your request, we have examined the Registration
Statement on Form S-3 (the &ldquo;<B>Registration Statement</B>&rdquo;) to be filed on the date hereof by Shore Bancshares, Inc.,
a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), with the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;). The Registration Statement relates to the
issuance and sale from time to time, pursuant to Rule 415 of the General Rules and Regulations of the Commission promulgated under
the Securities Act, of an unspecified amount of securities of the Company for $100 million, consisting of (i) shares of common
stock, par value $0.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;), (ii) shares of preferred stock, par value $0.01 per share
(the &ldquo;<B>Preferred Stock</B>&rdquo;), (iii) debt securities of the Company (the &ldquo;<B>Debt Securities</B>&rdquo;), which
may be issued in one or more series under one or more indentures or supplemental indentures (the&nbsp;&ldquo;<B>Indentures</B>&rdquo;),
(iv) warrants (the &ldquo;<B>Warrants</B>&rdquo;) to purchase Common Stock, Preferred Stock and/or Debt Securities and (v) units
(&ldquo;<B>Units</B>&rdquo;), and such indeterminate amount of Debt Securities and number of shares of Common Stock or Preferred
Stock as may be issued upon conversion, exchange or exercise of any Debt Securities, Preferred Stock, Warrants or Units, including
such shares of Common Stock or Preferred Stock as may be issued pursuant to anti-dilution adjustments, in amounts, at prices and
on terms to be determined at the time of offering. The Common Stock, the Preferred Stock, the Debt Securities, the Warrants and
the Units are collectively referred to herein as the &ldquo;<B>Securities</B>.&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">This opinion letter is being furnished in
accordance with the requirements of Item 601(b)(5) of Regulation S-K 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">In connection with the issuance of this
opinion letter, we have examined originals or copies, certified or otherwise identified to our satisfaction, of:</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">(i) the Registration Statement, and all
exhibits thereto;</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">(ii) the Amended and Restated Articles of
Incorporation of the Company, as supplemented by the Articles Supplementary filed for record on January 7, 2009 and June 16, 2009,
as presently in effect;</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>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">April 28, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</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; text-indent: 0.5in">(iii) the Amended and Restated Bylaws of
the Company, as amended, as presently in effect; and</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">(iv) the authorization given by the Company's
Board of Directors (the &ldquo;<B>Board</B>&rdquo;) at a meeting duly held on April 17, 2014 relating to the authorization for
the Registration Statement, the issuance and sale of the Securities and other related matters.</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 and relied on
originals or copies certified or otherwise identified to our satisfaction of such documents, corporate records, certificates
of public officials and other instruments as we have deemed necessary or appropriate for the purposes of this opinion. In
such examination, we have assumed (a) the authenticity of original documents and the genuineness of all signatures; (b) the
conformity to the originals of all documents submitted to us as copies; (c) the truth, accuracy and completeness of the
information, representations and warranties contained in the records, documents, instruments and certificates we have
reviewed; (d) the Registration Statement, and any amendments thereto (including post-effective amendments), will have become
effective under the Securities Act (and will remain effective at the time of issuance of any Securities thereunder); (e) a
prospectus supplement will have been timely filed with the Commission describing the Securities offered thereby; (f) all
Securities will be issued and sold in compliance with applicable federal and state securities laws and in the manner stated
in the Registration Statement and the applicable prospectus supplement; (g) a definitive purchase, underwriting or similar
agreement with respect to any Securities offered will have been duly authorized and validly executed and delivered by the
Company and the other parties thereto; (h) any Securities issuable upon conversion, exchange, redemption or exercise of any
Securities being offered will be duly authorized, created and, if appropriate, reserved for issuance upon such conversion,
exchange, redemption or exercise; and (i) with respect to shares of Common Stock or Preferred Stock offered, there will be
sufficient shares of Common Stock or Preferred Stock authorized under the Company&rsquo;s organizational documents and not
otherwise reserved for issuance. We also have assumed that the execution and delivery by the Company of, and the
performance of its obligations under, the Securities will not violate, conflict with or constitute a default under (i) any
agreement or instrument to which the Company or any of its subsidiaries is subject; (ii) any law, rule or regulation to which
the Company or any of its subsidiaries is subject; (iii) any judicial or regulatory order or decree of any governmental
authority; or (iv) any consent, approval, license, authorization or validation of, or filing, recording or registration with
any governmental authority. As to any facts material to the opinions expressed herein that we did not independently establish
or verify, we have relied upon statements and representations of officers and other representatives of the Company and
others.</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 and subject to the foregoing,
we are of the opinion that:</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>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">April 28, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</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">1.&#9;With respect to any shares of Common Stock to be offered
by the Company pursuant to the Registration Statement (the &ldquo;<B>Offered Common Shares</B>&rdquo;), when (i)&nbsp;the Registration
Statement, as finally amended (including all necessary post-effective amendments), has become effective under the Securities Act,
(ii)&nbsp;an appropriate prospectus supplement or term sheet with respect to the Offered Common Shares has been prepared, delivered
and filed in compliance with the Securities Act and the applicable rules and regulations thereunder, (iii)&nbsp;the Board, including
any appropriate committee appointed thereby, and appropriate officers of the Company have taken all necessary corporate action
to approve the issuance of the Offered Common Shares, the consideration to be received therefor and related matters (and such action
is in full force and effect at all times at which the Offered Common Shares are offered or sold by the Company), (iv)&nbsp;the
terms of the issuance and sale of the Offered Common Shares have been duly established in conformity with the organizational documents
of the Company, do not violate any applicable law or result in a default under or breach of any agreement or instrument binding
upon the Company and comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over
the Company and (v)&nbsp;certificates in the form required under the laws of the State of Maryland representing the Offered Common
Shares are duly executed, countersigned, registered and delivered upon payment of the agreed upon consideration therefor, the Offered
Common Shares (including any shares of Common Stock duly issued upon conversion, exchange or exercise of any Preferred Stock, Debt
Securities, Warrants or Units registered on the Registration Statement), when issued and sold in accordance with the applicable
underwriting agreement with respect to the Offered Common Shares or any other duly authorized, executed and delivered valid and
binding purchase or agency agreement, will have been duly authorized, and such shares will be validly issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&#9;With respect to the shares of any series of Preferred
Stock to be offered by the Company pursuant to the Registration Statement (the &ldquo;<B>Offered Preferred Shares</B>&rdquo;),
when (i)&nbsp;the Registration Statement, as finally amended (including all necessary post-effective amendments), has become effective
under the Securities Act, (ii)&nbsp;an appropriate prospectus supplement or term sheet with respect to the Offered Preferred Shares
has been prepared, delivered and filed in compliance with the Securities Act and the applicable rules and regulations thereunder,
(iii)&nbsp;the Board, including any appropriate committee appointed thereby, and appropriate officers of the Company have taken
all necessary corporate action to approve the issuance, terms and sale of the Offered Preferred Shares, the consideration to be
received therefor and related matters (and such action is in full force and effect at all times at which the Offered Preferred
Shares are offered or sold by the Company), (iv)&nbsp;Articles Supplementary conforming to the laws of the State of Maryland regarding
such series of Preferred Stock has been filed with, and accepted for record by, the Secretary of State of the State of Maryland,
(v)&nbsp;the terms of the Offered Preferred Shares and of their issuance and sale have been duly established in conformity with
the terms of the particular series as established by the Board, so as not to violate any applicable law, the organizational documents
of the Company or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply
with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company, and (vi)&nbsp;certificates
in the form required under the laws of the State of Maryland representing the Offered Preferred Shares are duly executed, countersigned,
registered and delivered upon payment of the agreed-upon consideration therefor, the Offered Preferred Shares (including any shares
of Preferred Stock duly issued upon conversion, exchange or exercise of any Preferred Stock, Debt Securities, Warrants or Units),
when issued or sold in accordance with the applicable underwriting agreement or any other duly authorized, executed and delivered
valid and binding purchase or agency agreement, will have been duly authorized, and such shares will be validly issued, fully paid
and nonassessable.</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>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">April 28, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</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">3.&#9;With respect to any series of Debt Securities to be offered
by the Company pursuant to the Registration Statement (the &ldquo;<B>Offered Debt Securities</B>&rdquo;), when (i)&nbsp;the Registration
Statement, as finally amended (including all necessary post-effective amendments), has become effective under the Securities Act
and the applicable Indenture, including any applicable supplemental indentures, in respect to the Offered Debt Securities (the
