<SEC-DOCUMENT>0001193805-23-001205.txt : 20230821
<SEC-HEADER>0001193805-23-001205.hdr.sgml : 20230821
<ACCEPTANCE-DATETIME>20230821163118
ACCESSION NUMBER:		0001193805-23-001205
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20230821
DATE AS OF CHANGE:		20230821

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SEALSQ Corp
		CENTRAL INDEX KEY:			0001951222
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-273793
		FILM NUMBER:		231189570

	BUSINESS ADDRESS:	
		STREET 1:		AVENUE LOUIS-CASAI 58
		CITY:			COINTRIN
		STATE:			V8
		ZIP:			1216
		BUSINESS PHONE:		212-336-2039

	MAIL ADDRESS:	
		STREET 1:		CRAIGMUIR CHAMBERS, ROAD TOWN
		CITY:			TORTOLA
		STATE:			D8
		ZIP:			VG 1110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SEAL (BVI) Corp.
		DATE OF NAME CHANGE:	20221019
</SEC-HEADER>
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<TYPE>424B3
<SEQUENCE>1
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<P STYLE="margin: 0">&nbsp;</P>

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  <TD STYLE="width: 90%">&nbsp;</TD>
  <TD STYLE="white-space: nowrap; width: 1%"><P STYLE="margin-top: 0; margin-bottom: 0">Filed Pursuant to Rule 424(b)(3)</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">Registration No. 333-273793</P></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>8,000,000 Ordinary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus relates to the resale, from time to time, by the selling
shareholders named herein (the &#8220;Selling Shareholders&#8221;) of an aggregate of up to 8,000,000 of our Ordinary Shares, US$0.01
par value per Ordinary Share (the &#8220;Ordinary Shares&#8221;), reserved for issuance (i) upon the conversion of currently outstanding
4% discount convertible promissory notes (the &#8220;Notes&#8221;)&#160; held by the Selling Shareholders (the &#8220;Conversion Shares&#8221;)
and (ii) upon exercise of currently outstanding warrants (the &#8220;Warrants&#8221;) held by the Selling Shareholders (the &#8220;Warrant
Shares&#8221;). The Notes and Warrants were issued to the Selling Shareholders on July 11, 2023 (the &#8220;Closing Date&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are registering the resale of up to an aggregate of 8,000,000 Conversion
Shares and Warrant Shares as required by the Registration Rights Agreement, dated as of July 11, 2023 (the &#8220;Registration Rights
Agreement&#8221;), by and among us and the Selling Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Conversion Shares include Ordinary Shares issuable upon conversion
of $10,000,000.00 in aggregate principal amount of the Notes and in accruing interest which may be paid by the Company in Conversion Shares
with the written consent of the Selling Shareholders (including Ordinary Shares reserved for potential issuance in the event of possible
future default or dilution adjustments). The Notes are convertible at a conversion price of (i) $30.00 per Ordinary Share (the &#8220;Fixed
Conversion Price&#8221;), or (ii) 92% of the lowest daily variable-weighted average price (the &#8220;VWAP&#8221;) per Ordinary Share
during the 10 trading days preceding the conversion (the &#8220;Variable Conversion Price&#8221;). The Variable Conversion Price has a
floor of $2.50 per Ordinary Share (the &#8220;Floor Conversion Price&#8221;). The Fixed Conversion Price has a one-time reset on the 6-month
anniversary following the Closing Date to the lower of (x) the initial Fixed Conversion Price, (y) the initial Variable Conversion Price,
or (z) 130% of the daily VWAP per Ordinary Share on the trading day prior to the reset date. The Notes provide for adjustment of the Fixed
Conversion Price for, <I>inter alia</I>, stock dividends, stock splits, stock combinations, rights offerings, pro rata distributions of
assets, reclassifications of Ordinary Shares, exchanges of Ordinary Shares or substitutions of Ordinary Shares, dilutive issuances, certain
option issuances and issuances of convertible securities. At the Floor Conversion Price, the Notes are convertible into an aggregate of
4,320,000 Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Warrant Shares include Ordinary Shares issuable upon exercise of
the Warrants (including Ordinary Shares reserved for potential issuance in the event of possible future default or dilution adjustments).
The Warrants are exercisable, immediately upon issuance at the option of the holders, at an exercise price per Ordinary Share equal to
initial Fixed Conversion Price for the Notes ($30.00 per Ordinary Share), subject to a one-time reset on the 6-month anniversary of the
Closing Date to 120% of the daily VWAP per Ordinary Share on the trading day prior to the reset date. Pursuant to the Purchase Agreement,
on the initial Closing Date, the Selling Shareholders were issued the Initial Warrants to purchase up to an aggregate of 245,816 Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent that Conversion Shares and/or Warrant Shares are issued
by the Company under the terms of the Notes and Warrants, substantial amounts of Ordinary Shares could be issued and resold, which would
cause dilution and may impact the Company&#8217;s stock price. See &#8220;Risk Factors&#8221; and &#8220;Convertible Note Financing&#8221;
for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not selling any securities under this prospectus and will not
receive any of the proceeds from the sale of our Conversion Shares or Warrant Shares by the Selling Shareholders. However, we may receive
proceeds from the exercise of the Warrants, which, if exercised in full for an aggregate of 245,816 Ordinary Shares and for cash at the
current $30.00 exercise price per Ordinary Share, would result in gross proceeds to us of approximately $7,374,480.00. There is no assurance
that the Selling Shareholders will elect to exercise any of the Warrants for cash and, accordingly, no assurance that we will receive
any proceeds from the exercise of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will pay the expenses of registering the Conversion Shares and
Warrant Shares offered by this prospectus, but all selling and other expenses incurred by the Selling Shareholders will be paid by
the Selling Shareholders. The Selling Shareholders may sell the Conversion Shares and the Warrant Shares offered by this prospectus
from time to time on terms to be determined at the time of sale through ordinary brokerage transactions or through any other means
described in this prospectus under &#8220;Plan of Distribution.&#8221; The prices at which the Selling Shareholders may sell the
Conversion Shares or the Warrant Shares will be determined by the prevailing market price for our Ordinary Shares or in negotiated
transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Ordinary Shares are listed on the Nasdaq Global Market under the
ticker symbol &#8220;LAES.&#8221;&#160; The last reported sale price of our Ordinary Shares on the Nasdaq Global Market on August 4,
2023 was $11.06 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Investing in our Ordinary Shares involves risks.
See &#8220;Risk Factors&#8221; beginning on page 22 of this prospectus for a discussion of information that should be considered
in connection with an investment in our Ordinary Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the U.S. Securities and Exchange Commission
(&#8220;SEC&#8221;) nor any other regulatory body 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: 0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus dated&#160;August 21, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%">ABOUT THIS PROSPECTUS</TD>
    <TD STYLE="text-align: right; width: 10%">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>FORWARD-LOOKING STATEMENTS</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>ENFORCEABILITY OF CIVIL LIABILITIES</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>INDUSTRY AND MARKET DATA</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>PROSPECTUS SUMMARY</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>RISK FACTORS</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>CONVERTIBLE NOTE FINANCING</TD>
    <TD STYLE="text-align: right">58</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>USE OF PROCEEDS</TD>
    <TD STYLE="text-align: right">72</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>CAPITALIZATION</TD>
    <TD STYLE="text-align: right">73</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&#160;74</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>BUSINESS</TD>
    <TD STYLE="text-align: right">90</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>MANAGEMENT</TD>
    <TD STYLE="text-align: right">114</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</TD>
    <TD STYLE="text-align: right">126</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</TD>
    <TD STYLE="text-align: right">130</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>SELLING SHAREHOLDERS</TD>
    <TD STYLE="text-align: right">&#160;131</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>CERTAIN BRITISH VIRGIN ISLANDS COMPANY CONSIDERATIONS</TD>
    <TD STYLE="text-align: right">133</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>DIVIDEND POLICY</TD>
    <TD STYLE="text-align: right">141</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>MATERIAL TAX CONSIDERATIONS</TD>
    <TD STYLE="text-align: right">142</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>DESCRIPTION OF SHARES</TD>
    <TD STYLE="text-align: right">150</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>PLAN OF DISTRIBUTION</TD>
    <TD STYLE="text-align: right">152</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES</TD>
    <TD STYLE="text-align: right">155</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>LEGAL MATTERS</TD>
    <TD STYLE="text-align: right">155</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>EXPERTS</TD>
    <TD STYLE="text-align: right">155</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT</TD>
    <TD STYLE="text-align: right">155</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>WHERE YOU CAN FIND ADDITIONAL INFORMATION</TD>
    <TD STYLE="text-align: right">156</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</TD>
    <TD STYLE="text-align: right">F-1</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">You
should rely only on the information contained in this prospectus or in any related free-writing prospectus. Neither we nor the Selling
Shareholders have authorized anyone to provide you with information different from that contained in this prospectus or any free-writing
prospectus. We are offering to sell, and seeking offers to buy, the ordinary shares only in jurisdictions where offers and sales are permitted.
The information contained in this prospectus is current only as of the date of this prospectus, regardless of the time of delivery of
this prospectus or of any sale of the Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
have not taken any action to permit a public offering of the Ordinary Shares outside the United States or to permit the possession or
distribution of this prospectus outside the United States. Persons outside the United States who come into possession of this prospectus
must inform themselves about and observe any restrictions relating to the offering of the Ordinary Shares and the distribution of the
prospectus outside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">References to &#8220;SEALSQ,&#8221; the &#8220;Company,&#8221;
&#8220;we,&#8221; &#8220;our,&#8221; &#8220;us&#8221; or similar terms refer to the registrant, SEALSQ Corp, and its subsidiaries, except
as otherwise indicated or where the context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated, all information contained
in this prospectus regarding &#8220;WISeKey&#8221; has been provided by WISeKey to SEALSQ for purposes of inclusion in this prospectus.
Any reference to &#8220;WISeKey&#8221; is to WISeKey International Holding AG and its subsidiaries, except as otherwise indicated or where
the context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-indent: -42.5pt">References to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-indent: -42.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#8220;Articles&#8221; are to our
Amended and Restated Memorandum and Articles of Association as in effect as of the date of this prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#8220;BVI&#8221; are to the British
Virgin Islands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#8220;BVI Act&#8221; are to the
BVI Business Companies Act 2004, as amended</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#8220;BVI Insolvency Act&#8221;
are to the BVI Insolvency Act, 2003, as amended</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#8220;Code&#8221; are to U.S. Internal
Revenue Code of 1986, as amended</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#8220;IRS&#8221; are to the U.S.
Internal Revenue Service</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#8220;JOBS Act&#8221; are to U.S.
Jumpstart Our Business Startups Act of 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#8220;Sarbanes-Oxley Act&#8221;
are to U.S. Sarbanes-Oxley Act of 2002</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#8220;SEC&#8221; or &#8220;Commission&#8221;
are to the U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#8220;Securities Act&#8221; are
to the U.S. Securities Act of 1933, as amended</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#8220;Securities Exchange Act&#8221;
and &#8220;Exchange Act&#8221; are to the U.S. Securities Exchange Act of 1934, as amended</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 113.4pt; text-indent: -42.5pt">&#8220;$&#8221;, &#8220;US$&#8221;,
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following industry-specific acronyms are used
in throughout the prospectus and have the meanings as set out below:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#8220;ANSSI&#8221; is the Agence Nationale de la S&#233;curit&#233;
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#8220;Common Criteria EAL&#8221; refers to the Common Criteria
Evaluation Assurance Level attributed to an IT product or system on a grade of 1 to 7 with 7 being the highest.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#8220;FIDO&#8221; means Fast Identity
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#8220;FIPS140-2&#8221; refers to the Federal Information Processing
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#8220;IC&#8221; is an Integrated Circuit</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#8220;IoT&#8221; is the Internet of
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#8220;IP&#8221; is Internet Protocol</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#8220;IPv6&#8221; is version six of
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#8220;NCCOE&#8221; is the U.S. National
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#8220;NIST&#8221; refers to the U.S.
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#8220;OEM&#8221; is an Original Equipment
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#8220;PQC&#8221; is Post-Quantum Cryptography</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#8220;USP&#8221; refers to Utility Service
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&#160;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus contains forward-looking statements.
These forward-looking statements include information about possible or assumed future results of our operations or our performance. Words
such as &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;estimates,&#8221;
&#8220;projects,&#8221; &#8220;forecasts&#8221; and variations of such words and similar expressions, as they relate to us, WISeKey, our
management or third parties, are intended to identify the forward-looking statements. Forward-looking statements include statements regarding
our business strategy, financial performance, results of operations, market data, events or developments that SEALSQ expects or anticipates
will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected
in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant
uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied
by such forward-looking statements. Forward-looking statements include, but are not limited to, statements we make regarding:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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and growth of secure hardware market, growing demand for IoT solutions, increase in cybersecurity spending based on the recent regulations
and legislations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.9pt 0pt 5pt; text-align: justify; text-indent: 0.5in">The preceding
list is not intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements are based on our
beliefs, assumptions and expectations of future performance, taking into account the information currently available to us and are only
predictions based upon our current expectations and projections about future events. There are important factors that could cause our
actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance
or achievements expressed or implied by these forward-looking statements. Those factors include, in addition to those set forth in &#8220;Risk
Factors&#8221; and those included elsewhere in this prospectus, among others, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.9pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate
tax credits, benefits, deductions and provisions and to realize deferred tax assets;</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.9pt 0pt 5pt; text-align: justify; text-indent: 0.5in">Given these risks
and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.9pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><B>WE UNDERTAKE
NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PROSPECTUS OR THE DOCUMENTS TO WHICH WE REFER
YOU IN THIS PROSPECTUS, TO REFLECT ANY CHANGE IN OUR EXPECTATIONS WITH RESPECT TO SUCH STATEMENTS OR ANY CHANGE IN EVENTS, CONDITIONS
OR CIRCUMSTANCES ON WHICH ANY STATEMENT IS BASED, EXCEPT AS REQUIRED BY LAW.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are incorporated under the laws of the British
Virgin Islands and our principal executive offices are located outside the United States. Most of our directors and officers and those
of our subsidiaries are residents of countries other than the United States. Substantially all of our and our subsidiaries&#8217; assets
and a substantial portion of the assets of our directors and officers are located outside the United States. As a result, it may be difficult
or impossible for United States investors to effect service of process within the United States upon us, our directors or officers or
our subsidiaries, or to realize against us or them judgments obtained in United States courts, including judgments predicated upon the
civil liability provisions of the securities laws of the United States or any state in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Furthermore, there is substantial doubt that courts
in jurisdictions outside the U.S. (i) would enforce judgments of U.S. courts obtained in actions against us or our directors or officers
based upon the civil liability provisions of applicable U.S. federal and state securities laws or (ii) would enforce, in original actions,
liabilities against us or our directors or officers based on those laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We obtained the industry, market, and competitive
position data used throughout this prospectus from our own internal estimates and research, as well as from independent market research,
industry, and general publications and surveys, governmental agencies, and publicly available information in addition to research, surveys,
and studies conducted by third parties. Internal estimates are derived from publicly available information released by industry analysts
and third-party sources, our internal research, and our industry experience, and are based on assumptions made by us based on such data
and our knowledge of our industry and market, which we believe to be reasonable. In some cases, we do not expressly refer to the sources
from which this data is derived. In that regard, when we refer to one or more sources of this type of data in any paragraph, you should
assume that other data of this type appearing in the same paragraph is derived from the same sources, unless otherwise expressly stated
or the context otherwise requires. In addition, while we believe the industry, market, and competitive position data included in this
prospectus is reliable and based on reasonable assumptions, such data involve risks and uncertainties and are subject to change based
on various factors, including those discussed in the section titled &#8220;Risk Factors.&#8221; These and other factors could cause results
to differ materially from those expressed in the estimates made by the independent parties or by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>This summary highlights information that appears
later in this prospectus and is qualified in its entirety by the more detailed information and financial statements included elsewhere
in this prospectus. This summary may not contain all of the information that may be important to you. As an investor or prospective investor,
you should carefully review the entire prospectus, including the section of this prospectus titled &#8220;Risk Factors&#8221; and the
more detailed information that appears later in this prospectus before making an investment in our Ordinary Shares.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Unless otherwise indicated, references to &#8220;SEALSQ,&#8221;
&#8220;SEAL Semiconductors,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us&#8221; or similar terms refer
to the registrant, SEALSQ Corp, and its subsidiaries, except where the context otherwise requires. Unless otherwise indicated, all references
to &#8220;U.S. dollars,&#8221; &#8220;dollars,&#8221; &#8220;USD&#8221;, &#8220;US$&#8221; and &#8220;$&#8221; in this prospectus are
to the lawful currency of the United States of America.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ Corp (formerly known as SEAL (BVI) Corp.)
was incorporated under the laws of the British Virgin Islands on April 1, 2022. SEALSQ was incorporated by WISeKey International Holding
AG to serve as the holding company of 2 subsidiaries and 1 branch (which formerly represented WISeKey&#8217;s global semiconductor business)
that were transferred by WISeKey to SEALSQ (the &#8220;Subsidiaries&#8221; or &#8220;SEALSQ Corp Predecessor&#8221;). On January 1, 2023,
WISeKey contributed these subsidiaries to SEALSQ, and on May 23, 2023, as the then-sole shareholder of SEALSQ, distributed 20% of SEALSQ&#8217;s
outstanding ordinary shares of US$0.01 par value per share (&#8220;Ordinary Shares&#8221;) to holders of WISeKey Class B Shares (&#8220;Class
B Shares&#8221;), including to holders of WISeKey American Depositary Shares (&#8220;ADSs&#8221;) representing WISeKey Class B Shares,
and to holders of WISeKey Class A Shares (&#8220;Class A Shares&#8221;), as a distribution by way of a dividend in kind to such holders
who held such Class B Shares and Class A Shares as of the May 19, 2023 record date, and for ADS holders who held ADSs as of the May 22,
2023 record date, for the Spin-Off Distribution (the &#8220;Spin-Off Distribution&#8221;). WISeKey was deemed to have acted as a statutory
underwriter in connection with the Spin-Off Distribution. As of the date of this prospectus, WISeKey holds 100% ownership of SEALSQ Class
F Shares with a par value of US$0.05 per share (&#8220;Class F Shares&#8221;) and 80% of SEALSQ Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the registration statement of which this
prospectus forms a part, the Company is applying to register <FONT STYLE="background-color: white">the resale, from time to time, by the
selling shareholders named herein </FONT>of the Ordinary Shares issued upon conversion of Notes and/or exercise of Warrants. The Ordinary
Shares are listed on the Nasdaq Global Market under the ticker symbol &#8220;LAES&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The financial statements in this prospectus include
financial statements of the SEALSQ Corp Predecessor for the fiscal years ended December 31, 2020, December 31, 2021 and December 31, 2022,
and the balance sheet of SEALSQ Corp as of December 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although WISeKey did not transfer the Subsidiaries
constituting the WISeKey semiconductor business to SEALSQ until January 1, 2023, the operating and other statistical information with
respect to SEALSQ&#8217;s business is presented as of December 31, 2022, unless otherwise indicated, as if SEALSQ owned such semiconductor
business as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>


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

</TD></TR>
</TABLE>
<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">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overview</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are an OEM supplier of cybersecurity to manufacturers
    of IoT devices, branded appliances and precious objects. We believe that SEALSQ is uniquely placed in the IoT technology market as we
    combine secure hardware with a platform to manage its keys and to manage the physical/cyber pairing. This pairing associates the hardware
    chip inseparably with digital certificates and a digital record that reflects the lifecycle of the chip. Conversely, the digital security
    is anchored in hardware inside the device. We believe that it is this unique proposition that enables us to bring digital trust to the
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Once implemented into the target device or object,
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<TD STYLE="border-left: Black 1pt solid; width: 0.7in"></TD><TD STYLE="width: 0.5in">i)</TD><TD STYLE="border-right: Black 1pt solid">it makes the device capable to identify and authenticate itself vis-&#224;-vis a platform or another device with which it communicates,</TD></TR></TABLE>

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<TD STYLE="border-left: Black 1pt solid; width: 0.7in"></TD><TD STYLE="width: 0.5in">i)</TD><TD STYLE="border-right: Black 1pt solid">&#8220;Secure Elements&#8221; implementing a mix of analog and digital countermeasures which are the DNA of our engineering teams,
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pairing associates the hardware chip inseparably with digital certificates and a digital record that reflects the lifecycle of the chip.
Conversely, the digital security is anchored in hardware inside the device. We believe it is this unique proposition that enables us to
bring digital trust to the physical world.</TD>
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<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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and retain the highest quality sales representatives with demonstrated success. We are one of the only vendors in our market solely focused
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<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5pt; text-align: center"><B>Key Challenges</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may face a number of challenges,  including:&#160;</P>

</TD></TR>
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thus to be potentially more flexible during price negotiation.</TD>
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<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<TD STYLE="border-left: Black 1pt solid; width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>We may have difficulty operating as an independent, publicly traded company.</TD>
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<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<TD STYLE="border-left: Black 1pt solid; width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>We derive a significant amount of our revenues each year from a limited number of significant customers.</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 0.2in">&#160;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<TD STYLE="border-left: Black 1pt solid; width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The market price of our Ordinary Shares may be subject to significant fluctuations.</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See the section titled &#8220;Risk Factors&#8221;
for more information on each of these key challenges.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our mission is to bring digital trust to the physical
world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our products bridge the physical and the digital
world with a unique symbiosis between tamperproof semiconductors (physical) and managed cryptography (digital). We are an OEM supplier
of cybersecurity to manufacturers of IoT devices, branded appliances and precious objects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Current customers use our products to bolt trust
onto objects and devices ranging from pieces of art, medical consumables, and plastic access tokens to high-end appliances such as personal
health monitors, industrial controllers, IT servers, home connected appliances, portable Hard Drives, authentication tokens, drones, and
satellites. Brands count on our products to fight counterfeit, grey import, and theft. Industry and society count on our products to protect
connected devices, which are often placed in unmanned and uncontrolled environments, against manipulation, disruption, spoofing, and data
leakage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our vision is to go beyond individual devices and
objects, and to enable a trusted metaverse. SEALSQ uses WISeID as a Universal Communications Identifier (UCID). We aim to build upon the
UCID as a fundamental identity that transcends the metaverse and is a universal identity that encompasses physical identities as well.
The UCID is based in our strengths as a provider of PKI certificates and well established cryptography. As a foundational identity, the
UCID will enable applications that have identities on and off of the blockchain, such as IoT devices that have identities on a blockchain,
and Non Fungible Tokens (NFTs) that link to physical objects. The SEALSQ technologies ensure that devices and objects in the metaverse
are authentic and cannot be corrupted or duplicated.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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  <TD STYLE="border: Black 1pt solid; width: 100%">&#160;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ will implement the QUASARS (QUAntum resistant
Secure ARchitectureS) project, a radical innovative solution, based upon the new WISeKey Secure RISC V based platform that is paving the
way for the Post Quantum Cryptography era, with hybrid solutions compliant to ANSSI (&#8220;Agence Nationale de la S&#233;curit&#233;
des Syst&#232;mes d&#8217;Information&#8221;, the National Cybersecurity Agency of France) recommendations. WISeKey Semiconductors has
received strong support from the French SCS Cluster for its QUASARS project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Metaverse will present entirely new ways, for
example, to create employment, impart education, deliver healthcare, and plan urban spaces. We believe it will be the next major labor
organizing platform and that new organizations, products, and services will handle everything from payment processing to identity verification,
hiring, ad delivery, content generation, and security. The Metaverse is based on Web 3.0, also known as the decentralized web, and is
an evolution of the Internet that allows users to interact with each other in a more secure and private way. It does this by using third-party
blockchain technology to create a peer-to-peer network where users can transact without relying on intermediaries. This makes it ideal
for developing virtual worlds as it provides a platform for users to interact without fear of censorship or data theft.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ provides Digital Identities for Objects
in the Metaverse, using an identification module that is built into the protocol, while supplementary applications will be developed.
Users will have autonomy over their identity, meaning that they are in full control of their personal identification information and hence
need not to rely on any central entity or third party for identity verification. With a true NFT identity, users can create, sign, and
verify claims, while parties who interact with a user will be able to prove their identity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The addressable market for IoT cybersecurity is
massive: more than 12 billion IoT devices were connected in 2021 and this number is expected to grow to 27 billion units in 2025 with
CAGR of 22% according to IoTAnalytics.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>&#160;McKinsey
predict an annual US$12.6 trillion in economic value by 2030.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As it stands, many of the currently deployed IoT
devices lack any serious form of security: the devices contain weaknesses that can easily be exploited, and the vast majority of data
transmission is left unprotected. Regulatory and legislative pressure in combination with the rising danger of ransomware and other types
of attacks, however, will force IoT customers to adopt solid cybersecurity practices and techniques.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">___________________________</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>&#8220;State of IoT &#8211; Spring 2022&#8221;, IOT Analytics, May 2022&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> &#8220;The Internet of Things: Catching up to an accelerating
Opportunity&#8221;, McKinsey &amp; Company, November 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An increase in cyber threats targeting critical infrastructure systems is one reason ABI Research forecasts that Authentication IC (Integrated Circuit), our core market, will be at the center of IoT cybersecurity. ABI Research also anticipates that the global market size of the Authentication IC will grow from 0.3 billion in 2022 to 1 billion in 2026 at a CAGR of 57.1%.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A large part of our business relies on the one-time-sale of hardware. We also, however, created our own post-market for provisioning, onboarding, and life cycle management offering an additional and recurring monetization opportunity. Those post-market services also fortify customer stickiness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We intend to execute on the following growth strategies:</P>

 </TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Introduce new products to create additional opportunities in upgrade markets, in different sectors, and in new applications of our
technology in innovating markets. For this purpose, SEALSQ is developing a brand-new generation of Secure Elements implementing new technologies
in order to optimize its footprint and thus its costs, a Flash memory providing more customization flexibility, and a new generation of
Crypto Processor capable of running Post-Quantum algorithms selected by the NIST.</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 0.2in">&#160;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TD STYLE="border-left: Black 1pt solid; width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Grow global customer base. We invested significantly, and plan to continue to invest, in our sales organization to drive new customer
adoption and to introduce our products to new markets. We believe these investments will allow us to pursue new large enterprise opportunities
as well as opportunities outside of the United States.</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 0.2in">&#160;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TD STYLE="border-left: Black 1pt solid; width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Expand our presence in the market by leveraging our ecosystem of partners. We believe there is a significant opportunity to grow sales
through our technology and channel partners, particularly to mid-market enterprises.</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 0.2in">&#160;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
                                                                                              </TABLE>

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

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<TD STYLE="border-left: Black 1pt solid; width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Expand within our existing customers as they grab their market opportunities. Our product revenue is directly tied to the number of
devices they sell.</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 0.2in">&#160;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
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<TD STYLE="border-left: Black 1pt solid; width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Expand within our existing customers as we expand to new parts of their network, or as we displace a competitor. We expect to grow
as our customers broaden their use of our products in different IoT markets.&#8239;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 0.2in">&#160;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
                                                                                             <TR STYLE="vertical-align: top">
<TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#160;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 35.45pt; background-color: white"><B>Convertible Note Financing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 35.45pt; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">On July 11, 2023, we closed an initial $10 million tranche (the &#8220;First Tranche&#8221;) of a private placement of Convertible Notes and Warrants with certain investors (collectively, the &#8220;Investors&#8221;) pursuant to the terms of a Securities Purchase Agreement, dated July 11, 2023, between the Company and the Investors (the &#8220;Purchase Agreement&#8221;).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white">&#160;___________________________&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"><SUP>3
</SUP>&#8220;Embedded Security for the IoT&#8221;, ABI Research, January March 2020</P>