&ldquo;<B>Applicable Indenture</B>&rdquo;) has been qualified under the Trust Indenture Act of 1939, as amended, (ii)&nbsp;an appropriate
prospectus supplement or term sheet with respect to the Offered Debt Securities has been prepared, delivered and filed in compliance
with the Securities Act and the applicable rules and regulations thereunder, (iii)&nbsp;the Board, including any appropriate committee
appointed thereby, and appropriate officers of the Company have taken all necessary corporate action to approve the issuance and
terms of the Offered Debt Securities and related matters (and such action is in full force and effect at all times at which the
Offered Debt Securities are offered or sold by the Company), (iv)&nbsp;the Applicable Indenture has been duly authorized, executed
and delivered by each party thereto, (v)&nbsp;the terms of the Offered Debt Securities and of their issuance and sale have been
duly established in conformity with the Applicable Indenture and reflected in appropriate documentation and, if applicable, executed
and delivered by each party thereto, so as not to violate any applicable law, the organizational documents of the Company or result
in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or
restriction imposed by any court or governmental body having jurisdiction over the Company, and (vi)&nbsp;the Offered Debt Securities
have been issued in a form that complies with, and have been duly executed and authenticated in accordance with, the provisions
of the Applicable Indenture and duly delivered to the purchasers thereof upon payment of the agreed-upon consideration therefor,
the Offered Debt Securities (including any Debt Securities duly issued upon conversion, exchange or exercise of any Preferred Stock,
Debt Securities, Warrants or Units), when issued and sold in accordance with the Applicable Indenture and the applicable underwriting
agreement, if any, or any other duly authorized, executed and delivered valid and binding purchase or agency agreement, will be
valid and legally binding obligations of the Company, <FONT STYLE="font-size: 10pt"> </FONT>subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&rsquo;
rights and to general equity principles.</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>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">April 28, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 5</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">4.&#9;With respect to any Warrants to be offered by the Company
pursuant to the Registration Statement (the &ldquo;<B>Offered Warrants</B>&rdquo;), when (i)&nbsp;the Registration Statement, as
finally amended (including all necessary post-effective amendments), has become effective under the Securities Act, (ii)&nbsp;an
appropriate prospectus supplement or term sheet with respect to the Offered Warrants has been prepared, delivered and filed in
compliance with the Securities Act and the applicable rules and regulations thereunder, (iii)&nbsp;the Board, including any appropriate
committee appointed thereby, and appropriate officers of the Company have taken all necessary corporate action to approve the issuance
of the Offered Warrants, the consideration to be received therefor and related matters (and such action is in full force and effect
at all times at which the Offered Warrants are offered or sold by the Company), (iv)&nbsp;the warrant agreement with respect to
the Offered Warrants (the &ldquo;<B>Warrant Agreement</B>&rdquo;) has been duly authorized, executed and delivered by the Company
and the other parties thereto, (v)&nbsp;the terms of the issuance and sale of the Offered Warrants have been duly established in
conformity with the Warrant Agreement, so as not to violate any applicable law, the organizational documents of the Company or
result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement
or restriction imposed by any court or governmental body having jurisdiction over the Company, and (vi)&nbsp;the Offered Warrants
have been duly executed and delivered against payment therefore, pursuant to the Warrant Agreement, the Offered Warrants will have
been duly authorized, and such Offered Warrants will be valid and legally binding obligations of the Company, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors&rsquo; rights and to general equity principles.</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">5.&#9;With respect to any Units to be offered by the Company
pursuant to the Registration Statement (the &ldquo;<B>Offered Units</B>&rdquo;), when (i)&nbsp;the Registration Statement, as finally
amended (including all necessary post-effective amendments), has become effective under the Securities Act, (ii)&nbsp;an appropriate
prospectus supplement or term sheet with respect to the Offered Units has been prepared, delivered and filed in compliance with
the Securities Act and the applicable rules and regulations thereunder, (iii)&nbsp;the Board, including any appropriate committee
appointed thereby, and appropriate officers of the Company have taken all necessary corporate action to approve the issuance of
the Offered Units, the consideration to be received therefor and related matters (and such action is in full force and effect at
all times at which the Offered Units are offered or sold by the Company), (iv)&nbsp;the unit agreement with respect to the Offered
Units (the &ldquo;<B>Unit Agreement</B>&rdquo;) has been duly authorized, executed and delivered by the Company and the other parties
thereto, (v)&nbsp;the terms of the issuance and sale of the Offered Units have been duly established in conformity with such Unit
Agreement, so as not to violate any applicable law, the organizational documents of the Company or result in a default under or
breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed
by any court or governmental body having jurisdiction over the Company, and (vi)&nbsp;the Offered Units have been duly executed
and delivered against payment therefore, pursuant to the Unit Agreement, the Offered Units will have been duly authorized, and
such Offered Units will be valid and legally binding obligations of the Company, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&rsquo; rights
and to general equity principles.</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>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 28, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 6</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">To the extent that the obligations of the
Company with respect to the Securities may be dependent upon such matters, we assume for purposes of this opinion that (a) the
other party under the applicable Indenture for any Offered Debt Securities, Warrant Agreement for any of the Offered Warrants and
Unit Agreement for any of the Offered Units, in the case of an entity, is duly organized, validly existing and in good standing
under the laws of its jurisdiction of organization; (b) such other party is duly qualified to engage in the activities contemplated
by such Indenture, Warrant Agreement, Unit Agreement, or other agreement, as applicable; (c) such Indenture, Warrant Agreement,
Unit Agreement or other agreement, as applicable, has been duly authorized, executed and delivered by the other party and constitutes
the legal, valid and binding obligation of the other party enforceable against the other party in accordance with its terms; (d)
such other party is in compliance with respect to performance of its obligations under such Indenture, Warrant Agreement, Unit
Agreement or other agreement, as applicable, with all applicable laws and regulations; and that such other party has the requisite
organizational and legal power and authority to perform its obligations under such Indenture, Warrant Agreement, Unit Agreement
or other agreement, as applicable.</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 opinion letter which we render
herein is limited to those matters governed by the laws of the States of Maryland and New York as of the date hereof. Our
opinions expressed herein are as of the date hereof, and we assume no obligation to revise or supplement the opinions
rendered herein should the above-referenced laws be changed by legislative or regulatory action, judicial decision or
otherwise. We express no opinion as to compliance with the &ldquo;blue sky&rdquo; laws of any jurisdiction and the opinions
set forth herein are qualified in that respect. We express no opinion as to whether, or the extent to which, the laws of any
particular jurisdiction apply to the subject matter hereof, including, without limitation, the enforceability of the
governing law provision contained in any Securities and their governing 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">This opinion letter is provided for use
solely in connection with the transactions contemplated by the Registration Statement and may not be used, circulated, quoted or
otherwise relied upon for any other purpose without our express written consent. No opinion may be implied or inferred beyond the
opinion expressly stated in the numbered paragraphs above.</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 hereby consent to the filing of this
opinion letter as an exhibit to the Registration Statement and to the references to us under the heading &ldquo;Legal Matters&rdquo;
in the prospectus forming part of the Registration Statement and any supplement thereto. In giving such consent, we do not thereby
admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations
promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">Sincerely, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">/s/ Patton Boggs LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-top: 0; text-indent: 0">Patton Boggs LLP</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>



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

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

<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>v375736_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</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 23.1</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">&nbsp;</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">&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; 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-align: center"><B>&nbsp;</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: justify; text-indent: 0.5in">We hereby consent to
the incorporation by reference in this Registration Statement filed by Shore Bancshares, Inc. on Form S-3 of our report dated March
20, 2014 with respect to the consolidated financial statements of Shore Bancshares, Inc. and the effectiveness of internal control
over financial reporting, which appears in the Annual Report on Form 10-K of Shore Bancshares, Inc. for the year ended December
31, 2013. We also hereby consent to the reference of our firm under the heading &ldquo;Experts&rdquo; in the 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6in">/s/ Stegman &amp; 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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 28, 2014</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="margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!PD'!@H)"`D+"PH,#QD0#PX.