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</TD></TR>
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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border: Black 1pt solid; width: 100%">&#160;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">In
connection with the closing of the First Tranche, the Company issued to the Investors (i) 4% Senior Original Issue Discount Convertible
Notes due 2025 in an aggregate principal amount of $10,000,000.00 (the &#8220;Initial Notes,&#8221; and together with the Notes that may
be issued in the second tranche issuance described below, the &#8220; Notes&#8221;), convertible into a number of the Company&#8217;s
Ordinary Shares, and (ii) Warrants with a 5-year maturity (the &#8220;Initial Warrants,&#8221; and together with the Warrants that may
be issued in the second tranche issuance described below, the &#8220;Warrants&#8221;) to purchase a number of Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">A
second tranche issuance of Notes and Warrants (the &#8220;Second Tranche&#8221;) is subject to the mutual consent of the parties, and
may be provided for up to a total of $10 million in principal amount of Notes. Such Second Tranche would close only after the effective
date of a resale registration statement and upon the satisfaction (or waiver) of the closing conditions for the Second Tranche specified
in the Purchase Agreement. Such principal amount, if funded, will be added to the principal amount of the Notes, and the Investors will
be entitled to receive an additional Warrants carrying the same terms as the Initial Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">We
are registering the resale of up to an aggregate of 8,000,000 Ordinary Shares issuable upon conversion of the Initial Notes (&#8220;Conversion
Shares&#8221;) and upon exercise of the Initial Warrants (&#8220;Warrant Shares&#8221;) as required by the Registration Rights Agreement,
dated as of July 11, 2023 (the &#8220;Registration Rights Agreement&#8221;), by and among us and the Investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">The
Conversion Shares include Ordinary Shares issuable upon conversion of $10,000,000.00 in aggregate principal amount of the Initial Notes
and in accruing interest which may be paid by the Company in Conversion Shares with the written consent of the Selling Shareholders (including
Ordinary Shares reserved for potential issuance in the event of possible future default or dilution adjustments). The Notes are convertible
at a conversion price of (i) $30.00 per Ordinary Share (the &#8220;Fixed Conversion Price&#8221;), or (ii) 92% of the lowest daily variable-weighted
average price (the &#8220;VWAP&#8221;) per Ordinary Share during the 10 trading days preceding the conversion (the &#8220;Variable Conversion
Price&#8221;). The Variable Conversion Price has a floor of $2.50 per Ordinary Share (the &#8220;Floor Conversion Price&#8221;). The Fixed
Conversion Price has a one-time reset on the 6-month anniversary following the Closing Date to the lower of (x) the initial Fixed Conversion
Price, (y) the initial Variable Conversion Price, or (z) 130% of the daily VWAP per Ordinary Share on the trading day prior to the reset
date. The Notes provide for adjustment of the Fixed Conversion Price for, inter alia, stock dividends, stock splits, stock combinations,
rights offerings, pro rata distributions of assets, reclassifications of Ordinary Shares, exchanges of Ordinary Shares or substitutions
of Ordinary Shares, dilutive issuances, certain option issuances and issuances of convertible securities. At the Floor Conversion Price,
the Notes are convertible into 4,320,000 Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">The
Warrant Shares include Ordinary Shares issuable upon exercise of the Initial Warrants (including Ordinary Shares reserved for potential
issuance in the event of possible future default or dilution adjustments). The Warrants are exercisable, immediately upon issuance at
the option of the holders, at an exercise price per Ordinary Share equal to initial Fixed Conversion Price for the Notes ($30.00 per Ordinary
Share), subject to a one-time reset on the 6-month anniversary of the Closing Date to 120% of the daily VWAP per Ordinary Share on the
trading day prior to the reset date. Pursuant to the Purchase Agreement, on the Initial Closing Date, the Investors were issued the Initial
Warrants to purchase up to an aggregate of 245,816 Ordinary Shares.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An investment in our securities is subject to a number of risks, including risks related to our industry, business and corporate structure. The following summarizes some, but not all, of these risks. Please carefully consider all of the information discussed in &#8220;Risk Factors&#8221; in this prospectus for a more thorough description of these and other risks.</P>

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</TD></TR>
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<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-align: center">&#8239;<B>Corporate Structure</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">We are a subsidiary of WISeKey.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">Pursuant to an internal restructuring of WISeKey on January 1, 2023 (the &#8220;Internal Restructuring&#8221;), WISeKey transferred the ownership of WISeKey Semiconductors SAS (formerly known as VaultIC SAS), a French semiconductor manufacturer and distributor, WISeKey IoT Japan KK, a Japan-based sales subsidiary of WISeKey Semiconductors SAS, and WISeKey Semiconductors, Taiwan Branch, a Taiwan- based sales and support branch of WISeKey Semiconductors SAS, to SEALSQ in a share exchange. Thereafter, on May 23, 2023, pursuant to the Spin-Off Distribution, WISeKey distributed 20% of SEALSQ&#8217;s outstanding Ordinary Shares to holders of WISeKey Class B Shares, including to holders of ADSs representing WISeKey Class B Shares, and to holders of WISeKey Class A Shares, as a distribution by way of a dividend in kind to such holders who held Class B Shares and Class A Shares as of the May 19, 2023 record date, and holders of ADSs as of the May 22, 2023 record date, for the Spin-Off Distribution. WISeKey was deemed to have acted as a statutory underwriter in connection with the Spin-Off Distribution.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">For a discussion of the history and development of SEALSQ, see the section titled &#8220;Business&#8221;.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">As of the date of this prospectus, WISeKey International Holding AG holds 100% of the Class F Shares (subject to the grant and exercise of Class F Share Options as described below) and 80%of the Ordinary Shares. SEALSQ is reserving up to 5% of its Class F Shares for issuance pursuant to an F Share Option Plan for certain directors and senior management of SEALSQ, its subsidiaries and its parent. As a result, WISeKey&#8217;s initial ownership percentage of SEALSQ Class F Shares is subject to the grant and exercise of SEALSQ Class F Share Options from time to time. For a description of the Ordinary Shares and the Class F Shares, see &#8220;Description of Shares.&#8221;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">The following diagram depicts our organizational
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">* Subject to the grant and exercise of
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including Mr. Carlos Moreira and Mr. Peter Ward but excluding WISeKey International Holding AG.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">SEALSQ Corp is a BVI business company incorporated
and existing under the laws of the British Virgin Islands. Our registered office in the British Virgin Islands is at Craigmuir Chambers,
Road Town, Tortola, VG 1110, British Virgin Islands. Our principal executive offices and effective place of management are located at
Avenue Louis-Casa&#239; 58, 1216 Cointrin, Switzerland. Our telephone number from the United States is 011 41 22 594 3000. Our website
can be accessed at&#160;www.SEALSQ.com.&#160;The information on or linked to on our website is not a part of this prospectus.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">Because we are incorporated under the laws of the British Virgin Islands, you may encounter difficulty protecting your interests as shareholders, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections titled &#8220;Risk Factors&#8221; and &#8220;Enforceability of Civil Liabilities&#8221; for more information.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in"><B>Implications of Being an Emerging Growth Company and a Foreign Private Issuer</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">We qualify as an &#8220;emerging growth company&#8221; as defined in the JOBS Act. As an emerging growth company, we may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies in the United States. These provisions include:&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">As a result, we do not know if some investors will find our Ordinary Shares less attractive. The result may be a less active trading market for our Ordinary Shares, and the price of our Ordinary Shares may become more volatile. We may choose to take advantage of some or all these provisions until the last day of the fiscal year ending after May 23, 2028 or such earlier time that we are no longer an emerging growth company. We would cease to be an emerging growth company if we have more than $1.07 billion in total annual gross revenue, have more than $700 million in market value of our ordinary shares held by non-affiliates or issue more than $1.0 billion of non-convertible debt over a three-year period.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">Our status as a &#8220;foreign private issuer&#8221; also exempts us from compliance with certain laws and regulations of the SEC and certain regulations of Nasdaq. Consequently, we are not subject to all of the disclosure requirements applicable to U.S. public companies. For example, we are exempt from certain rules under the Securities Exchange Act that regulate disclosure obligations and procedural requirements related to the solicitation of proxies, consents or authorizations applicable to a security registered under the Securities Exchange Act. In addition, our executive officers and directors are exempt from the reporting of &#8220;short-swing&#8221; profit recovery provisions of Section 16 of the Securities Exchange Act and related rules with respect to their purchases and sales of our securities. Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. public companies. Accordingly, there may be less publicly available information concerning our company than there is for U.S. public companies.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-align: justify; text-indent: 0.5in">We may take advantage of these exemptions until such time as we no longer qualify as a foreign private issuer. In order to maintain our current status as a foreign private issuer, either a majority of our outstanding voting securities must be directly or indirectly held of record by non-residents of the United States, or, if a majority of our outstanding voting securities are directly or indirectly held of record by residents of the United States, a majority of our executive officers or directors may not be United States citizens or residents, more than 50% of our assets cannot be located in the United States and our business must be administered principally outside the United States.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-align: justify; text-indent: 0.5in">We have taken advantage of certain of these reduced reporting and other requirements in this prospectus. Accordingly, the information contained herein may be different from the information you receive from other public companies in the U.S. in which you hold equity securities.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-align: justify; text-indent: 0.5in">We are a &#8220;controlled company&#8221; as defined under the Nasdaq Stock Market Rules, because one of our shareholders, WISeKey, holds more than 50% of our voting power. As a result, for so long as we remain a controlled company as defined under those rules, we are exempt from, and our shareholders generally are not provided with the benefits of, some of the Nasdaq Stock Market corporate governance requirements, including that:</P>

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                                                                            <TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;&#160;&#160;</P>

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                                           <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                           <P STYLE="margin-top: 0; margin-bottom: 0"><B>THE OFFERING</B></P></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; width: 0.2in"></TD><TD STYLE="width: 3in"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Ordinary Shares offered by the Selling</B></P>
                                                     <P STYLE="margin-top: 0; margin-bottom: 0"><B>Shareholders</B></P></TD><TD><FONT STYLE="background-color: white">Up to 8,000,000 </FONT>Ordinary Shares <FONT>of our company,
which includes </FONT>Ordinary Shares <FONT STYLE="background-color: white">potentially issuable upon the conversion of the Notes held
by the Selling Shareholders (including additional Ordinary Shares reserved for potential issuance in the event of default or dilution
adjustments), and </FONT>Ordinary Shares <FONT STYLE="background-color: white">potentially issuable upon the exercise of the Warrants
to purchase </FONT>Ordinary Shares <FONT STYLE="background-color: white">issued to the Selling Shareholders (including additional Ordinary
Shares reserved for potential issuance in the event of default or dilution adjustments).</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 0.2in">&#160;</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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                                                                                                         <TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD><B>Use of proceeds&#9;</B></TD><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT>We
will not receive any proceeds from the sale by the Selling Shareholders of the </FONT>Ordinary Shares <FONT STYLE="background-color: white">being
offered by this prospectus. However, we may receive proceeds from the cash exercise of the Warrants, which would result in gross proceeds
to us of approximately $</FONT>7,374,480<FONT STYLE="background-color: white">, assuming exercise in full for cash at the current exercise
price of the Warrants of $</FONT>30.00 <FONT STYLE="background-color: white">per Ordinary Share. The proceeds from such Warrant exercises,
if any, will be used for working capital and general corporate purposes. No assurances can be given that all or any portion of the Warrants
will be exercised. </FONT></P>

</TD>
    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
                                                                                                         <TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
                                                                                                         <TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD><B>Trading market and symbol&#9;</B></TD><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Our
Ordinary Shares currently trade on the Nasdaq Global Market under the symbol &#8220;LAES.&#8221;</P>

</TD>
    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
                                                                                                         <TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
                                                                                                         <TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid">&#160;</TD><TD><B>Risk factors&#9;</B></TD><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Your
investment in our Ordinary Shares will involve risks. You should carefully consider all the information in this prospectus, including
the information referred to in the section titled &#8220;Risk Factors&#8221; beginning on page 22 of this prospectus and information
under the heading &#8220;Forward-Looking Statements&#8221; beginning on page 3 of this prospectus, before deciding whether to
purchase our Ordinary Shares.</P>

</TD>
    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
                                                                                                         <TR STYLE="vertical-align: top">
<TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&#160;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in; text-align: left">Unless
we indicate otherwise, all information in this prospectus is based on 7,509,684 O<FONT STYLE="background-color: white">rdinary Shares
issued and outstanding as of the date of this prospectus.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&#160;</FONT></P>

</TD></TR>
                                                                                                         </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -3in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -3in"><FONT STYLE="background-color: white">&#160;</FONT><BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid">&#160;<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"><FONT STYLE="text-transform: uppercase"><B>SUMMARY FINANCIAL AND OTHER DATA</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">The following table presents selected financial and other operating data for the periods and at the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">The table should be read together with the section of this prospectus titled &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operation.&#8221; The selected financial data of SEALSQ Corp Predecessor as of and for the years ended December 31, 2020, 2021 and 2022 is a summary of, is derived from, and is qualified by reference to, the audited financial statements of SEALSQ Corp Predecessor and notes thereto. The financial statements of SEALSQ Corp Predecessor have been prepared in accordance with U.S. generally accepted accounting principles, or &#8220;U.S. GAAP.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in; text-indent: 0.5in">Our statements of operations, balance sheets, shareholders&#8217; equity and cash flows, together with the notes thereto, are included in the section of this prospectus titled &#8220;Financial Statements&#8221; and should be read in their entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in"><B>SEALSQ Corp Predecessor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in"><B>Condensed Consolidated Statement of Income / (Loss)</B></P>

</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&#160;</TD>
    <TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="border-left: Black 1pt solid">&#160;</TD>
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    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2020</TD>
    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&#160;</TD>
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    <TD COLSPAN="3">&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="3">&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="3">&#160;</TD>
    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; background-color: White">&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="border-right: Black 1pt solid; background-color: White">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; background-color: White">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-right: Black 1pt solid; background-color: White">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid">&#160;</TD>
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,770</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(4,827</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt">&#160;</TD>
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    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid">&#160;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD COLSPAN="15" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-align: left"><B>SEALSQ
Corp Predecessor</B>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.2in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Condensed Consolidated Balance Sheet</B></P>