M#QX6%Q(9)"`F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$!`)C!&2T4^2CD_0#W_
MVP!#`0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P``1"`!^`E@#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#MM<\1WM]X
M@3P[X?=8[C&;FZ8;A",9.!ZX(_$@?30B\%Z68Q]O6;49C]Z6[E9R3],X'X"N
M&\":O%;^-[Q[]PCWGF('8X&\OG&??%>LU4O=T1C3M.\F<7K_`('C@L9+KPY+
M<6-W$I<1PS,$DQVQG@^E1?#77M1UB*]BU"Y,X@V>6S*-PSNSD]^@KN:XSP;I
MO]D^*?$EJ!A!)&\8_P!EMS#^>/PHO=.X./+--'9T5CZ]K_\`8$#W$UA<2VJ`
M%IHV3`).,8)!].W>JNA>+E\0DM8Z;=^2LGER2NT8"'&>1NR?P%39VN:<ZO8Z
M*BJ]Y<2VT&^"UDNGR!Y<;*#CU^8@5S%G\0[:_P!3&GVVF7KW19EV9C'*YSR6
MQV-"38.26C.OHID3M)"CO&T;,H)1B"5/H<<5F:MXBM-*N(K3$ES?3_ZJU@&Y
MV]SV`]S18;:6K-:BL=M1UI(_,;18V4<E([P&3\BH!/XU-H^O66N0NUG(PDB;
M;+#(NV2)O1E[46#F6QI45#=3206[20V[W#C&(T*@MSZD@5RT7Q#MIM6_LV/3
M;TWGF&+R\Q_>&<C.['8T)-["<E'<Z^BL2XU^[M(C+-H.HF->6,9B<@?0/FET
M/Q;I/B!C'97!$X&3#*NU\>N._P"%%F',KV-JBH;N:2"W:2&W>X<8Q&A4$_BQ
M`KEH/B';7&J_V;%IMZUWYC1^7F,?,,Y&=V.QH2;!R4=SKZ*R?[6O_P#H!7G_
M`']A_P#BZR[KQW#8:K#I]]I=];SS,JKNV$$,<`Y#<C-/E8.:6YU5%%%24<5X
M\MIM,TBXU.SU+48IVE0;%N6$:@D`X7M7/>!9K_Q#JUQ;7^KZF8XX/,7R[IE.
M=P']:ZGXF?\`(G2_]=H__0JY;X4_\C#>?]>O_LZUJOAN<L_XJ1VTWA,O$1!K
M>M0R?PO]K+`'Z'K7&'QAK_A+6Y-/U:0:A%$1DL`&93T96^G8YKU.O)OBH$_X
M2:WVXW?95W?]]-BE!W=F767*N:)ZAI]_!J=A#>6C[X9EW*?\]ZLUR'PQ$@\(
M+YF=IGD*9],_XYKKZAJSL:P?-%,**QO$WB.#PSIR74T33&201I&A`)."2>?0
M"KND:E%K&DVU_`"L<Z!@IZJ>X_`Y%%G:X^97L7**0\`X&?:N5U7QY%HDZPZC
MI5]$[+O`!C88R1U#>QH2;V%*2CJSJZ*S=!UVU\0Z8M[9[@I8JR/C<C#L<?@?
MQJ>^NI[54-O8S798G(C=%V_7<11;H.ZM<MT5E:-K3ZS$LR6%Q!;N"5ED9,$@
MXQ@,3Z]NU/UG7[#0;=9;Z7#.<1Q(-SR'T51UHL]@YE:YI45C)J6LS0^;%HB(
MI&0D]V%D(]P%(!_&J6C>-[;5-7.E7%G<V=^"RF.0!AE1DC(]J?*Q<Z.FHJ&Z
MNH;*UDN+J58H8UW.[G`45DVVNWNIQB;3-)=K5N4FNI?)\P>H7!;'N0*5AMI&
MY17*ZAXU?0KB./7=)GMHY/N30R"9#_(_AC-=";O?IXNK6)[@.@>-%(4N#R/O
M8`_&BS0E)/8LT5R#?$.V75_[,.FWOVSS1%Y>8_O'MG=BNIM)I)[=9)K=[=SG
M,;E21^*DBAIK<%)2V)J*YG6_&D?A^1!J&F7B+(S"-E:-@^._#<=1UK2T366U
MNV2Y2QG@MY$#QR2,GSCZ`DC\:+.UP4TW8U***YK7/&UGH>NVVFS0O(TNTO(K
M`"(,V!D?K0DWL-R4=6=+114%W-);V[20V\EPX(Q&C*"?Q8@4AD]%<A;_`!#M
MKO5/[.@TV]:[WM'Y>8Q\RYR,[L=C6G<^(+JSA,L^@ZCY:\L8S%(0/7`?-5RL
MA3B]C<HK&T/Q7I7B$E;&X_?`9,,@VN!ZX[_A4VM:PVBVS7+6,\]O&A>22)D&
MP#V)!/X4K.]A\RM<TZ*Y?2/&Z:[YO]FZ5>S>3C?\T:XSG'5O8UHG5[]5)_L&
M]./26'_XNGRL%-/5&O17.:#XSM=?U2:PBM+J":%"SB8*,8(!'!ZY-:FK:S9Z
M+;+->.07;9'&B[GD;LJJ.II6>P*2:N7Z*QEU'69H_,BT5$4\A)[L*Y'N`I`_
M.J%KXX@.LKI.IV%U87KN$56PZL3TPP['UQBGRL.=+<ZBBBBI*"FNN]&7)&1C
M(."*=10!Y;X[:]\.7=E%I^KZIMFC9F\RZ9N00!_.M?P!!<:SI8U"^U/4I)HK
MDJ%^U-L8`*0"O?K67\6?^0EIO_7)_P"8K;^%G_(K3?\`7V__`*"M:OX+G+'^
M*T=I163K>N-HD+SR:?<SVT:@M+$R8!)QC!8$GIV[UFZ#X]T[7M3%C%%<03,I
M*><``Q'4#!//?\*SL]SH<XIV9U%%-D8I&S*I=@"0HQD^W-8G_"1W/V\67]B7
MOV@Q>=L\R+[N<9SOQUH2N-M+<W:*0=/2L2Y\40?VFVFZ9!)J%\@S(D)`2+_?
M<\#Z<FA*X-I;FY17.ZIX@U31K1KN\T57MDYD:WN@[(/4@J.*OZ#K]IXBL#=V
M0D"*Y1ED7!5L`X_446>XE)-V-.BBBD4>0>.O"-SI>I7&H6T326$[F1BHSY+$
MY((],]#5+1O'>LZ.JQK.+JW'2*X^;`]FZBO9+2]MM0CD:VD$J1R-"_!X93AA
MS6#J_@#1-5+2+`;2=N?,M_ER?=>A_*M5-;2.:5%WYH,IZ/\`$S2K\K'?J]A*
M>,N=T9_X$.GX@5U\;1R()(V5E<`AE.01]:\;\1^`M1T")[E"+NS7EI$&&0>K
M+Z>XJW\.?$,]AK46F22%K.Z)54)R(WQD$>F<8(H<$U>(1JR4N6:.V^(G_(E7
MOUC_`/0UK(^$_P#R![__`*^1_P"@BM?XB?\`(E7OUC_]#6N<^&E]-::5>K%I
M]U=!IP2T)3`^4<'<PI+X"I.U5>AZ37COA'_DI2?]=[C^3UZ9_;-U_P!`/4?S
MA_\`BZ\Q\'$M\1XF*E29IR5/4<-Q1%:,55WE'U/5=;U1-&T:ZOY!D0(6"_WF
MZ`?B<5P_PS234]7U76;UO-N3M3>?5LDX].`!]*U?BC*R>%$0'B2Y13],$_S`
MJK\)U`T:_;N;D#_QT4)6BV.3O52.\KRWQC<R^%O'\.J6?'GQ+)*@X$@SM8'Z
M@`_7FO4J\O\`BRH_M+36[F%Q^HI0W'7^"YZ9;SQW5M%/"=T<J!U/J",BO(-,
M_P"2K#_L(2_^S5Z)X&E:7P7IC,<D1E?P#$#^5>;6]Q]D^)4L_E22^5?3,4B&
M68#=T'<U45NB:KNHL]HKQCQ4/[(^(<TFG_(Z31RJ%[,P!(_')_.NU@^(<.K3
MBTT.PEGO'4E%N'6)>/?))^@J#0_`=R=;.L^(;B.>Z,GFB&+[H?L2?;L!Z"E'
MW=QU/WEE$[FO'-%_Y*F/^OZ;_P!GKV.O&--E:#XEM(D,DS+>S$1QXW-][ID@
M?K1#J%;>/J>PW=W#8VDMS<R".&)2SL>PKF/'>F"Z32;]%R]K>Q!B!_`S@']=
MM9GQ`\07IT5;/^R[NUBN757FFVXP#G:-I/)QW[9KOE^X/I2^&S+;4[Q'4445
M!H<E\3/^1.E_Z[1_^A5Q?PZU2STG6[J:_N%@C>WVJS9Y.X'%=I\3/^1.E_Z[
M1_\`H5<K\*1GQ#>9_P"?7_V=:UC\#.6?\9'8WOQ!T"SA+K>&=NR1(Q)_$C`_
M$UQ\7A[4?'>N2:E>36]K;28^5)ED=4'10`>#[GN>E>IO$DBE7164]01D5YQ\
M0_#-OI4,6M:2GV202!)1"=@YZ,,=#GCCUI1:V1=6+M=ZH]"L;*#3K&&TM4"0
MPJ$1?:K%<%\/_&5QJDQTO4W\RX5"T,QZN!U!]QUSWYKN9YTMK>2>5ML<2EV/
MH`,FI::=F:0DI1NCAO'%B^O+J31[BND0*R`=#(QW/^2`?G2_"K4_.TFZT]V^
M:WD\Q!G^%O\`ZX/YUT?AVT+:%YEVG[V_9[F93_TTY"_@N!^%><>%7;PQ\0C8
MRDA&D:U;/<'E#^B_G5K5-&3]V:GW/8*Y;6-*AUOQ+=V%QPDVEJ`W=6$K$,/H
M:ZFL-?\`D>Y/^P:O_HUJA&TE?0\[\'ZK/X2\4RZ=J/[N&5_)G!Z*_P#"_P!.
M>OH?:O8*\]^)_ASSK==:MD^>(!+D#NG9OPZ?0^U:WP^\1?VUHHMKA\WEF`CY
M/+K_``M_0^X]ZJ6JYD94WR2Y'\BYX5N([7P9!<3';'$LKL?0!V)KBO"4\OBS
MX@/J5[\P@1IHT/1!G"`?3.?J,UM7$C1?"&=E."8W7\#*0?YUE?"91_:>I-W$
M*#]3_A36S9+=Y0B>H5R.I:4(/B3I&I1KA;B.2.0C^\J'!_$?RKKJ2LT[&\HW
M.#^*%[Y2Z1:RD_9)9_,G`_B52O'ZDUW,$D4L"20,C1,H*,AR".V*Q/%_AE?$
MVE"%7$5S"V^%ST![@^Q_PKS-+CQ-X(F,9\^VBS]UQOA;Z=ORP:M+F5D92DZ<
MFVM&>F>.-,_M7PE?1*NZ6)/.C_WEY_49'XUHZ(<Z#IY'_/M'_P"@BN-T3XI6
M]PRPZS;_`&8GCSXLLGXCJ/UKOHW22)7B96C8`JRG(([$5+32LRX.,GS(\?F_
MY*S_`-Q)?YBO8J\:O)#%\4G=8VE9=14A$QEN1P,X%>G_`-LW7_0#U'\X?_BZ
MJ:V,Z+MS>IQ_Q;^YI/\`O2_R6NJ\%?\`(FZ7_P!<!7%?$Z\ENTTWS;&YM=ID
MQYQ3YN%Z;6-=KX*_Y$W2_P#K@*'\"'#6JS;)"@DG`'))KQ[QI8/<VEMXA.__
M`(F$T@.?X4_Y9?\`CJY_&O2_$\SKH[6L!(GOG6UC([;^"?P7<?PJMXMT5+[P
M=<V5O'S!$'A4=BG(`_`8_&E%V*JQYDT6?"VI_P!K^&K*[)S(T863_?7@_J*U
MZ\Z^$^I[H;W36;[I$\8]CPWZ@?G7HM*2LRJ<N:*9XYX>_P"2H+_U^3_^SU['
M7BNEW0L?B')<F*68175PY2(98@;\X'>NX@^(,>L3?9-`L))[QE+(+EUB3COU
M)/T%7--F-&:BFGW.)U[_`(D_Q'E?3_D9+J-U"^K;2P_')X]Z]-\9?\B?JO\`
MU[M6%X?\!SQZR=9U^XCN+LR&411_=#^I/?'8=.E;OC+_`)$_5?\`KW:DVFT5
M"+49-]3DOA)][5?^V7_LU>@RWD$-S!;R2!9;@L(UP?FVC)_2O,_AC>2VAU+R
MK&XNMWEY\DI\OWNNYA6O%K-UJ?Q.L8+BSFLX[:"79%+C<VY>6XR.P'!/2B2O
M)BISM!(T+;2Q8_$ZXN8UQ'>6)DX'&\,H;^A_&LN[U&)OB_!'?NJPV\7EP;_N
MJ[+G/U.2/RKOZXCQWX)FUN4:CINTW:H$DB8X\T#H0?4>_6E%W>I4XM+W>]SN
M*Y+Q?I@DUSP]J2+\T-\D,A_V6.1^1'ZUPMEXM\1^%YA:W1D*KQY%XA/'LW7]
M2*[KP[\0=.UR9+6Y0V=VYPJ.<HY]%;U]CBGRN.HO:1G[KT.MHHHK,W"BBB@#
MS#XL_P#(2TW_`*Y/_,5M_"S_`)%:;_K[?_T%:Q/BS_R$M-_ZY/\`S%;?PL_Y
M%:;_`*^W_P#05K5_`<T?XS-CQCQX7NL?WH__`$8M<!X\T67P]XABU:PS'%<2
M>:C+_P`LYAR1]#U_.N_\9?\`(K77^]'_`.C%JWKVCPZ[H\]C/P)!E'Q]QAT;
M\#4Q=BZD.>Z&^'M:BU_18+Z+`+C$B?W''4?Y[8JL?^1[7_L&G_T:*\^\$:Q-
MX8\2RZ7J'[N*>3R9`3PDHX5OH>GX@UZ"?^1[7_L&G_T:*&K,(3YHJ^Y2^('B
M"30]""6KE+J[8QQL.J#'S,/?''XU!\,M.2T\+BZV_O;R1G+=RH.T#]"?QKG/
MBQ*QUJPB)^5;=F`]RV/Z"NV\%*%\&Z6!_P`\`?SS3>D!)\U5^1M31)/"\4JA
MHY%*LIZ$'@BN6\`:>VDV6J6+YS!?N@)[KM7!_+%=925%]+&KC=IBT444BCB/
M`NHC^WO$.G,W(O))T'L6*M_)?SKMZ\DOK+6_"?C";65LI);=KAWW1?,KQL3E
M3CH<>O<5Z#8>,-#U&W$L6I6T?'S)-((W7V(-7)=48TIZ<K-EE#J58`J1@@C(
M(KQG1-."_$J.TM!F*WO7(QV1"3_3%>@:IXQA>-[7PZC:IJ##:@@&Z.,_WF?I
M@?6F>#/")\/QRW=\XFU*X_UC`Y"`G)`/<D\DTU[J=PFN>2MT)/B)_P`B5>_6
M/_T-:R/A/_R![_\`Z^1_Z"*T/B'>P'PW=6`<M=R!&2)5))&\>@]C61\,;V"Q
ML[FTNF:&>>X'EHZ,"WR@>E"^`3?[U'HE>.^$?^2E)_UWN/Y/7K5[?VVG0>==
MRB./<%W$$\GZ5Y#X:F6S\=K>W*R1VHFF;S6C;&"&QV[Y%$-F%9^]$[_XB6#7
MWA"Y,8):W99\#T!Y_0FL;X2R@Z=J47=9E;\UQ_2N[1XKNV#+B2&5,C(X92/2
MN%L=*F\!^))KA8Y)M#NUVM)&I8VYSD;@.<#)&?0TD[Q:')6FIG?UY7\6)0=:
ML(QR4MV;`]V_^M7H#^)=&C@\XZI:%,9^64,3]`.2?:N7L=`N/%'BQM?U2W>"
MQC*_98)1AY`OW2P[#/.#ZT1T=V%7WERHZCPS8-IGAO3[208DCA7>/1CR?U)K
MS#3?^2K#_L(2_P#LU>NW=W#8VS3W+^7$F,L03C)QVKQ^PE6+XB_;W61;3[;)
M)YIC;;M.[!Z>XJH:W)JV7*B]X\\.2:!JR:QIF8H)9`^4X\F7.?R/\\BN\\)^
M(X_$FCK/PMS'\D\8_A;U'L>H_P#K5><6/B'29(SB>TN%*'@C/Y]P:\JMX]2\
M`>+6"PS3P#AMB$B>(G@\?Q#^8]#2^)6Z@_W<N9;,]CKQS1?^2IC_`*_IO_9Z
M]2BU_3IK![U+C_1XR%=BC#:3CC&,]Q7E6E2K!\0Q?2K(MI]KE?S3&VW:=V#T
M]Q1!;A6:;B>I>)-).N:#<V*[!)(`8V?H&!!!_2HO$^L-H6A-<Q[3,72*,,,@
MLS`?RR?PIW_"5Z-_S^K_`-\-_A7!>.M?.NZC96NGQ7#VEO(':3RF`=R0.,CH