</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&#160;</TD>
    <TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center">&#160;</TD>
    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&#160;</TD>
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    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 1pt solid">&#160;</TD>
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    <TD COLSPAN="3">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="border-right: Black 1pt solid">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; background-color: White; width: 0.2in">&#160;</TD>
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    <TD STYLE="border-right: Black 1pt solid; background-color: White; width: 0.2in">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid">&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any investment in our Ordinary Shares involves
a high degree of risk. You should consider carefully the following factors, as well as the other information set forth in this prospectus
before making any investment decision in respect of our Ordinary Shares. Some of the following risks relate principally to the industry
in which we operate and our business in general. Other risks relate to the securities market for, and ownership of, our Ordinary Shares.
Any of the described risks could significantly and negatively affect our business, financial condition, operating results and the price
of our Ordinary Shares. The following risk factors describe the material risks that are presently known to us.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The semiconductor industry is highly cyclical.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Historically, the relationship between supply and
demand in the semiconductor industry has caused a high degree of cyclicality in the semiconductor market. Semiconductor supply is partly
driven by manufacturing capacity, which in the past has demonstrated alternating periods of substantial capacity additions and periods
in which no or limited capacity was added. As a general matter, semiconductor companies are more likely to add capacity in periods when
current or expected future demand is strong and margins are, or are expected to be, high. Investments in new capacity can result in overcapacity,
which can lead to a reduction in prices and margins. In response, companies typically limit further capacity additions, eventually causing
the market to be relatively undersupplied. In addition, demand for semiconductors varies, which can exacerbate the effect of supply fluctuations.
As a result of this cyclicality, the semiconductor industry has, in the past, experienced significant downturns, such as in 1997/1998,
2001/2002 and in 2008/2009, often in connection with, or in anticipation of, maturing life cycles of semiconductor companies&#8217; products
and declines in general economic conditions. These downturns have been characterized by diminishing demand for end-user products, high
inventory levels, under-utilization of manufacturing capacity and accelerated erosion of average selling prices. The foregoing risks have
historically had, and may continue to have, a material adverse effect on our business, financial condition and results of operations.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Significantly increased volatility and instability, and unfavorable
economic conditions may adversely affect our business.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is difficult for us, our customers and suppliers
to forecast demand trends. We may be unable to accurately predict the extent or duration of cycles or their effect on our financial condition
or result of operations, and can give no assurance as to the timing, extent or duration of the current or future business cycles generally,
or specific to the markets in which we participate. In the event of a future decline in global economic conditions, our business, financial
condition and results of operations could be materially adversely affected, and the resulting economic decline might disproportionately
affect the markets in which we participate, further exacerbating a decline in our results of operations. The COVID-19 global pandemic,
for example, created a period of significant instability in the global economy, including amongst our clients and our suppliers. The restrictions
imposed upon people and businesses around the world served, in the short-run, to reduce demand for our products as many companies reduced
or paused their operations. While this has since served to benefit SEALSQ through the increased demand for IT network infrastructure amongst
other examples, this may not always be the situation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The semiconductor industry is highly competitive. If we fail
to introduce new technologies and products in a timely manner, this could adversely affect our business.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The semiconductor industry is highly competitive
and characterized by constant and rapid technological change, short product lifecycles, significant price erosion and evolving standards.
Accordingly, the success of our business depends to a significant extent on our ability to develop new technologies and products that
are ultimately successful in the market. The costs related to the research and development necessary to develop new technologies and products
are significant and any reduction of our research and development budget could harm our competitiveness. Meeting evolving industry requirements
and introducing new products to the market in a timely manner and at prices that are acceptable to our customers are significant factors
in determining our competitiveness and success. Commitments to develop new products must be made well in advance of any resulting sales,
and technologies and standards may change during development, potentially rendering our products outdated or noncompetitive before their
introduction. If we are unable to successfully develop new products, our revenue may decline substantially. Moreover, some of our competitors
are well-established entities, are larger than us and have greater resources than we do. If these competitors increase the resources they
devote to developing and marketing their products, we may not be able to compete effectively. Any consolidation among our competitors
could enhance their product offerings and financial resources, further strengthening their competitive position. In addition, some of
our competitors operate in narrow business areas relative to us, allowing them to concentrate their research and development efforts directly
on products and services for those areas, which may give them a competitive advantage. As a result of these competitive pressures, we
may face declining sales volumes or lower prevailing prices for our products, and we may not be able to reduce our total costs in line
with this declining revenue. If any of these risks materialize, they could have a material adverse effect on our business, financial condition
and results of operations.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The demand for our products depends to a significant degree on
the demand for our customers&#8217; end products.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The vast majority of our revenue is derived from
sales to manufacturers in the IT infrastructure (Network Servers, Switch, Home boxes, PC Keyboards, etc.), utilities distribution edge
infrastructure (Smart Meters) and Access Control modules. Demand in these markets fluctuates significantly, driven by consumer spending,
consumer preferences, the development of new technologies and prevailing economic conditions. In addition, the specific products in which
our semiconductors are incorporated may not be successful, or may experience price erosion or other competitive factors that affect the
price manufacturers are willing to pay us. Such customers have in the past, and may in the future, vary order levels significantly from
period to period, request postponements to scheduled delivery dates, modify their orders or reduce lead times. This is particularly common
during periods of low demand. This can make managing our business difficult, as it limits the predictability of future revenue. It can
also affect the accuracy of our financial forecasts. Furthermore, developing industry trends, including customers&#8217; use of outsourcing
and new and revised supply chain models, may affect our revenue, costs and working capital requirements.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If customers do not purchase products made specifically
for them, we may not be able to resell such products to other customers or may not be able to require the customers who have ordered these
products to pay a cancellation fee. The foregoing risks could have a material adverse effect on our business, financial condition and
results of operations.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The semiconductor industry is characterized by continued price
erosion, especially after a product has been on the market.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">One of the results of the rapid innovation in the
semiconductor industry is that pricing pressure, especially on products containing older technology, can be intense. Product life cycles
are relatively short and, as a result, products tend to be replaced by more technologically advanced substitutes on a regular basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In turn, demand for older technology falls, causing
the price at which such products can be sold to drop, in some cases precipitously. In order to continue profitably supplying these products,
we must reduce our production costs in line with the lower revenue we can expect to generate per unit. Usually, this must be accomplished
through improvements in process technology and production efficiencies. If we cannot advance our process technologies or improve our production
efficiencies to a degree sufficient to maintain required margins, we will no longer be able to make a profit from the sale of these products.
Moreover, we may not be able to cease production of such products, either due to contractual obligations or for customer relationship
reasons, and as a result may be required to bear a loss on such products. We cannot guarantee that competition in our core product markets
will not lead to price erosion, lower revenue or lower margins in the future. Should reductions in our manufacturing costs fail to keep
pace with reductions in market prices for the products we sell, this could have a material adverse effect on our business, financial condition
and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our ability to forecast our future results of operations and
plan for and model future growth is limited and subject to a number of uncertainties due to recent changes in our context as well as in
our own sales organization and go-to-market strategies.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Even though our heritage started before 2000, much
of our business has changed in recent periods. Macro changes impacting our market, particularly the digital transformation induced by
the Covid pandemic, competitors suffering supply chain shortages, and the increased use of Internet of Things (IoT) resulted in growing
demand for our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To address this demand, we made substantial investments
in our sales force. Additionally, we have also recently begun to focus on building relationships with potential distribution partners,
to utilize their sales force resources to reach new customers. As a result of these recent changes in our market, sales organization and
go-to-market strategies, and with our limited operating history, our ability to forecast our future results of operations and plan for
and model future growth is limited and subject to a number of uncertainties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have encountered and will continue to encounter
risks and uncertainties in developing markets. If our assumptions regarding these risks and uncertainties are incorrect or change in response
to developments in the security market, our results of operations and financial results could differ materially from our plans and forecasts.
If we are unable to achieve our key objectives, our business and results of operations will be adversely affected, and the fair market
value of our Ordinary Shares could decline.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our growth prospects and revenue will be adversely affected if
our efforts to attract prospective customers and to retain existing customers are not successful.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our ability to grow our business and generate revenue
depends on retaining and expanding our total customer base, and increasing services revenue by effectively monetizing value added. We
must convince prospective customers of the benefits of our solutions and our existing customers of the continuing value of our solutions.
Our ability to attract new customers, retain existing customers, and reach out to new markets depends in large part on our ability to
continue to offer leading technologies and products, superior security and trust, and integration capabilities. Some of our competitors,
including Infineon, Microchip, NXP and STMicroelectronics, have developed, and are continuing to develop, secure elements, which puts
us at a significant competitive disadvantage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Failure to protect our intellectual property could substantially
harm our business, operating results, and financial condition.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The success of our business depends on our ability
to protect and enforce our patents, trade secrets, trademarks, copyrights, and all of our other intellectual property rights, including
the silicon intellectual property rights of our semiconductors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We attempt to protect our intellectual property
under patent, trade secret, trademark, and copyright law through a combination of employee, third-party assignment and nondisclosure agreements,
other contractual restrictions, technological measures, and other methods. These afford only limited protection and we are still early
in the process of securing our intellectual property rights. Despite our efforts to protect our intellectual property rights and trade
secrets, unauthorized parties may attempt to copy aspects of our technology, or obtain and use our trade secrets and other confidential
information. Moreover, policing our intellectual property rights is difficult and time consuming. We cannot assure you that we would have
adequate resources to protect and police our intellectual property rights, and we cannot assure you that the steps we take to do so will
always be effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have filed, and may in the future file, patent
applications on certain of our innovations. It is possible, however, that these innovations may not be patentable. In addition, given
the cost, effort, risks, and downside of obtaining patent protection, including the requirement to ultimately disclose the invention to
the public, we may choose not to seek patent protection for some innovations. Furthermore, our patent applications may not issue as granted
patents, the scope of the protection gained may be insufficient or an issued patent may be deemed invalid or unenforceable. We also cannot
guarantee that any of our present or future patents or other intellectual property rights will not lapse or be invalidated, circumvented,
challenged, or abandoned. Neither can we guarantee that our intellectual property rights will provide competitive advantages to us. Our
ability to assert our intellectual property rights against potential competitors or to settle current or future disputes could be limited
by our relationships with third parties, and any of our pending or future patent applications may not have the scope of coverage originally
sought. We cannot guarantee that our intellectual property rights will be enforced in jurisdictions where competition may be intense or
where legal protection may be weak. We could lose both the ability to assert our intellectual property rights against, or to license our
technology to, others and the ability to collect royalties or other payments.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Litigation or proceedings before governmental authorities
and administrative bodies may be necessary in the future to enforce our intellectual property rights, to protect our patent rights, trademarks,
trade secrets, and domain names and to determine the validity and scope of the proprietary rights of others. Our efforts to enforce or
protect our proprietary rights may be ineffective and could result in substantial costs and diversion of resources and management time,
each of which could substantially harm our operating results. Additionally, changes in law may be implemented, or changes in interpretation
of such laws may occur, that may affect our ability to protect and enforce our patents and other intellectual property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Assertions by third parties of infringement or other violation
by us of their intellectual property rights could harm our business, operating results, and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Third parties may assert that we have infringed,
misappropriated, or otherwise violated their copyrights, patents, and other intellectual property rights, and, as we face increasing competition,
the possibility of intellectual property rights claims against us grows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our ability to provide our services is dependent
upon our ability to license intellectual property rights to semiconductor designs. Various laws and regulations govern the copyright and
other intellectual property rights associated with semiconductor design and cryptographic algorithms. Existing laws and regulations are
evolving and subject to different interpretations, and various legislative or regulatory bodies may expand current or enact new laws or
regulations. Although we expend significant resources to seek to comply with the statutory, regulatory, and judicial frameworks by, for
example, entering into license agreements, we cannot assure you that we are not infringing or violating any third-party intellectual property
rights, or that we will not do so in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Moreover, we rely on multiple hardware designers,
and firmware and software programmers to design our proprietary technologies. Although we make every effort to prevent the incorporation
of licenses that would require us to disclose code and/or innovations in our products, we do not exercise complete control over the development
efforts of our developers, and we cannot be certain that our developers have not used designs or software that is subject to such licenses
or that they will not do so in the future. In the event that portions of our proprietary technology are determined to be subject to licenses
that require us to publicly release the affected portions of our semiconductor design and source code, re-engineer a portion of our technologies,
or otherwise be limited in the licensing of our technologies, we may be forced to do so, each of which could materially harm our business,
operating results, and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We face competition from companies that are larger and better
known, and we may lack sufficient financial or other resources to maintain or improve our competitive position.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The digital security market in which we operate
faces intense competition, constant innovation and evolving security threats. There are several global security companies with strong
presence in this market, including NXP, Infineon, STMicroelectronics and Microchip.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Some of our competitors are large companies that
have the technical and financial resources and broad customer bases needed to bring competitive solutions to the market and already have
existing relationships as a trusted vendor for other products. Such companies may use these advantages to offer products and services
that are perceived to be as effective as ours at a lower price or for free as part of a larger product package or solely in consideration
for maintenance and services fees. They may also develop different products to compete with our current security solutions and respond
more quickly and effectively than we do to new or changing opportunities, technologies, standards or client requirements. Additionally,
we may compete with smaller regional vendors that offer products with a more limited range of capabilities that purport to perform functions
similar to our security solutions. Such companies may enjoy stronger sales and service capabilities in their particular regions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ&#8217;s competitors may have competitive
advantages, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>greater customer care and support resources;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>broader supply chains;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>larger intellectual property portfolios; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our current and potential competitors may also
establish cooperative relationships among themselves or with third parties that may further enhance their resources. Current or potential
competitors may be acquired by third parties with access to greater available resources. As a result of such acquisitions, our current
or potential competitors may be able to adapt more quickly to new technologies and customer needs, devote greater resources to the promotion
or sale of their products and services, initiate or withstand substantial price competition, take advantage of other opportunities more
readily or develop and expand their product and service offerings more quickly than we do. Larger competitors with more diverse product
offerings may reduce the price of products that compete with ours in order to promote the sale of other products or may bundle them with
other products, which would lead to increased pricing pressure on our products and could cause the average sales prices for our products
to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We derive a significant amount of our revenues each year from
a limited number of significant customers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We derive a significant amount of our revenues
each year from a small number of customers. In the year ended December 31, 2022, our ten largest customers accounted for 90% of our revenue.
Our business and results of operations are largely dependent upon the success of our significant customers. The loss of any large customer,
a decline in the volume of sales to these customers or the deterioration of their financial condition could adversely affect our business,
results of operations and financial conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">One of our largest customers is CISCO Systems International.&#160;
We operate under the terms of a Master Purchase Agreement, dated August 14, 2014.&#160; Such agreement defines, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the communication process that we shall respect vis a vis forecasting / pricing&#160;update, such as determination of price reflecting
component prices in effect on the date of shipment to Cisco&#8217;s authorized contract manufactures (&#8220;EMS Provider&#8221;), representations
and warranties that the product price are, and shall be, no higher than the lowest prices offered by the Company to any customer purchasing
the same or lesser total sales or unit volume on an annual basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>buffer stock, timing and volume constitution rules, including but not limited to, obligations to make commercially reasonable efforts
to conduct capacity and materials planning and management sufficient to meet EMS Provider&#8217;s forecast at the period of time agreed
between SEALSQ and EMS Providers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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by Cisco an allocation of products during its shortage that is no less favorable than that provided to any other customer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>warranties, including but not limited to, three years warranty period, delivered product having no less than eight remaining weeks
of shelf-life, replacement of defected products within two business days in general;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Epidemic failure rules/treatment. Epidemic failure shall be recognized when a single failure mode in excess of 1% of the product or
a multiple failure more in excess of 3% of the product, during any rolling 3-full calendar month period, occurs , If an Epidemic failure
happens during the five-year period after the delivery of a product, the Company shall, including but not limited to, notify to Cisco,
provide a preliminary plan for problem diagnosis within one business day of the notification, and compensate Cisco for all reasonable
costs incurred by Cisco, provide Cisco, EMS Providers and any third party designated by Cisco, subject to the liability exclusions and
limitations set forth in the agreement. &#160;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Any decline in demand for our products from our clients could
have a material adverse effect on the Company&#8217;s business, results of operations and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business is at risk of our clients delaying
or withdrawing purchase orders for items where we already committed to the production of these pieces. In these situations and when sufficient
notice is given, we are usually able to adjust our production schedules such that the production can be transferred to alternative clients
thereby limiting our exposure. However, there can be a short-term impact upon the levels of stock that we hold at any given point in time.
As our products have a lengthy development cycle, often being in the region of 18 to 24 months from design-win to delivering the first
batch of finished goods, we are not susceptible to losing clients without a lengthy notice period, so there is a very limited risk that
we find ourselves holding material amounts of stocks of finished goods that will not be eventually delivered to our clients. The greatest
risk is that a client might reduce their production allocations with the Company and, in this instance, we would be required to adapt
our purchase requirements accordingly. Most of our raw materials (in particular our wafers) can be redirected to alternative products
and so the risk is limited to finished goods. In the event that a client was to significantly reduce demand with a limited lead-time and
not place new orders for that product at a later stage, this could lead to some finished goods becoming obsolete, but this risk is considered
remote by management. The main risk arising from a decline in demand for our products from one of our top ten clients is that we would
need to find new sources of revenue to replace the departing clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We depend on our ability to attract new customers and to maintain
and grow existing customers, and failure to do so may harm our future revenues and operating results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our success depends in large part on our ability
to attract new customers (&#8220;hunting&#8221;) and to expand within existing customers (&#8220;farming&#8221;). The number of new customers
and the growth at existing customers in a given period impacts both our short-term and long-term revenues. If SEALSQ is unable to successfully
attract a sufficient number of new customers, we may be unable to generate revenue growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A large amount of investment in sales and marketing
and support personnel is required to attract new customers. If we are unable to convince these potential new customers of a need for our
products or if we are unable to persuade them of our products&#8217; efficacy, we may be unable to achieve growth and there may be a meaningful
negative impact on future revenues and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We depend on our ability to keep pace with technical advances
in cryptography and semiconductor design.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ needs to anticipate, and quickly react to,
rapid changes occurring in security technologies and to the development of new and improved semiconductors and software that result from
these changes. If SEALSQ is unable to respond quickly and cost-effectively to changing hardware and software technologies and evolving
industry standards, the existing offering could become non-competitive and SEALSQ may lose market share. SEALSQ&#8217;s success will depend,
in part, on its ability to effectively use leading technologies critical to the business, enhance its existing solutions, find appropriate
technology partners, and continue to develop new solutions and technology that address the increasingly sophisticated and varied needs
of its current and prospective clients and their customers, and its ability to influence and respond to technological advances, emerging
industry and regulatory standards and practices and competitive service offerings. SEALSQ&#8217;s ability to remain technologically competitive
may require substantial expenditures and lead-time, and the integration of newly acquired technologies will also take time. If SEALSQ
is unable to adapt and integrate in a timely manner to changing market conditions or customer requirements, its business, financial condition
and results of operations could be seriously harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The use of cryptography is subject to a variety of laws around
the world. Unfavorable developments in legislation and regulation may adversely affect our business, operating results, and financial
condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The use of cryptography is subject to a variety
of laws around the world. Government regulation of the internet is evolving and any changes in government regulations relating to the
internet or other areas of our business or other unfavorable developments may adversely affect our business, operating results, and financial
condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For example, the U.S. agency NIST is in the process
of selecting post-quantum cryptographic algorithms for all governmental use of cryptography. We depend on their final selection to make
our products successful and, should we fail to be able to implement the finally selected algorithm, our ability to serve the U.S. market
and by extension the rest of the world may be severely impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our research and development efforts may not produce successful
products or enhancements to our security solutions that result in significant revenue or other benefits in the near future, if at all.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investing in research and development personnel,
developing new products and enhancing existing products is expensive and time consuming, and there is no assurance that such activities
will result in significant new marketable products or enhancements to our products, design improvements, cost savings, revenues or other
expected benefits. If we spend significant time and effort on research and development and are unable to generate an adequate return on
our investment, our business and results of operations may be adversely affected. This is expected to be exacerbated in the coming year
with the required integration of newly acquired knowledge automation assets which is expected to result in a more complex research and
development program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our services and products depend on the continued integrity of
public key cryptography technology and algorithms that may be compromised or proven obsolete over time.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our services and products are relying heavily on
cryptography. Advances in attacks on cryptographic algorithms and technology may weaken their effectiveness, and significant new technology
requirements may be imposed by root distribution programs that require us to make significant modifications to our systems or to reissue
digital certificates to some or all of our customers, which could damage our reputation or otherwise harm our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Quantum computing may threaten the resilience of
current cryptography against attacks during the current lifespan of hardware. This is certainly the case for our secure modules embedded
in larger systems and/or deployed on remote locations, such as for smart meter and satellite deployments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ cannot guarantee that its services and products
will still offer sufficient protection against attacks executed with quantum computers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are dependent on the timely supply of equipment and materials
from various sub-contractors and if any one of these suppliers fails to meet or delays their committed delivery schedules due to supply
chain disruptions or other reasons, we can suffer with lower or lost revenues.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We use various suppliers for silicon manufacturing
and testing our parts. Any one of these suppliers could not meet their commitments for on-time delivery of our products. The market supply
of such products has seen difficulties in meeting demand and these kinds of supply disruptions can happen due to global shortages of silicon
wafers or chemicals used in the processing of the silicon packaging, or shortages in the labor force due to unrest or sicknesses. During
2021 and 2022, we had to manage our delivery schedule carefully as a result of the global shortage of semiconductors material.&#160; During
this period, the Company was receiving greater volumes of orders than it was capable of delivering due to such shortages, so we had to
program the orders based upon the allocations of materials and production capacity available to us.&#160; While we were able to grow our
revenue during this time through careful negotiation with our suppliers, we believe that our revenues would have been higher had there
not been such supply disruption. Further, our business and operating conditions can be at risk if we cannot deliver on our product demand
as committed in our customer contracts.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our supply chain depends on third-party suppliers. Failure of
one of our suppliers to handle increased demand could impact our ability to take advantage of upside business opportunities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We outsource several critical functions in our
supply chain to third-party suppliers such as the manufacture of our semiconductors. They all have a number of risks that are present
in their businesses that could limit their ability to meet increased demands if we see increased orders from our customers. If our suppliers
cannot satisfy our demand, we may not be able to meet our customer demands. Also, if our suppliers add higher costs to cover their increased
volume, we may see drops in our gross profit margins. Many of these costs are not fixed, even though there may be contracts in place,
and may be increased at the discretion of the third-party vendor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our agreement with one of our third-party suppliers,
Presto Engineering Inc., defines, among other things,</P>