M!GGWI13;LRYS23:W/5****@U.2^)G_(G2_\`7:/_`-"KEOA3_P`C#>?]>O\`
M[.M;OQ$U:TN]#N--MVEDO$F3,:POV()YQCI[US7P]OHM%UFYGU%9H(GM]BL8
M7.3N!QP/:MHKW#EFU[5,]>KE/B5*L?@V=6ZR2QJOUW`_R!JS-XXTE!^Y%[<M
MV6&TD)/Y@"N4URV\2>.KR)(]-DL-/B.4^TG9DG^)NY/L!416MV:U)IQ:CJ8G
MP\MY)_&=HT8.V%7D<CL-I'\R*]-\3DW%I;Z6A.[49UA;'41CYI#_`-\@C\:B
M\->&;/PEITK%_,G9=T\Y'4#G`'8#TJBOB'3+CQ2]W-<[;>UMQ%`3&V&=SEV'
M'8*H_.FWS.Z)A'DAROJ:W_"*Z0!Q;-C_`*[R?_%5YU\1-%30]9M+JP0QQS)D
M?,3B1#UR>>A'Y5ZXK!E##D$9%<7\2OLEWHIMO,_TZ!EFBC"$EAT(&!Z$_E2@
MW<=6"Y'8ZG2;]-4TFUO8\;9XE?`[$CD?G6>O_(]R?]@U?_1K5@?#35PNDG2[
MOS(YHY&,*NC#<A&XXX['-7AXATT>+WNS<_Z.;!8_,V-C=YA..GI1:S:&IIQ3
M9U4T4=Q"\4R!XY%*LIZ$'J*\==+CX?\`C8%=S6X.1_TU@8]/J/YBO8HY%FB2
M2,Y1P&4^H-<WX\\.?V]HAD@3-Y:YDBQU8?Q+^(_4"B#L[,*L;JZW15LK(ZM\
M+6MX<LTT$C1\=3O9E_D*YSX3S`:U?1'@O;A@#[-_]>NU\#*R>#--5U96$9R&
M&"/F/:L#4?#MUX9\5)K^D6[W%F['[3;1#+H&^\5'<=\>H]*=]T0XOW9G?5DZ
MKJ[6.K:391A2U],RMGLBH22/QVTL/B?1I[?SEU.U50,D22!&7ZJ<$&N-BU*;
MQ-\2;*\L8)I--LMR+,$(3&ULMGW)`'T%2H]S24TK6.OU?5WTW6-'M\J(;V9X
MGR.<[<KC\?YUK/&DJ%)%5T88*L,@UQWQ'T_4;NRT^XTR"262TG,I\L99>.#C
MJ>1VK4T?QAIFIV2//=0VER!B:"=Q&R-WX;J/>BVET"E[S3.:\=^";&#3)M5T
MR,6[P_-+$G".N>2!V(Z\5K_#.>2;PA&LA)$4SQIG^[G./U--\2:D_B.QDT;P
M^OVI[@A)KE?]3"F<G+]">.@S6WIME:>%_#\5N9,06R9>0C[Q)Y;`]2:IM\MF
M3&*Y^9;'F,W_`"5G_N)+_,5[%7C,LRGXC_V@%D-I]N67S?+;;MR.>E>OVEY!
M?6RSVT@DB;.&`(S@X[T3Z"H_:]3@/BW]S2?]Z7^2UU7@K_D3=+_ZX"N.^)MY
M#J;6$=B7G>W>590D;'8?E'/'L:Z'PIKNGV7A2QAN;CRY88E6161LJ3GCI0U[
MJ%%KVK9;O[6'7?$Z6EPI>UT^#S7`8KF63A>1Z*&/_`JL_P#"*Z1_S[-_W_D_
M^*K/\*ZO93F=WFQ?:A</,8F1@RJ.$7IV11^M=14MM:&L4I:GCNF_\4E\2?(/
MRP"<P\_\\W^[^65_*O8J\F^)"V]]K$%WIK--+L,4PCC8E64\'I[D?A7>:/XE
MM+K0(KRZE,;QQH+@,C`HYXZ8]:J2NDS*DU%N)YSX>_Y*@O\`U^3_`/L]6/&_
MAZ7PUK,>K:7F*WDDWJ4'^IEZX^A[?B*J:)*MM\01?3+(EJ+J9_-,;;=IW8/3
MOD5ZO-%8^(M'DB;$UI<*5S@COU&>A!'Z54G9D0@IQ:ZW*OA;Q#%XDT=+E,+.
MGR3Q@_<?_`]13?&7_(GZK_U[M7G%C_:?@'Q8Z-#-/;Y"R;$)$T1Z,,=Q_/(K
MM_%&OZ=>^%+Z*VN/,DGA98T$;98\<8Q[U+C9Z&D:EX-2W,+X2?>U7_ME_P"S
M5V=[I!N/$>FZG'L!M5ECDSU96'&/H?YUP?PVO[?1SJ/]HL]OYOE[-\;#=C=G
MM[BNX?Q;HR(6-YNP,X6)R3^&*)7YM`I./(DQ;K66C\66.D1[2);>2:7(Y`&`
MN/\`Q[\J+75WD\67^E2%=L5O%-%@<X.0WZ[:XKPUJ-QK7Q-DU"6WFBB>)UC#
MH1M0``#Z]_QJWXE;4="\>PZ['9SS6'E+'*T2[OEY#`@=,<$9]*.7H'M';F\S
MN[RQMM0@,-Y;Q3Q'JLBAA7DOC[PI#X<GANM/9EM9R0$)R8G'/!]/Y8KTR'Q/
MHL]L)TU2S\LC/S2JI'U!Y!]JYS5[27QYJEG%!%)'HMJQ>2YD4KYY]$!Y(QQG
MIR:(-IZCJJ,UIN=;I<SW&D6<TO\`K)($=OJ5!-6ZIZE<MIND7-S!`96MX6=(
ME_BP.!6!X&\67/B>*\%W!%');LN&BSM(;/KW&*BUU<TYDFHLZNBBFNXC1G;A
M5&32*/,OBS_R$M-_ZY/_`#%;?PL_Y%:;_K[?_P!!6N:^(FHP:Y>V,FF^=.D<
M;!R('&"2,=0*V?AQJUKI^D?8+MI8KJ:Z)1&A?G(4#G&!TK9KW#EBU[9LZ3QE
M_P`BM=?[T?\`Z,6MRN:\:ZC;1Z+/9-)_I+^6RQA220)`<\#V-;-AJMGJ8D-E
M,)1'@-A2,9Z=16=M#=-<S.%^)_AW>BZW;)RN([D#TZ*WX=/R]*G\"ZX^N:S$
MTY)N;;3C#*Q_BQ(,-^(Z^]=W<6\5U;203H'BE4HZGH0>HK@O!6A3^'_&^IVD
MBN8EM\Q2D<.A88Y]>Q^E4G>-F9RBU--;,@^+-@V[3[]02@W0.?0]5_\`9JZC
MP)*)O!>FD'.V,H?J&(_I6EK&DV^MZ7-8W0_=RC[PZJ>Q'N#7)^&)KCP6TVDZ
MZICM&D+VUZ`3$<]03_#Z\^]%[QL.W+4YNC.ZK)T?5VU34-5B`416=R($(ZG"
M@MG\2:KZQXOTK3-.DGCO+>XFVGRH89`[2-V&!V]ZR?AG;7L.EWTU]#+&]S<^
M:#(I4OD#)P??-3;2Y3G[R2.THKB_%?C:]T#Q#:V%O8I-'(JL2V=TF3C"8[_G
MR:*.5A[2-[':55ETRQG??-9VTC?WFB4G^56J*DT&1QI$@2)%11T"C`I]%%`!
M1110`4444`%%%%`$2VL"R^8L,8D_O!!G\ZEHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`ADM8)7WR01.P[L@)J
M4`*````.PI:*`"HI;:"8@RPQN1T+*#BI:*`$50J@*``.@%+110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`$/V2W,GF&"+?_>V#/YU-110!'.9
M1;R?9PAFVG8')"ENV<=JHZ-I(TN"5I'66[N7\VXE"[0S8Q@#LH'`']:TJ*=Q
M6UN%%%%(84444`%%%%`!1110`4A`(((R#2T4`0QVEO$^Z.")&]50`U-110`U
MHT=E9D4LO*DC)'THIU%`',?\(A>_]#1K/_?Q?\*/^$0O?^AHUG_OXO\`A73T
M57,R.2)S'_"(7O\`T-&L_P#?Q?\`"C_A$+W_`*&C6?\`OXO^%=/11S,.2)S'
M_"(7O_0T:S_W\7_"C_A$+W_H:-9_[^+_`(5T]%',PY(G,?\`"(7O_0T:S_W\
M7_"C_A$+W_H:-9_[^+_A73T4<S#DB<Q_PB%[_P!#1K/_`'\7_"C_`(1"]_Z&
MC6?^_B_X5T]%',PY(G,?\(A>_P#0T:S_`-_%_P`*/^$0O?\`H:-9_P"_B_X5
MT]%',PY(G,?\(A>_]#1K/_?Q?\*/^$0O?^AHUG_OXO\`A73T4<S#DB<Q_P`(
MA>_]#1K/_?Q?\*/^$0O?^AHUG_OXO^%=/11S,.2)S'_"(7O_`$-&L_\`?Q?\
M*/\`A$+W_H:-9_[^+_A73T4<S#DB<Q_PB%[_`-#1K/\`W\7_``H_X1"]_P"A
MHUG_`+^+_A73T4<S#DB<Q_PB%[_T-&L_]_%_PH_X1"]_Z&C6?^_B_P"%=/11
MS,.2)S'_``B%[_T-&L_]_%_PH_X1"]_Z&C6?^_B_X5T]%',PY(G,?\(A>_\`
M0T:S_P!_%_PH_P"$0O?^AHUG_OXO^%=/11S,.2)S'_"(7O\`T-&L_P#?Q?\`
M"C_A$+W_`*&C6?\`OXO^%=/11S,.2)S'_"(7O_0T:S_W\7_"C_A$+W_H:-9_
M[^+_`(5T]%',PY(G,?\`"(7O_0T:S_W\7_"C_A$+W_H:-9_[^+_A73T4<S#D
MB<Q_PB%[_P!#1K/_`'\7_"C_`(1"]_Z&C6?^_B_X5T]%',PY(G,?\(A>_P#0
MT:S_`-_%_P`*/^$0O?\`H:-9_P"_B_X5T]%',PY(G,?\(A>_]#1K/_?Q?\*/
M^$0O?^AHUG_OXO\`A73T4<S#DB<Q_P`(A>_]#1K/_?Q?\*/^$0O?^AHUG_OX
MO^%=/11S,.2)S'_"(7O_`$-&L_\`?Q?\*/\`A$+W_H:-9_[^+_A73T4<S#DB
M<Q_PB%[_`-#1K/\`W\7_``H_X1"]_P"AHUG_`+^+_A73T4<S#DB<Q_PB%[_T
M-&L_]_%_PH_X1"]_Z&C6?^_B_P"%=/11S,.2)S'_``B%[_T-&L_]_%_PH_X1
M"]_Z&C6?^_B_X5T]%',PY(G,?\(A>_\`0T:S_P!_%_PH_P"$0O?^AHUG_OXO
M^%=/11S,.2)S'_"(7O\`T-&L_P#?Q?\`"C_A$+W_`*&C6?\`OXO^%=/11S,.
M2)S'_"(7O_0T:S_W\7_"C_A$+W_H:-9_[^+_`(5T]%',PY(G,?\`"(7O_0T:
MS_W\7_"C_A$+W_H:-9_[^+_A73T4<S#DB<Q_PB%[_P!#1K/_`'\7_"C_`(1"
M]_Z&C6?^_B_X5T]%',PY(G,?\(A>_P#0T:S_`-_%_P`*/^$0O?\`H:-9_P"_
MB_X5T]%',PY(G,?\(A>_]#1K/_?Q?\*/^$0O?^AHUG_OXO\`A73T4<S#DB<Q
M_P`(A>_]#1K/_?Q?\*/^$0O?^AHUG_OXO^%=/11S,.2)S'_"(7O_`$-&L_\`
M?Q?\*/\`A$+W_H:-9_[^+_A73T4<S#DB<Q_PB%[_`-#1K/\`W\7_``H_X1"]
M_P"AHUG_`+^+_A73T4<S#DB<Q_PB%[_T-&L_]_%_PH_X1"]_Z&C6?^_B_P"%
M=/11S,.2)S'_``B%[_T-&L_]_%_PH_X1"]_Z&C6?^_B_X5T]%',PY(G,?\(A
M>_\`0T:S_P!_%_PH_P"$0O?^AHUG_OXO^%=/11S,.2)S"^$;U6!/B?6#@YP9
M%Y_2BNGHHYF/D04445)04UW6*-GD8*B@LS$X``[TZN'^)>J2I96FC6C8FU!P
M'QUV9``_$D?D::5W8F<N57+L&LZMXHED;0&BLM-C8H+V>/>TQ'78G3'N:+N^
MUSPN!=ZG<QZII@($SI"(Y8<_Q8!PPS71:;8Q:9IMO9P#$<$80>^._P"/6HM:
MM7OM#OK6)`\DT#QHK'`+%2!^M.ZN3RNU[ZD?A^^GU/0[6]N5"R7"F0*!C"DD
MJ/RQ6E5>PMOL6G6UL,?N8ECX]@!6==^+=&LKAX9KP&2,XD\J-I!'_O%00/QI
M6N]"KV6ILT5%:W4%[;1W%K*DT,@RCH<@BJ>I:_INDR+%>7(69QE8D4NY'KM4
M$X]Z+#NEJ:-%4M,U>QUB%I;"X694.UP,AD/H0>1^-&I:O8Z/"LE_<I"'.U`<
MEG/H`.3^%%@NK7*/B6ZU/3["6]L+BTCAMXFDD6:)G+D=`"",?_7I_A34;O5O
M#EK?7PC$TX9L1K@8W$#]!6!XT\26-_X(OCI\XD9I$A=2I5D).<%3@C@&NHT.
MT^PZ%8VV,&*!%(]\#/ZU37ND)WGIL7Z*AN[N"QM9+F[E2&",9=W.`HKB/^$Q
M@E\??\A>*/1XK;^^/+D?'KZ\_I22;*E-1W.E\13ZE9V3W>GW%I%%;Q/)*)XF
M<M@9`&",=#3/"&J7FL^'(+Z_$8EF9B!&N!M#$#O[5G^.-5@;P%=7-K,LL5RJ
MQQNAR&!89Q^&:DL=:TGPKX>TRSU"\2&46R'RP"S<C).`"0,D\T[:$<UI[Z6.
MGK*U_P`1V/ANVBGU!I,2OL18UW$GK5VTO[:_LDN[6=);=QN613QBLZ/Q!H&J
MW$-NE]974K/F),ASN`SD>]2D6WIHS84AE!'0C-+6;>^(M)TVY-O>ZC;03!0Q
M1W`(!Z<4R^\3:1IMK!<75]$L<Z[XL98NOJ`.<>]%F/F7<U:*J:;J=GJ]FMU8
M3I/"Q(W+V([$=C3[Z_M=-M6N+V=(85.-SGOV`]3[46"ZM<L45CQ^*=*E28K<
M,)(5#-$\3)(03@85@"<G`&.YIFF>+=-U+3[N\+M:Q6DACF^T8781[@D468N:
M/<VZ*R+/Q1I5]=I;17#++)_JUEB>/S/]TL!G\*UZ+6&FGL%%%8P\7:(UZ+5;
M^,R%_+#!6*;_`.[OQMS^-%@;2W-FBJMGJ=GJ$DZ6=S',T#;)0ASL;G@^_!JG
M_P`)3HGVG[/_`&G:F;S/*V"0$[LXQ]<\468<R-:BLA?%6COJ:6"WR&X=BB@*
M=K,.H#8P3^-6-2UO3]("?;KE8VD^X@!9W^BC)/Y468<R[E^BJ&EZW8:U'(^G
MW"R^6=KK@JR'T*G!%7Z`3OL<;XAUO7M&U6QMTFL)4O[GRXD$#;D3<.IW<G!]
M*[*N'UHB_P#BGH]L3\EG`T[>QY/]%K=B\8Z%-J*V46I1-.S;%P#M9O0-C!/X
MU36B,XRLW=FW116=J>OZ=H[(E[<A))!E(U4N[#U"J"<>]3N:-I;FC169#XCT
MF<6IBOX&^UDK`-V"Y!P0!UR#VIU]X@TK3+CR+[4+>";;NV2.`<>N/PHLPYEW
M-&BL>Z\5Z/:1Q/)>JPF02((E:0E#_%A02![FK::SI\FE_P!I)>0FR`W&;=\H
M'3GTHLPYEW+M%94/BC1;A96AU.U=84\R0B085<XR3]2*33_$^DZI=_9;2[!G
MQN$;HR%AZC<!D?2BS#F7<UJ*CGGBMH7FGD2*)!EG<X"CW-9-KXOT6\NX[:&]
M'F2G$6Y&59#_`++$`'\*+,&TMS:HK,O?$>D:=<M;WNHVT,R@,T;N`0#TXINH
M>)M(TN"&:[O8T6=0\0&69U/<`<X]Z+,.9=S5JGJNJ6VC:;-?7C,L$(!;:,DY
M.``/J:=I^I6FJV:75A.D\#\!E]?3V-4+SQ)H`DEL[S4+,LK>7)#(P/.>A%"0
MFU;<OZ9J,.K:;!?6V_R9TWIO7!Q[BK54;[5]-T98DOKNWM0X(C5V"Y`]![<5
M$WB32$TTZ@VH0?9-Q3S0V06]!ZGV%%@NENS3HK.TC7]-UU)&TVZ6;RSAUP59
M?J#S5Z::.WA>69UCC0;F=C@*/4FBPTTU=#Z*R+;Q5I%U<)#'=X:0$QF2-D60
M#KM9@`WX5'I/BJRUG5;BPMTG26&,2YD3:'0XPPYSSD'G'!HLQ<R[FI>+<M:2
M+9/%'<$?(TJEE!]P",US7AW7=5OO%.I:9?/:R162`%X8BF7)'J3[_E75DX&3
MTK@/`^H6UM;Z[KNH3QP0W%X0)'.,XR0!Z_>Z4ULR9NTD>@45F:1XBTS73(-.