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such as planning of validation and qualification activities, engineering evaluation of the product and preliminary test solution, and
product release to industrial maturity, and Supply Chain Management (&#8220;SCM&#8221;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
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(&#8220;OTD&#8221;). OTD is defined numerically and it constitute result obligations under French laws, which govern the agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Their obligations vis a vis our quality process and our security process, including their obligations to be audited on a yearly basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although common in our industry, we do not have
agreements with any other of our major third-party suppliers. Rather, the Company provides such suppliers with purchase orders on a quarterly
basis, which triggers the launch of manufacturing of the Company&#8217;s products. The Company has weekly discussions and provides the
suppliers with 12-month rolling forecasts to allow them to anticipate equipment allocations and raw material supplies. However, since
we do not have written agreements with these suppliers, we are subject to the risk that any of these suppliers could terminate their relationship
with us, leaving us without critical products, software or other services needed to operate our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our IC products mainly depend on supplies from third-party foundries,
and any failure to obtain sufficient foundry capacity from such foundries would significantly delay the shipment of our products.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As a fabless IC design company, we do not own
any IC fabrication facilities. We currently work with two leading foundries as our main IC fabrication partners and place purchase orders
according to our business needs. It is important for us to have a reliable relationship with third-party foundries as well as other future
foundry service providers to ensure adequate product supply to respond to customer demand.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We cannot guarantee that our foundry service providers
will be able to meet our manufacturing requirements. The ability of our foundry service providers to provide us with foundry services
is limited by available capacity. If any of our foundry service providers fails to succeed in their capacity promise, it will not be able
to deliver to us ICs as per the Purchase Orders that we have placed to them, which will significantly affect our shipment of our products
and solutions. This could in turn result in lost sales and have a material adverse effect on our relationships with our customers and
on our business and financial condition. In addition, we do not have a guaranteed level of production capacity from our foundry service
providers. We do not have long-term contracts with them, and we source our supplies on a purchase order basis. As a result, we depend
on our foundry service providers to allocate to us a portion of its manufacturing capacity sufficient to meet our needs, produce products
of acceptable quality and at acceptable final test yields and deliver those products to us on a timely basis and at acceptable prices.
If any of our foundry service providers raises its prices or is unable to meet our required capacity for any reason, such as shortages
or delays in the shipment of semiconductor equipment or raw materials required to manufacture our ICs, or if our business relationships
with any of our foundry service providers deteriorate, we may not be able to obtain the required capacity and would have to seek alternative
foundries, which may not be available on commercially reasonable terms, or at all. Moreover, it is possible that other customers of any
of our foundry service providers that are larger and/or better financed than we are, or that have long-term contracts with it, may receive
preferential treatment in terms of capacity allocation or pricing. In addition, if we do not accurately forecast our capacity needs, any
of our foundry service providers may not have available capacity to meet our immediate needs or we may be required to pay higher costs
to fulfill those needs, either of which could materially and adversely affect our business, results of operations or financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Other risks associated with our dependence on
third-party foundries include limited control over delivery schedules and quality assurance, lack of capacity in periods of excess demand,
unauthorized use of our intellectual property and limited ability to manage inventory and parts. In particular, although we have entered
into confidentiality agreements with our third-party foundries for the protection of our intellectual property, they may not protect our
intellectual property with the same degree of care as we use to protect our intellectual property. If we fail to properly manage any of
these risks, our business and results of operations may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Moreover, if any of our foundry service providers
suffers any damage to its facilities, suspends manufacturing operations, loses benefits under material agreements, experiences power outages
or computer virus attacks, lacks sufficient capacity to manufacture our products, encounters financial difficulties, is unable to secure
necessary raw materials from its suppliers or suffers any other disruption or reduction in efficiency, we may encounter supply delays
or disruptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We rely on a limited number of third parties for IC packaging
and testing services.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Fabrication of ICs requires specialized services
to process the silicon wafers into ICs by packaging them and to test their proper functioning. We primarily collaborate with a Outsource
Semicondcutors Assembly and Testing (OSAT) provider for such services, which may expose us to a number of risks, including difficulties
in finding alternate suppliers, capacity shortages or delays, lack of control or oversight in timing, quality or costs, and misuse of
our intellectual property. If any such problems arise with our packaging and testing partners, we may experience delays in our production
and delivery timeline, inadequate quality control of our products or excessive costs and expenses. As a result, our financial condition,
results of operations, reputation and business may be adversely affected.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Failure at&#160;tape-out&#160;or failure to achieve the expected
final test yields for our ICs could negatively impact our results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The&#160;tape-out&#160;process is a critical milestone
in our business. A&#160;tape-out&#160;means all the stages in the design and verification process of our ICs have been completed, and
the chip design is sent for manufacturing. The&#160;tape-out&#160;process requires considerable investment in time and resources and close
cooperation with the wafer foundry, and repeated failures can significantly increase our costs, lengthen our product development period,
and delay our product launch. If the&#160;tape-out&#160;or testing of a new chip design fails, either as a result of design flaws by our
research and development team or problems with production or the testing process by the wafer foundry, we may incur considerable costs
and expenses to fix or restart the design process. Such obstacles may decrease our profitability or delay the launch of new products.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Once&#160;tape-out&#160;is achieved, the IC design
is sent for manufacturing, and the final test yield is a measurement of the production success rate. The final test yield is a function
of both product design, which is developed by us, and process technology, which typically belongs to a third-party foundry. Low final
test yields can result from a product design deficiency or a process technology failure or a combination of both. As such, we may not
be able to identify problems causing low final test yields until our product designs go to the manufacturing stage, which may substantially
increase our per unit costs and delay the launch of new products.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Changes in regulations or citizen concerns regarding privacy
and protection of citizen data, or any failure or appearance of failure to comply with such laws, could diminish the value of our services
and cause us to lose customers and revenue.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The regulatory framework for privacy issues worldwide
is currently in flux and is likely to remain so for the foreseeable future. Practices regarding the collection, use, storage, transmission,
and security of personal information by companies operating over the internet have recently come under increased public scrutiny.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The U.S. government, including the Federal Trade
Commission and the Department of Commerce, may continue to review the need for greater regulation over the collection of information concerning
consumer behavior on the internet, including regulation aimed at restricting certain targeted advertising practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additionally, the EU may continue to review the
need for greater regulation or reform to its existing data protection legal framework, which may result in a greater compliance burden
for companies with users in Europe. Various government and consumer agencies also have called for new regulation and changes in industry
practices. Our business, including our ability to operate and expand internationally, could be adversely affected if legislation or regulations
are adopted, interpreted, or implemented in a manner that is inconsistent with our current business practices and that require changes
to these practices, the design of our website, services, features, or our privacy policy. In particular, the success of our business has
been, and we expect will continue to be, driven by our ability to responsibly use the personal data that our customers share with us.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Therefore, our business could be harmed by any
significant change to applicable laws, regulations, or industry practices regarding the use of our customers&#8217; personal data, for
example regarding the manner in which disclosures are made and how the express or implied consent of customers for the use of personal
data is obtained. Such changes may require us to modify our services and features, possibly in a material manner, and may limit our ability
to develop new services and features that make use of the data that our customers voluntarily share with us. In addition, some of our
developers or other partners, such as those that help us measure the effectiveness of advertisements, may receive or store information
provided by us or by our customers through mobile or web applications integrated with our services. We provide limited information to
such third parties based on the scope of services provided to us. However, if these third parties or developers fail to adopt or adhere
to adequate data security practices, or in the event of a breach of their networks, our data or our customers&#8217; data may be improperly
accessed, used, or disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We depend on highly skilled key personnel to operate our business,
and if we are unable to attract, retain, and motivate qualified personnel, our ability to develop and successfully grow our business could
be harmed.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that our future success is highly dependent
on the talents and contributions of our senior management, including Carlos Moreira, founder and Chief Executive Officer of WISeKey, members
of our executive team, and other key employees, such as key engineering, finance, research and development, marketing, and sales personnel.
Our future success depends on our continuing ability to attract, develop, motivate, and retain highly qualified and skilled employees.
All of our employees, including our senior management, are free to terminate their employment relationship with us at any time, and their
knowledge of our business and industry may be difficult to replace.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Furthermore, our performance depends on favorable
labor relations with our employees and compliance with labor laws in the countries where we have employees and plans to hire new employees.
Any deterioration of current relations or increase in labor costs due to our compliance with labor laws could adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Qualified individuals are in high demand, particularly
in the digital industry, and we may incur significant costs to attract them. If we are unable to attract and retain our senior management
and key employees, we may not be able to achieve our strategic objectives, and our business could be harmed. In addition, we believe that
our senior management have developed highly successful and effective working relationships. We cannot ensure that we will be able to retain
the services of any members of our senior management or other key employees. If one or more of these individuals leave, we may not be
able to fully integrate new senior management or replicate the current dynamic, and working relationships that have developed among our
senior management and other key personnel, and our operations could suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cybersecurity incidents, including data security breaches or
computer viruses, could harm our business by disrupting our delivery of services, damaging our reputation or exposing us to liability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We receive, process, store and transmit, often
electronically, the data of our customers and others, much of which is confidential. Unauthorized access to our computer systems or stored
data could result in the theft, including cyber-theft, or improper disclosure of confidential information, and the deletion or modification
of records could cause interruptions in our operations. These cyber-security risks increase when we transmit information from one location
to another, including over the Internet or other electronic networks. Despite the security measures we have implemented, our facilities,
systems and procedures, and those of our third-party service providers, may be vulnerable to security breaches, acts of vandalism, software
viruses, misplaced or lost data, programming or human errors or other similar events which may disrupt our delivery of services or expose
the confidential information of our customers and others. Any security breach involving the misappropriation, loss or other unauthorized
disclosure or use of confidential information of our customers or others, whether by us or a third party, could subject us to civil and
criminal penalties, have a negative impact on our reputation, or expose us to liability to our customers, third parties or government
authorities. We are not aware of such breaches or any other material cyber-security risks in our supply chain to date. Any of these developments
could have a material adverse effect on our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To mitigate these risks, we comply with one of
the highest security standards in our industry: Webtrust, ISO27001 and the &#8220;Common Criteria&#8221; standard. Compliance with these
standards require us to implement, monitor and audit on a yearly basis all the processes where we, or our third-party suppliers, manipulate
sensitive data. This includes our supply chain processes and partners which, like us, are audited every year by security experts certified
by governmental authorities. In addition, one of our customers, CISCO, also conducts an independent and extensive audit to control our
processes and proposes improvements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our security processes are piloted by a Global
Security Director, under the supervision of a Security Board, which includes the top management of SEALSQ. Once a year, the Global Security
Director reassesses our cybersecurity risks and proposes to the Security Board a plan of action and budget for the year to come.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Executive Board Members of SEALSQ hold a weekly
meeting with the General Manager to discuss all matters including operational matters and risk management, as well as holding regular,
wider meetings with the Senior Management of SEALSQ. During these meetings, the risks faced by the business and any new matters arising
or potential threats identified are discussed. The SEALSQ management team also provide updates on their ongoing projects designed to manage
these risks, as well as presenting the results of any audits that are being carried out. The full Board are also kept appraised on the
results of all audits carried out during the year and are required to decide on strategic decisions such as whether to attain accreditations
for the business. The Board and Audit Committee are responsible also for overseeing the annual audit of SEALSQ which, while primarily
focused on the financials of SEALSQ, does also cover certain risks associated with the business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If our security systems are breached, we may face civil liability,
and public perception of our security measures could be diminished, either of which would negatively affect our ability to attract and
retain customers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Techniques used to gain unauthorized access to
data and software are constantly evolving, and we may be unable to anticipate or prevent unauthorized access to cryptographic data. Our
software services, which are supported by our own systems and those of third parties that we work with, are vulnerable to software bugs,
computer viruses, internet worms, break-ins, phishing attacks, attempts to overload servers with denial-of-service, or other attacks and
similar disruptions from unauthorized use of our and third-party computer systems, any of which could lead to system interruptions, delays,
or shutdowns, causing loss of critical data or the unauthorized access to personal data.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Computer malware, viruses, computer hacking, and
phishing attacks have become more prevalent in our industry. SEALSQ and WISeKey&#8217;s systems have been subject to such attacks in the
past, albeit they have always been unsuccessful, and further such attempts to compromise our systems&#8217; security may occur in the
future. Because of our brand of trust and security, we believe that we are a particularly attractive target for such attacks. Though it
is difficult to determine what, if any, harm may directly result from any specific interruption or attack, any failure to maintain performance,
reliability, security, and availability of our products and technical infrastructure to the satisfaction of our customers may harm our
reputation and our ability to retain existing customers and attract new customers. Although we have developed systems and processes that
are designed to protect our data and user data, to prevent data loss, to disable undesirable accounts and activities on our platform,
and to prevent or detect security breaches, we cannot assure you that such measures will provide absolute security, and we may incur significant
costs in protecting against or remediating cyber-attacks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additionally, if an actual or perceived breach
of security occurs to our systems or a third party&#8217;s platform, we may face regulatory or civil liability and public perception of
our security measures could be diminished, either of which would negatively affect our ability to attract and retain customers, which
in turn would harm our efforts to attract and retain advertisers, content providers, and other business partners. We also would be required
to expend significant resources to mitigate the breach of security and to address matters related to any such breach. We also may be required
to notify regulators about any actual or perceived personal data breach (including the EU Lead Data Protection Authority) as well as the
individuals who are affected by the incident within strict time periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any failure, or perceived failure, by us to maintain
the security of data relating to our customers, to comply with our posted privacy policy, laws and regulations, rules of self-regulatory
organizations, industry standards, and contractual provisions to which we may be bound, could result in the loss of confidence in us,
or result in actions against us by governmental entities or others, all of which could result in litigation and financial losses, and
could potentially cause us to lose customers, advertisers, and revenues. In Europe, European Data Protection Authorities could impose
fines and penalties of up to 4% of annual global turnover or &#8364;20 million, whichever is higher, for a personal data breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our semiconductors and software services are highly technical
and may contain undetected software bugs or vulnerabilities, which could manifest in ways that could seriously harm our reputation and
our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our semiconductors and software services are highly
technical and complex and may contain undetected software bugs, hardware errors, and other vulnerabilities. These bugs and errors can
manifest in any number of ways in our products, including through diminished performance, security vulnerabilities, malfunctions, or even
permanently disabled products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Some errors in our products may be discovered only
after a product has been used by customers and may in some cases be detected only under certain circumstances or after extended use. Any
errors, bugs, or other vulnerabilities discovered in our code or back-end after delivery could damage our reputation, drive away customers,
allow third parties to manipulate or exploit vulnerabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also could face claims for product liability,
tort, or breach of warranty. Defending a lawsuit, regardless of its merit, is costly and may divert management&#8217;s attention and seriously
harm our reputation and our business. In addition, if our liability insurance coverage proves inadequate or future coverage is unavailable
on acceptable terms or at all, our business could be seriously harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Interruptions, delays or discontinuations in service arising
from our own systems or from third parties could impair the delivery of our services and harm our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We rely on systems housed in our own facilities
and upon third parties, including bandwidth providers and third-party &#8220;cloud&#8221; data storage services, to enable our customers
to receive our content in a dependable, timely, and efficient manner. We have experienced and may in the future experience periodic service
interruptions and delays involving our own systems and those of third parties that we work with. Both our own facilities and those of
third parties are vulnerable to damage or interruption from earthquakes, floods, fires, power loss, telecommunications failures, and similar
events. They also are subject to break-ins, sabotage, intentional acts of vandalism, the failure of physical, administrative, technical,
and cyber security measures, terrorist acts, natural disasters, human error, the financial insolvency of third parties that we work with,
and other unanticipated problems or events. The occurrence of any of these events could result in interruptions in our services and to
unauthorized access to, or alteration of, the content and data contained on our systems and that these third parties store and deliver
on our behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any disruption in the services provided by these
third parties could materially adversely impact our business reputation, customer relations, and operating results. Upon expiration or
termination of any of our agreements with third parties, we may not be able to replace the services provided to us in a timely manner
or on terms and conditions, including service levels and cost, that are favorable to us, and a transition from one third party to another
could subject us to operational delays and inefficiencies until the transition is complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our business model consists in promoting trust and security,
and it depends on trust in our brand. Negative media coverage could adversely affect our brand and any failure to maintain, protect, and
enhance our brand would hurt our ability to retain or expand our customer base.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Maintaining, protecting, and enhancing our brand
is critical to expanding our customer base, and will depend largely on our ability to continue to develop and provide top-level security.
If we do not successfully maintain our brand, our business could be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our brand may be impaired by a number of other
factors, including a failure to protect the cryptographic keys, data and software of end customers, any failure to keep pace with technological
advances on our platform or with our services, a failure to protect our intellectual property rights, or any alleged violations of law,
regulations, or public policy. Further, if our partners fail to maintain high standards in the supply chain, or if we partner with supply
chain partners that our customers reject, the strength of our brand could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have not historically been required to spend
considerable resources to establish and maintain our brand. However, if we are unable to maintain the growth rate in our customer base,
we may be required to expend greater resources on advertising, marketing, and other brand-building efforts to preserve and enhance brand
awareness, which would adversely affect our operating results and may not be effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We depend on our customers&#8217; ability to sell their products,
which may pose challenges for our ability to forecast or optimize our inventory and sales.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Large orders may depend on the ability of our customer
to be awarded significant regional or national contracts. The design of many IoT devices comes with the risk that it may not see the demand
that was expected in that market, or the high-volume contracts may be awarded to competing suppliers. Our customers may be bidding against
several other suppliers to win a government contract and if they lose the bid, we will not see the results that were originally expected
during the forecasting of the opportunity size and profitability. As such, the volume predictions that were used in the pricing negotiations
and forecasts may not always be achievable by our customers and may adversely affect our operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are currently operating in a period of economic uncertainty
and capital markets disruption, which has been significantly impacted by geopolitical instability due to the ongoing military conflict
between Russia and Ukraine. Our business financial condition and results of operations may be materially adversely affected by any negative
impact on the global economy and capital markets resulting from the conflict in Ukraine or any other geopolitical tensions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">U.S. and global markets are experiencing volatility
and disruption following the escalation of geopolitical tensions and the start of the military conflict between Russia and Ukraine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In February 2022, a full-scale military invasion
of Ukraine by Russian troops was reported. Although the length and impact of the ongoing military conflict is highly unpredictable, the
conflict in Ukraine could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets,
as well as supply chain interruptions. We are continuing to monitor the situation in Ukraine and globally and assessing its potential
impact on our business. Additionally, Russia&#8217;s prior annexation of Crimea, recent recognition of two separatist republics in the
Donetsk and Luhansk regions of Ukraine and subsequent military interventions in Ukraine have led to sanctions and other penalties being
levied by the United States, European Union and other countries against Russia, Belarus, the Crimea Region of Ukraine, the so-called Donetsk
People&#8217;s Republic, and the so-called Luhansk People&#8217;s Republic, including agreement to remove certain Russian financial institutions
from the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, payment system, expansive ban on imports and exports of
products to and from Russia and ban on exportation of U.S. denominated bank notes to Russia or persons located there. Additional potential
sanctions and penalties have also been proposed and/or threatened. Russian military actions and the resulting sanctions could adversely
affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets. Although our operations
have not experienced material and adverse impact on supply chain, cybersecurity or other aspects of our business from the ongoing conflict
between Russia and Ukraine, there is no assurance that such conflict would not develop or escalate in a way that could materially and
adversely affect our business, financial condition, and results of operations in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We face many risks associated with our international expansion,
including geopolitical tensions, trade barriers, payment delays and currency failures.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are continuing to expand our operations into
additional international markets. The expansion into international markets may cause difficulties because of distance, as well as language
and cultural differences. Other risks related to international operations include fluctuations in currency exchange rates, difficulties
arising from staffing and managing foreign operations, legal and regulatory requirements of different countries, and overlapping or differing
tax laws. Management cannot assure that it will be able to market and operate SEALSQ&#8217;s services successfully in foreign markets,
select appropriate markets to enter, open new offices efficiently or manage new offices profitably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Offering our services in a new geographical area
also poses geopolitical risks. For example, export and import of cryptographic technologies is subject to sanctions, and national import
and export restrictions. Changes in these restrictions due to geopolitical tensions may significantly harm our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of these obstacles, we may find it
impossible or prohibitively expensive to enter additional markets, or our entry into foreign markets could be delayed, which could hinder
our ability to grow our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Business practices in the global markets that we
serve may differ and may require us to include non-standard terms in customer contracts, such as extended payment or warranty terms. To
the extent that we enter into customer contracts that include non-standard terms related to payment, warranties or performance obligations,
our results of operations may be adversely impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additionally, our global sales and operations are
subject to a number of risks, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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our contracts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These factors could harm our ability to generate future global revenues
and, consequently, materially impact our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Global inflationary pressure may have an adverse impact on our
gross margins and our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the date of this Prospectus, global inflationary
pressure has not materially affected our gross margins and our business. Our suppliers, which are all based in Asia, have not been impacted
by the price inflation for energy that Europe and other geographies have experienced, nor from some raw material price inflation which
might impact other industries. For fiscal year 2023, we do expect to incur significant payroll cost increases for some of our employees
in order to retain and hire engineers given the strong local demand for experienced software and hardware engineers. While we believe
that these costs will be balanced by the US Dollar to Euro exchange rate evolution which has absorbed the extra costs caused by the salary
increase, there is no assurance that this cost balance will continue. Accordingly, continued inflationary pressure may have an adverse
impact on our gross margins and could have a material adverse effect on our business, financial condition, results of operations or cash
flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may need to discontinue products and services. During the
ramp-down of such products and services, we may experience a negative impact on our sales.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All products have a natural lifecycle that includes
the inevitable end-of-life process. During the ramping down of a product, product family, or services there are many ways that our business
operations can be challenged. Last-time-buys are a typical way for customers to deal with the end-of-life of a product that is still critical
to one of their end products. These kinds of orders show an increase in short term sales but result in the abrupt drop off of revenue
from that customer, for that product, after the last time buy is delivered. Discontinuing a product or service also comes with the risk
that we may lose that customer for good if we do not have a replacement for the product or if they decide to look at alternative suppliers
because of the change in supply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are a holding company with no direct cash generating operations
and rely on our subsidiaries to provide us with funds necessary to pay dividends to shareholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a holding company with no significant assets
other than the equity interests in its subsidiaries. The Company&#8217;s subsidiaries own substantially all the rights to its revenue
streams. The Company has no legal obligation to, and may not, declare dividends or other distributions on its shares. The Company&#8217;s
ability to pay dividends to its shareholders depends on its ability to satisfy a solvency test under the BVI Act and its Articles, which
will depend on the performance of its subsidiaries and their ability to distribute funds to the Company. Under the BVI Act a company satisfies
the solvency test if the value of the company&#8217;s assets exceeds its liabilities and the company is able to pay its debts as they
fall due (the &#8220;BVI Solvency Test&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The ability of a subsidiary to make distributions
to the Company could be affected by a claim or other action by a third party, including a creditor, or by laws which regulate the payment
of dividends by companies. In addition, the subsidiaries&#8217; ability to distribute funds to the Company depends on, among other things,
the availability of sufficient legally distributable profit of such subsidiaries. The Company cannot offer any assurance that legally
distributable profit or reserves from capital contributions will be available in any given financial year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Even if the BVI Solvency Test can be met, the Company
may not be able to pay a dividend or a distribution of reserves for a variety of reasons. Payment of future dividends and other distributions
will depend on our liquidity and cash flow generation, financial condition and other factors, including regulatory and liquidity requirements,
as well as tax and other legal considerations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Obligations associated with being a public company require significant
company resources and management attention.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to the reporting requirements of
the Securities Exchange Act, and the other rules and regulations of the SEC, including the Sarbanes-Oxley Act. Section 404 of Sarbanes-Oxley
requires that we evaluate and determine the effectiveness of our internal control over financial reporting. We became subject to such
requirements recently, following the Spin-Off Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We work with our legal, accounting and financial
advisors to identify any areas in which changes should be made to our financial and management control systems to manage our growth and
our obligations as a public company. We evaluate areas such as corporate governance, corporate control, internal audit, disclosure controls
and procedures and financial reporting and accounting systems. We will make changes in any of these and other areas, including our internal
control over financial reporting, which we believe are necessary. However, these and other measures we may take may not be sufficient
to allow us to satisfy our obligations as a public company on a timely and reliable basis. In addition, compliance with reporting and
other requirements applicable to public companies do create additional costs for us and require the time and attention of management.
Our limited management resources may exacerbate the difficulties in complying with these reporting and other requirements while focusing
on executing our business strategy. We may not be able to predict or estimate the amount of the additional costs we may incur, the timing
of such costs or the degree of impact that our management&#8217;s attention to these matters will have on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If management is unable to provide reports as to the effectiveness
of our internal control over financial reporting, investors could lose confidence in the reliability of our financial statements, which
could result in a decrease in the value of our Ordinary Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Section 404 of Sarbanes-Oxley, we are required
to include in each of our annual reports on Form 20-F, beginning with the second such annual report on Form 20-F after the Spin-Off Distribution,
a report containing our management&#8217;s assessment of the effectiveness of our internal control over financial reporting. If, in such
annual reports on Form 20-F, our management cannot provide a report as to the effectiveness of our internal control over financial reporting
as required by Section 404, investors could lose confidence in the reliability of our financial statements, which could result in a decrease
in the value of our Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>There can be no assurance that SEALSQ will not be a PFIC for
any taxable year.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Code, generally a non-U.S. corporation
is a passive foreign investment company (&#8220;PFIC&#8221;) for any taxable year in which, after the application of certain look-through
rules with respect to subsidiaries, either (i)&#160;75% or more of its gross income consists of passive income or (ii)&#160;50% or more
of the average quarterly value of its assets consists of assets that produce, or are held for the production of, passive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the historic composition of assets and
income of WISeKey Semiconductors SAS and its subsidiaries, and the current and projected composition of assets and income of SEALSQ and
its subsidiaries, it is not expected that SEALSQ will be treated as a PFIC for its current taxable year or in the foreseeable future.
Actual PFIC status for any taxable year, however, will not be determinable until after the end of such taxable year. Accordingly, there
can be no assurances regarding SEALSQ&#8217;s status as a PFIC for the current taxable year or any future taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If SEALSQ is a PFIC for any taxable year during
which a U.S. investor holds SEALSQ Ordinary Shares, certain adverse U.S. federal income tax consequences could apply to such U.S. Holder.
See the discussion in the section of this registration statement titled &#8220;Material Tax Considerations &#8212; U.S. Federal Income
Tax Considerations.&#8221; U.S. Holders are urged to consult with their own tax advisors regarding the possible application of the PFIC
rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Company could be required to comply with economic substance
requirements in the British Virgin Islands</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">British Virgin Islands legislation requires certain
entities registered in the British Virgin Islands engaged in &#8220;relevant activities&#8221; to maintain a substantial economic presence
in the British Virgin Islands and to satisfy economic substance requirements. The list of &#8220;relevant activities&#8221; includes carrying
on as a business any one or more of: banking, insurance, fund management, financing and leasing, headquarters, shipping, distribution
and service center, intellectual property and pure equity holding entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Entities which are tax resident outside of the
British Virgin Islands, provided they are not tax resident in a country which is not included in Annex I to the European Union list of
non-cooperative jurisdictions for tax purposes, (as the Company will be) are not required to have economic substance in the British Virgin
Islands, regardless of the activity they are conducting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If our tax status changes and we are conducting
any &#8220;relevant activities&#8221; or if the scope of the relevant statute is changed by subsequent legislation we may be required
to increase our substance in the British Virgin Islands, which could result in additional costs that could adversely affect our financial
condition or results of operations. If we were required to satisfy economic substance requirements in the British Virgin Islands but failed
to do so, we could face spontaneous disclosure to competent authorities in the EU of the information filed by the entity with the BVI
International Tax Authority and the BVI Financial Investigation Agency in connection with the economic substance requirements and our
beneficial and legal ownership and may also face financial penalties, restriction or regulation of our business activities and/or may
be struck off or liquidated as a registered entity in the British Virgin Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The French tax authorities may determine that the Company is
not a Swiss tax resident.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The British Virgin Islands are considered by France
as a &#8220;non-cooperative state of territory&#8221; and, as such, adverse French tax consequences can arise on dividend and interest
payments made to BVI shareholders of French companies. Under French law, payments of dividend and interest into a non-cooperative state
or territory attract a withholding tax of 75%. However, this 75% withholding tax will not apply to dividends and interest paid by WISeKey
Semiconductors SAS to SEALSQ Corp if (i) the dividends and interest are paid into a bank account that is not located in the BVI and (ii)
SEALSQ is a Swiss resident company for tax purposes and can claim the benefits of the France-Switzerland double tax treaty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that SEALSQ is and will remain a Swiss
resident company for tax purposes and that SEALSQ will benefit from the France-Switzerland double tax treaty. Additionally, any payments
of dividends and interest to SEALSQ would be made into a bank account that is located in Switzerland and would not be subsequently rewired
to a bank account located in the BVI (or any other blacklisted jurisdiction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The status of SEALSQ&#8217;s tax residence may
be subject to challenge by the French tax authorities and the onus would be upon SEALSQ to demonstrate that (i) SEALSQ has sufficient
substance in Switzerland, including having its place of effective management in Switzerland along with sufficient substance, in particular
employees and offices, (ii) SEALSQ is not controlled, directly or indirectly, by a non-French or non-Swiss tax resident, and (iii) SEALSQ
is the beneficial owner of the dividends and interest paid by WISeKey Semiconductors SAS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additionally, in 2024, the EU council directive
laying down rules to prevent the misuse of shell entities for tax purposes and amending Directive 2011/16/EU should become effective in
France. This means that SEALSQ will need to take extra care in having sufficient substance in Switzerland in order to substantiate the
fact that it is not a shell company under the shell company directive and is a Swiss resident company for tax purposes. Should SEALSQ
be seen as (i) a shell company under the shell company directive or (ii) a non-Swiss resident company for tax purposes, then SEALSQ would
no longer be eligible for the benefits under the Switzerland-France double tax treaty and could therefore be subject to significant withholding
tax charges on dividend and interest payments declared and made from WISeKey Semiconductors SAS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risk Related to Our Corporate Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>As a &#8220;foreign private issuer&#8221; (within the meaning
of the U.S. Securities Act) we are entitled to claim exemptions from certain Nasdaq corporate governance standards, and, if we elected
to rely on these exemptions, you may not have the same protections afforded to stockholders of companies that are subject to all of the
Nasdaq corporate governance requirements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a foreign private issuer, we are permitted to,
and we will, rely on exemptions from certain Nasdaq corporate governance standards applicable to domestic U.S. issuers. This may afford
less protection to holders of our ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are exempted from certain corporate governance
requirements of Nasdaq by virtue of being a foreign private issuer. We are required to provide a brief description of the significant
differences between our corporate governance practices and the Nasdaq corporate governance practices required to be followed by domestic
U.S. companies listed on Nasdaq. The standards applicable to us are considerably different from the standards applied to domestic U.S.
issuers. For instance, we are not required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
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the Securities Exchange Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have relied on and intend to continue to rely on some of these exemptions.
As a result, you may not be provided with the benefits of certain corporate governance requirements of Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are a &#8220;controlled company&#8221; as defined under the
Nasdaq Stock Market corporate governance rules. As a result, we qualify for, and intend to rely on, exemptions from certain corporate
governance requirements that would otherwise provide protection to shareholders of other companies.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a &#8220;controlled company&#8221; as defined
under the Nasdaq corporate governance rules because WISeKey will own more than 50% of our total voting power. For so long as we remain
a controlled company, we may rely on certain exemptions from the corporate governance rules, including the rule that our board of directors
be comprised of a majority of independent directors. As a result, you will not have the same protection afforded to shareholders of companies
that are subject to these corporate governance requirements. Even if we cease to be a controlled company, we may still rely on exemptions
available to foreign private issuers, including being able to adopt home country practices in relation to corporate governance matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We will likely not pay dividends in the foreseeable future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our dividend policy is subject to the discretion
of our board of directors and will depend on, among other things, our earnings, financial condition, capital requirements and other factors.
There is no assurance that our board of directors will declare dividends even if we are profitable. Under BVI law, we may only pay dividends
if we satisfy the BVI Solvency Test.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>As the rights of shareholders under British Virgin Islands law
differ from those under U.S. law, you may have fewer protections as a shareholder.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our corporate affairs will be governed by our Articles,
the BVI Act, and the common law of the British Virgin Islands. The rights of shareholders to take legal action against our directors,
actions by minority shareholders and the fiduciary responsibilities of our directors under British Virgin Islands law are governed by
the BVI Act and the common law of the British Virgin Islands. The common law of the British Virgin Islands is derived in part from comparatively
limited judicial precedent in the British Virgin Islands as well as from the common law of England and the wider Commonwealth, which has
persuasive, but not binding, authority on a court in the British Virgin Islands. The rights of our shareholders and the fiduciary responsibilities
of our directors under British Virgin Islands law are largely codified in the BVI Act, but are potentially not as clearly established
as they would be under statutes or judicial precedents in some jurisdictions in the United States. In particular, the British Virgin Islands
has a less developed body of securities laws as compared to the United States, and some states (such as Delaware) have more fully developed
and judicially interpreted bodies of corporate law. As a result of all of the above, holders of our shares may have more difficulty in
protecting their interests through actions against our management, directors or major shareholders than they would as shareholders of
a U.S. company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>British Virgin Islands companies may not be able to initiate
shareholder derivative actions, thereby depriving shareholders of the ability to protect their interests.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shareholders of British Virgin Islands companies
may not have standing to initiate a shareholder derivative action in a federal court of the United States. Shareholders of a British Virgin
Islands company could, however, bring a derivative action in the British Virgin Islands courts, and there is a clear statutory right to
commence such derivative claims under Section 184C of the BVI Act. The circumstances in which any such action may be brought, and the
procedures and defenses that may be available in respect to any such action, may result in the rights of shareholders of a British Virgin
Islands company being more limited than those of shareholders of a company organized in the United States. Accordingly, shareholders may
have fewer alternatives available to them if they believe that corporate wrongdoing has occurred. The British Virgin Islands courts are
also unlikely to recognize or enforce against us judgments of courts in the United States based on certain liability provisions of U.S.
securities laws, and to impose liabilities against us, in original actions brought in the British Virgin Islands, based on certain liability
provisions of U.S. securities laws that are penal in nature. There is no statutory recognition in the British Virgin Islands of judgments
obtained in the United States, although the courts of the British Virgin Islands will generally recognize and enforce the non-penal judgment
of a foreign court of competent jurisdiction without retrial on the merits. This means that even if shareholders were to sue us successfully,
they may not be able to recover anything to make up for the losses suffered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The laws of the British Virgin Islands may provide less protection
for minority shareholders than those under U.S. law, so minority shareholders may have less recourse than they would under U.S. law if
the shareholders are dissatisfied with the conduct of our affairs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the laws of the British Virgin Islands, the
rights of minority shareholders are protected by provisions of the BVI Act dealing with shareholder remedies and other remedies available
under common law (in tort or contractual remedies). The principal protection under statutory law is that shareholders may bring an action
to enforce the constitutional documents of the company (i.e., our Articles) as shareholders are entitled to have the affairs of the company
conducted in accordance with the BVI Act and the memorandum and articles of association of the company. A shareholder may also bring an
action under statute if he feels that the affairs of the company have been or will be carried out in a manner that is unfairly prejudicial
or discriminating or oppressive to him. The BVI Act also provides for certain other protections for minority shareholders, including in
respect of investigation of the company and inspection of the company books and records. There are also common law rights for the protection
of shareholders that may be invoked, largely dependent on English common law, since the common law of the British Virgin Islands for business
companies is limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Company is not subject to the supervision of the Financial
Services Commission, and so the Shareholders are not protected by any regulatory inspections by the Financial Services Commission in the
BVI.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are not an entity subject to any regulatory
supervision in the BVI by the BVI Financial Services Commission. As a result, shareholders are not protected by any regulatory supervision
or inspections by any regulatory agency in the BVI, and we are not required to observe any restrictions in respect of conduct save as
disclosed in this prospectus, our Articles, or the BVI Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>It may be difficult to enforce service of process and judgments
against us and our officers and directors.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are incorporated under the laws of the British
Virgin Islands and our principal executive offices are located outside the United States. Most of our directors and officers and those
of our subsidiaries are residents of countries other than the United States. Substantially all of our and our subsidiaries&#8217; assets
and a substantial portion of the assets of our directors and officers are located outside the United States. As a result, it may be difficult
or impossible for United States investors to effect service of process within the United States upon us, our directors or officers, our
subsidiaries or to realize against us or them judgments obtained in United States courts, including judgments predicated upon the civil
liability provisions of the securities laws of the United States or any state in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are currently a non-operating business and as
such we do not have any industry-specific regulators or regulations that we need to comply with. As a BVI business company limited by
shares, we are regulated by the laws of the British Virgin Islands, and principally by the corporate law of the BVI which is contained
in the BVI Act. The BVI does not distinguish between public and private companies. We are also governed by the BVI Insolvency Act, 2003
(as amended), and the laws and regulations of the BVI which pertain to economic substance and beneficial ownership, as well as common
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Relating to Our Ordinary Shares and this Offering</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Our convertible
note and warrant financing with the Selling Shareholders could cause substantial dilution and pressure on the public price of our ordinary
shares as repayments under such note can be paid in Ordinary Shares priced at a discount to market.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">To
the extent that the Notes and Warrants are converted into or exercised for Ordinary Shares, substantial amounts of our Ordinary Shares
will be issued. Under certain default circumstances the Notes and Warrants may become exercisable at prevailing prices or discounts to
prevailing prices, and the conversion price of the Notes and exercise price of the Warrants may be adjusted in the event of certain issuances
of Ordinary Shares below the original Conversion Price. In addition, we have the ability under certain circumstances to make payments
on the Notes in Ordinary Shares at then prevailing market prices. We are required to reserve three times the original number of shares
obtainable under the Notes and Warrants to provide for these circumstances. Although we cannot predict the number of our ordinary shares
that will actually be issued in connection with any such conversions and/or sales, such issuances could result in substantial decreases
to our stock price.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