MNEF:+[Z8*L/?!`.*TZ6Q::>J"BL6[\8:)93O%-?+NC.)"B,ZQGT9E!`_&K=U
MK>FV5K#<W5];Q03_`.JD9P`_&>#WXHLPYEW+]%9#>*M&6S-T-0A>$.8P8\N2
MP&2`!R>#GBK>GZM9:K8"]LKA)+?G+],8ZYSTHLPYD^I<HK#'C/0C<+$-03YV
MV+)L;RRWH'QM_6MRBU@33V,G6/$VF:#+''J,SQM(I9=L3,,#W`XIEMXLTF[T
M^6]BN&%O#(L;N\;+@L0!U'N.:@\>?\B1JO\`UQ_J*RO%<?V[PUH>E!RIOYH(
MB1V4+DG]!5))F<I239UE]?V^FVWGW<@CCWJF3W+$`#\S5FO*-6O-2UW19+&8
M.DF@PM)=MC_62J=J?^.@M7J%E<"[L+>X7I-&L@_$9I.-APGS,GHHHJ30****
M`"BBB@`KSG6U-[\7M-A?E851@/H&?^=>C5POBZ'^QO&.D>(G4_9`1!<.!G9U
M`)]L,?RJX;F579>IW5<Y/XXTVUGCAN;?48996VQH]HX,ASCY1WK>%S`UOYZS
M1F'&[S`PVX]<]*XFS7_A+_'JZI""VE:6-D4N.)9.>GJ,G/X#UI17<J<FK)$W
MB_Q7*GAU$T^*ZMKJ]F^S1^?$8W`XRP!Y[@`^_M73Z-I4&C:3!8VZ*$C4!B!]
M]N['U)-<MX_@VZQX<O)N+6*["2L>BY92,_\`?)KJ-;U:'1=(N+V=@!&AV`_Q
MM_"H]233>RL2OB;?0X?PQK8T6P\5.@S;6=PSP)V#,S``>Q(%;W@*Q9=$_M2[
M/F7^HL9I96^\1GY1],=O>N:_X1F[LOA??R3(PO;EUNI4QR%!!P??&3^-=SX>
MGMQX6TZ5)$$"VJ$OG@849R?;FG+;0FFG=7['-FX^R_%_RX"%2XL\3@="0"03
M[\"CP=(?$GB34]?N1O6%OL]F&Y$:]3CWQC\S3/#]C+K^OZSXB"D03(]O9,1C
M>,;=P]N!^9JQ\+=L?A::-B%ECNG$JGJIP.OY4WL*.LEVU9G_`!$TZ.Z\2:&D
M8Q+=R"*3'\2AEQGUQN;\Z]$KSJ74HM>^*=@48?9+*-S'(>%D(#98'N,\9_V:
MZWP]=3:@M[?/(S6T]P?LH/01*`H(]F()_$5,MD5!KF;1KLJNI5@"#U!&:X;P
M3%'?^*/$FH%%9#.(4R.,`G^@%=I>3_9K*>?&?*C9\?09KSOPI-+;>`R+2;9J
M.JWACA*GY@20"W_`5#-1'9CF_>1?^*#N^GZ7IUN@9[FY^5!WP,`?FPKHK+2K
M?0]+N)YPL]RT;274[C)E('/_``$=`.@%8&MC[?\`%#1+3)*VD)F;/KR?_95K
M;\:W)M/!VIR+U,)3_OHA?ZT^B0EO*1F?#!&'A`,XPLEQ(RCT'`_F#5?RUO/B
MXB(BB.PL\X48`)'_`-G4NAM)!HWAG2K*;;+(!=7&P@XB`+'/L695_.J.A:A%
M;^(?%NM7##$+^4BGJV"0%`]254"CJV3TBB]\3Y5A\+^6JCS;F=(^!R0,M_2M
M?PYH*:79)-=JLFH21J)I6'W`!@(OHH'&/QKE=<BNKC4/"&E:A(TMT6$]P6ZD
MY!/Y885V^NW)L]`O[@9S';NPQZ[3BD]$D4K.3DSF/AIF6UU>Y4!89KYC&HZ#
MCM^8HGD?5OBK#:S<V^F6_G(AZ;R!\WU^8?E53PRTEIX*TBQL9BEYJ-SORA^9
M8P^7;Z;5Q]2*M6WG:YK[^(-&GLK7RPUJ1.2YN%!ZLH(V\CCOC%4]VR5\*0WQ
M6@N/B'X:BC7,JDR-C^Z&S_[*:D\>*-+CTF]CM%>QM[WSKF*-0`Q[,>V<YY/?
M%;6E:'Y6IS:O?7*7>H2J(PZ+MCB0?PH,G\23DU!!JUW?^,+_`$>:UMO[/@A4
MMYAR\FX#!P>J]1T[4K_@4XZ._4B/]F>.&T^ZL]2D\NQF$S0)P2W;<#R,8Z^Y
MKIZX*31+;0OB+I7]B$Q_:4D-S;J<JB`=?8$]O4<5WM3+R*AUON<;X^U*X9K#
M0;&0QS:E($D=>JQY`/YY_(&MN^TJRMO"ESI\<*+:1VS*%QTPO7ZYYSZUSOB&
M+9\4-`GGXA>,HC'IO&[C_P`>6M'Q]K2:;X<N;:-LW5S&45%Y*H>&<^@`.,^I
M%5;9(F_Q-E+X66Y3PS+=/DO<W#,2>^`!_/-5/&EH-6\9Z'I,7[L$--(T?!`)
MY.?7"'\ZMZ$\EOH?AK2[*;;-+BZN-A'$(RS9]BQ5?SIEA_Q,/BWJ$V<K8VHC
M'L2!_BU/JV3]A1]/\S6UG0](L_)UJ>%E_LF`F&-&VH`O(&/7-8/A34[&ULKC
MQ'K]Y"+^]=@@9@76,'`1%Z]0>![5TOC*VEN_".I10*6D,.X`=3@@D?D*S_`-
MIIC^%[&[@M[;[0$VRRA%W[@><GK4I^[J4U[]D,\(:?=3:SJOB"ZMWM5OR%@@
M<8;8/XF'8GC]:ZZLW3-7&JW5W]GC#6<#"-+@-D2OSNV^PX&>YSZ5H,P1"S'`
M49)I/<T@DEH><06,GB3XE:N&=ELXE$-QM."Z#`V9[!BIS[`^M:'Q'BAATC2K
M&UACC9[Q%A"*!L`!Z8Z=13_AFIGL]5U)_O7EXQS[#G^;&D\5'[7\0/#=DQ`2
M,M.<]#@Y_P#9*O[5NQC;W+]_\SJ]6U!-)TFZOI1E8(R^/4CH/Q-<[X`LWGT^
M77;X^9?ZBY8R'JJ`X"CT'!X^E5?$$MUK'AOQ)<PR-)9@I';*.05C(,C#U!.X
M9_V:VO#%W:VG@C3[AYDCMXK52\C'`7`YS^.:FUD7>\SF7L(W^,:+&N$CC^TL
MHZ!MF"?Q.TUK?$N=;?PE-A%,D\B1`XYQG=C]*QO#&K1S>*/$>OWN88X8@`LG
M#*N>!CUP@X]357QI<W<>C>';?46>2Z9VNIU(R1R#C\`Q'X55M49W2A*W4[GP
MOHD>AZ+!"%S<.BM/(>K-CIGT'0#T%<[\/W5]2\1VR*#:+=ED3'RC+,#Q_P`!