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Shares, or the perception of such sales, including by the Selling Shareholders pursuant to this prospectus in the public market or otherwise
could cause the market price for our Ordinary Shares to decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white">The
sale of our Ordinary Shares in the public market or otherwise, including sales pursuant to this prospectus, or the perception that such
sales could occur, could harm the prevailing market price of our Ordinary Shares. These sales, or the possibility that these sales may
occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that it deems appropriate
(which ability to sell equity securities is also subject to restrictions under the terms of the Notes and related agreements as described
below). Resales of our Ordinary Shares may cause the market price of our securities to drop significantly, regardless of the performance
of our business.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white">Following
the conversion of the Notes and/or the exercise of the Warrants, there are no limitations on the Selling Shareholders&#8217; ability to
sell the Ordinary Shares received by the Selling Shareholders. As such, sales of a substantial number of Ordinary Shares in the public
market could occur at any time following such conversion or exercise. These sales, or the perception in the market that the holders of
a large number of shares intend to sell shares, could reduce the market price of our Ordinary Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white">Given
the substantial number of Ordinary Shares being registered for potential resale by the Selling Shareholders pursuant to this prospectus,
the sale of shares by the Selling Shareholders, or the perception in the market that the stockholders of a large number of shares intend
to sell shares, could increase the volatility of the market price of our ordinary shares or result in a significant decline in the public
trading price of our ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The Notes and related
agreements restrict our ability to obtain additional debt and equity financing which may restrict our ability to grow and finance our
operations and, further, no assurances can be made that we will receive cash proceeds from the Warrants.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The agreements related
to the sale of the Notes and Warrants contain a number of restrictive covenants that may impose significant operating and financial restrictions
on us while Notes remain outstanding or unless the restrictions are waived by consent of each noteholder, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