M'Y5U.J:U:Z;H4VIM*AA6+?&P/#DCY0/7/%<_X'TZ70?"=S?WJE;BYW74@;J%
M`R`?U/XU/1W-&DI)+H9?A?38M<\<:UJ4RA[>VGVQICY68'"DCO@+GZD&KGQ&
ME-M?>'[B'BY2[^1AUQQD?RJ+X4W*/IU_$YQ<--YY!ZLK#&1ZC((J74XO^$F^
M(EG;P_/::0OF7#CE1(3D+]>%_6J^T9K6GINR/6+Z+7_'::5=S1II.FKYUPKN
M%61QC`;/4`D<?6GZS(GC35].L=(4R65E.)KB]48C7'14/<_3VJMHNG6C?$K7
M+;5;:&623]];K,@8$$YR,^Q_0UU]]JD=A=V>G6<*RW,[@"%#M\J(?><^@`Z>
MI(%)Z;%)<R;?<YWXHRK'X<CA1`9;JX1.!RP`)Q^8%;F@Z%'I-D)KL))?R1CS
MYB.@`X1?10.`/QK!\8?Z=XU\-Z=C*K(9W'L"#_[*:Z;Q'=&R\-ZC.,Y2W<C'
MK@XI=$BE;FE+L<Y\,<OI.HW`&V*:]=HU'0#`Z?Y[5'XXCCN_$GAS3E11YMSY
MTF!U`(_^RJ+PVSVOA#0M/L9BEW?3^:Y0\K$'+.?I@!?JU374B7/Q;A\YE6.P
MLB^6.`,@\_\`CWZ57VFR/L*/H;_BR=+3POJ-PRJ62!E4D="PP/U(K"^'V@*N
MB6=_?*))-I^RHPR(4)SD#^\W4GTP*SO%>H7-SX'GFDD=EU.__P!&1N,0@_+@
M>AV;O^!5W]C;BST^WMQTAB6/\@!4[1L6K2G<Y'0V$_Q2UV2$!8XX%C;`ZM\O
M^!I?',KWNMZ%HA)%M=SAYP/XPI'!]NOZ5F>&-1^SZ=XFU<$&ZNKHQ6Z#[S2'
M.Q0/JP_*K][#+K>IVEG;74$>H:'Y;27L[9+R%1E0@QD'')S]*JVI%[QMW_S'
M_%(*WAVSMT4&62[18@!S]UNGZ5U]O:108=8HUE**KNJ@%L#`R>]8T.B3:CJM
MOJ&LW<%R]IDV\%NA6.-C_&<DDG^5=!4-Z6-8K5R,_7[O[#X?U"YS@QV[D?7!
MQ^M<E\.?#ZMHMMJ%^HDVLQM(V&5C!/+X_O''7L`*TOB3=FV\&W"#[T[I$/SR
M?T!K>T:U^PZ+96P&/*@1"/<`9I[1):O4]#EK#]_\7-0:$!4@LPDF/XB=O7\_
MTJ?X@ZS<65A;:;8R>7=:C)Y0<'!1.`3GMU`S]:R?#FI1VUYXLUJ0_O//,42?
MQ,V6VJ!ZD[147BBQDMM3\*2ZTPGA`6&Z>7!4OD%MW;'7\JJVIGS>X[=?\S4U
M.]T[3O#C>&_#Z)?7DL1A6&##XR,,[D<#N>:U[2Q'AOP0L-P4D>RM7<L1D;L$
MG'XG%7;F?3?#FF23B*&WA4<)"@4NW95`ZD]!6)XUU":/X>SRW4/V>XN$1&B#
M;MA8C(SWXS4[Z&C]V[?8H?#OP]"_A>6YNU+/?J\8.<%(S\I`/;)!)_#TJEJU
MG:6FJ:=X.L9&AT\M]HOG>3!D')P6^B_J*[?PY:?8?#FG6^,%+=,_7&3^M<?=
MV-LWQ;*:I!%+!=VX,(F4%68*!WXS\I_.FG=LAQM%(G\3W$'B:UA\.>'D2=?,
M7SIHA^YMD7_:'&?85V\,0A@CB!)"*%!/4X%9VIZC!H=K%!:6\;W,S".VM(\+
MO)[\=%`Y)[`5'>>*M-L==M](FD?[7.0`%3*J3T!/;-2[M:&BM%MMFE>6<&H6
MDEK=Q++!*-KHW1A4<FF6<LEH\ENC-9G,!/\`RSXQQ^%6Z*1=D53IEFPN\V\?
M^F<7''^L^7;S^'%2VUO%:6T=O;H(X8E"(@Z*!T%2T4#L%%%%(`HHHH`****`
M"HYH(KF%X9XTDB<89'&01[BI**`.='@+PZ)-PT\;<Y\LROL_[YSBMZ""*VA2
M&"-(HD&%1!@`>PJ2BFVV)12V1#=V=O?VLEM=PI-!(,,CC(-9EGX2T>QN$GBM
M"\D9S&9I'D$?^Z&)`_"MFBB[!I/5B$`@@C(/:L,^"M",K-]APC-N,(D<1$_[
MF=OZ5NT4)M`TGN-1%C14C4*BC`51@`>E8]WX1T:]O9+J:S'FRG,NR1E63_>4
M$`_C6U11>P-)[F9?>&](U$P&[T^WD\A=D>5QM7^[QV]NE:*(L:*B*%51@*!@
M`>E.HHN%DA"`001D'L:SM/\`#NE:5<O<6%A!!,^075><'L/0?2M*B@+(J#2[
M(:D=0%M']L9=AFQ\VWTS^%37%O%=V\D%Q&LL4@VNCC(85+10%BCIFBZ=HR.F
MG6D5N'.6V#EOJ>M1_P#".Z3_`&I_:1L(/MF=WF[><^N.F??K6E11=ARKL5)-
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MHV<5P8ON%AR/Q%:%%.XK*UB.."*&!8(HT2)5VJBJ`H'ICTK(@\&Z';W(FCL5
M!#;UC+L8U;U"$[0?PK;HHNP:3W,V3P[I,VIC49+"!KL$'S2O.1T..F?>N9O0
M-2^+=G"1N2QM"[#W(/\`\4*Z3Q!K0T'3#>-"9OWBH$#;>I]:X&Q\0R:?XIOM
M;N+59?MH6*-%EYC&0.3MYZ"KBF]3*HXII';P>#M#MKI9X[%<HVY$9V9$/JJ$
M[1^`J/QQ=_8_!NI.#@O'Y8_X$0O]:WZ\U\::[)K]O<Z/!;B(07.'D>3[X0D=
M`/7'Y4HW;'-J$78W]$\*:?=^%M(6^MR9HK<$2([(XW?,1E2#CGI70Z?IMGI5
MJ+>PMT@B!SM0=3ZD]2?<UF^%M<36[&7R[8VZVS"$*7W9PH]A6Y2;?4J"C:Z,
MS5O#VFZVT;W]L'DB^Y(K%'7Z,"#4FF:+8:.KBQMEC:3[[DEG?ZL<DU?HI7>Q
M7*KWL5'TRSDU)-0>VC:\C78DQ'S*.>`?Q/YU8DC2:)HY45T<%65AD$'J#3Z*
M!V,_3-!TS1C(=.LHK=I/O,HY(],GM[4W4/#VE:K=1W%_8PSS1C"NZ\X]#ZCZ
MUI4478N56M8IWNE6.HK"+RUBF$#;XPZY"'U%7***!V,R'P[I%KJ+ZA%801W1
M)8RA>A/4^@/O7'2>$;/QOJMSK%O)):6<C%%<`,;AEX+@'[J\8]\9XKT&2-98
MGC?[K@J?H:X%->D^'4"Z3J$0O+568VTL+8<*23A@1C//4&JBWT,IJ.B>Q1U7
MP7+X/BAU?2M2F:2&:-2C*!N#,!CCKUZ&O3ZYJQCN/%$EIJ%[Y<6GPL)H+5&+
M%W'1I"0.G4*._.:Z6B3?4=.*5W'8J7^F6>J1)'?VT=PB-O57&0#ZU;HHJ#0S
M$\.Z3'JAU%;"`7A;=YNWG/KZ9]ZM7^GVNJ6CVM]`D\#]4<<?_6JS13NQ61C:
M?X3T?3+A)[>TS+'_`*MI9&D*?[NXG'X5?U#3;/5;<07]O'<1!MP1QD9]?UJU
M11=ARI*UA``H``P!P!5'5=$T_6X5BU&V68(=R')#(?4$<BK]%`-7T9FZ9X>T
MW2)&EL[8+,PVM*[,[D>FYB3CVJ231=/EU5-2DM(FO4&U9B/F`_SWJ]11=ARK
38****0PHHHH`****`"BBB@#_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