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<P STYLE="margin: 0">&#160;</P>

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

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definitive agreement with respect to a change of control of the Company, the Selling Shareholders may require us to prepay, effective
immediately prior to the consummation of such change of control, an amount equal to one hundred and twenty percent (120%) of the sum
of (x) the outstanding Principal of the Note and (y) and any accrued and unpaid Interest thereon.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 57.5pt 0pt 0; text-align: justify">&#160;</P>
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breach of the covenants or restrictions under the agreements governing our indebtedness could result in an event of default under these
agreements. As a result of these restrictions, we may be limited in how we conduct our business, unable to raise additional debt or equity
financing to operate during general economic or business downturns and/or unable to compete effectively or to take advantage of new business
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our Ordinary Shares were not publicly traded before the completion
of the Spin-Off Distribution on May&#160;23,&#160;2023. An active trading market that will provide you with adequate liquidity for our
Ordinary Shares may not develop.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Before the Spin-Off Distribution, which was
completed on May 23, 2023, there was no public market for our Ordinary Shares. Before this offering, WISeKey and its affiliates,
including Mr. Carlos Moreira, held 81.25% of the Ordinary Shares and WISeKey held 100% of the Class F Shares, which together mean
they held 90.62% of the voting rights of SEALSQ, and this concentration of ownership could make it less likely that an active and
liquid trading market for our Ordinary Shares will develop on Nasdaq. SEALSQ is reserving up to 5% of its Class F Shares for
issuance pursuant to an F Share Option Plan for certain directors and senior management of SEALSQ, its subsidiaries and its parent.
As a result, WISeKey&#8217;s initial ownership percentage of Class F Shares is subject to the grant and exercise of SEALSQ Class F
Share Options from time to time. Our Articles provide that, in the event of a change of control (being the acquisition by any person
or entity, alone or jointly, of more than 50% of the voting rights of any Class F Shareholder which is a corporate entity), as
determined by SEALSQ&#8217;s board of directors, the Class F Shares owned by such Class F Shareholder will be subject to a mandatory
and automatic redemption by SEALSQ in exchange for the issuance of new Ordinary Shares at a ratio of five (5) Ordinary Shares for
each one (1) Class F Share redeemed. A change in the control of WISeKey would trigger this provision as it is a corporate entity
holding Class F Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cannot predict the extent to which investor
interest will lead to the development of an active and liquid trading market on Nasdaq for our Ordinary Shares or, if such market develops,
whether it will be maintained. The lack of an active trading market on Nasdaq and low trading volume for our Ordinary Shares, may make
it more difficult for you to sell our Ordinary Shares and could lead to our share price becoming depressed or volatile. There can be no
assurance that an active trading market for our Ordinary Shares on either Nasdaq or any other exchange will develop. If an active and
liquid trading market does not develop, relatively small sales of our Ordinary Shares could have a significant negative impact on the
price of our Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may experience extreme stock price volatility unrelated to
our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess
the rapidly changing value of our Ordinary Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The US stock market has witnessed instances of
extreme stock price run-ups followed by rapid price declines in 2023 and such stock price volatility seemed unrelated to the issuers&#8217;
performance subsequent to their recent initial public offerings, especially among companies with relatively smaller public floats. After
the consummation of this offering, we will have a relatively small public float due to the relatively small size of this offering and
the concentration of ownership of our Ordinary Shares in our ultimate controlling shareholder. As a relatively small-capitalized company
with a small public float after this offering, the share price of our Ordinary Shares may experience extreme volatility, lower trading
volume and less liquidity than large-capitalized companies. Although the specific cause of such volatility is unclear, our anticipated
small public float may amplify the impact the actions taken by a few shareholders have on the price of our ordinary shares, which may
cause our share price to deviate, potentially significantly, from a price that better reflects the underlying performance of our business.
The potential extreme volatility may confuse public investors regarding the value of our shares, distort the market perception of our
share price and our company&#8217;s financial performance and public image, and negatively affect the long-term liquidity of our Ordinary
Shares, regardless of our actual or expected operating performance. Should our Ordinary Shares experience run-ups and declines that are
seemingly unrelated to our actual or expected operating performance and financial condition or prospects, prospective investors may have
difficulty assessing the rapidly changing value of our Ordinary Shares and our ability to access the capital market may be materially
adversely affected. In addition, if the trading volumes of our Ordinary Shares are low, holders of our Ordinary Shares may also not be
able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. As a result of this
volatility, investors may experience losses on their investment in our Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If securities or industry analysts do not publish research or
reports about our business, or publish negative reports about our business, our share price and trading volume could decline.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a newly incorporated company that became publicly
traded on May 19, 2023, there is currently no analyst coverage of the Company. The trading market for our Ordinary Shares will depend,
in part, upon the research and reports that securities or industry analysts publish about us or our business. We do not have any control
over analysts as to whether they will cover us, and if they do, whether such coverage will continue. If analysts do not commence coverage
of the Company, or if one or more of these analysts cease coverage of the Company or fail to regularly publish reports on us, we could
lose visibility in the financial markets, which could cause our share price or trading volume to decline. In addition, if one or more
of the analysts who cover us downgrade our shares or change their opinion of our shares, our share price may likely decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Other future issuances
of additional ordinary shares could cause dilution of ownership interests and adversely affect our share price.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Beyond
our note financing with the Selling Shareholders, we may choose to raise additional capital due to market conditions or strategic considerations
even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised
through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders
or result in downward pressure on the price of our Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The market price of our Ordinary Shares may be subject to significant
fluctuations.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The market price of our Ordinary Shares may be
subject to significant fluctuations as a result of many factors, some of which are beyond our control. Among the factors that could affect
our stock price are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>our involvement in acquisitions, strategic alliances or joint ventures;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>arrival and departure of key personnel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>liquidity of the Ordinary Shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Ordinary Shares may trade at prices lower than you originally allocated
such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If our Ordinary Shares do not meet the Nasdaq Global Market&#8217;s
minimum share price requirement, and if we cannot cure such deficiency within the prescribed timeframe, our Ordinary Shares could be delisted.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the rules of the Nasdaq Global Market, listed
companies are required to maintain a share price of at least $1.00 per share. If the share price declines below $1.00 for a period of
30 consecutive business days, then the listed company has a cure period of at least 180 days to regain compliance with the $1.00 per share
minimum. If the price of our Ordinary Shares closes below $1.00 for 30 consecutive days, and if we cannot cure that deficiency within
the 180-day timeframe, then our Ordinary Shares could be delisted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the market price of our Ordinary Shares is below
$5.00 per share, under stock exchange rules, our shareholders will not be able to use such shares as collateral for borrowing in margin
accounts. This inability to continue to use our Ordinary Shares as collateral may lead to sales of such shares creating downward pressure
and increased volatility in the market price of our Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Provisions in our Articles are intended to discourage certain
types of transactions that may involve an actual or threatened hostile acquisition of control over SEALSQ, which will likely depress the
trading price of our Ordinary Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Articles contain provisions that may make the
acquisition of control over SEALSQ more difficult, including the following:</P>

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requiring shareholder approval, even if they own significantly less than a majority of our outstanding shares. Our Articles provide that
holders of our Class F Shares as a class will retain 49.99% of the Company&#8217;s voting power irrespective of the number of Ordinary
Shares that may be issued in the future.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The ownership of our Class F Shares is subject to the following limitations:</TD></TR></TABLE>

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<TD STYLE="width: 10%"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>in the event of a change of control (being the acquisition by
any person or entity, alone or jointly, of more than 50% of the voting rights of any Class F Shareholder which is a corporate entity),
as determined by SEALSQ&#8217;s board of directors, the Class F Shares owned by such Class F Shareholder will be subject to a mandatory
and automatic redemption by SEALSQ in exchange for the issuance of new Ordinary Shares at a ratio of five (5) Ordinary Shares for each
one (1) Class F Share redeemed;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</P>

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a Class F Shareholders&#8217; Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The absence of cumulative voting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Vacancies on our board of directors will be able to be filled only by our board of directors and not by shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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with the majority (by the number of shares held) view of the holders of the Class F Shares; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</P>

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</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These provisions, alone or together, could discourage, delay or prevent
a transaction involving a change of control of our Company. These provisions could also limit the opportunity for our shareholders to
receive a premium for their Ordinary Shares and could also affect the price that some investors are willing to pay for our Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are an &#8220;emerging growth company&#8221; and we cannot
be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Ordinary Shares less attractive
to investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are an &#8220;emerging growth company&#8221;,
as defined in the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to
other public companies that are not emerging growth companies. We cannot predict if investors will find our Ordinary Shares less attractive
because we may rely on these exemptions. If some investors find our Ordinary Shares less attractive as a result, there may be a less active
trading market for our Ordinary Shares and our share price may be more volatile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, under the JOBS Act, our independent
registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting
pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 for so long as we are an emerging growth company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For as long as we take advantage of the reduced
reporting obligations, the information that we provide our shareholders may be different from information provided by other public companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are a foreign private issuer within the meaning of the rules
under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because we qualify as a foreign private issuer
under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United&#160;States that are
applicable to U.S. domestic issuers, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will be required to file an annual report on
Form&#160;20-F&#160;within four months of the end of each fiscal year. Press releases relating to financial results and material
events will also be furnished to the SEC on Form&#160;6-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Techniques employed by short sellers may
drive down the market price of the ordinary shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Short selling is the practice of selling securities
that the seller does not own but rather has borrowed from a third party with the intention of buying identical securities back at a later
date to return to the lender. The short seller hopes to profit from a decline in the value of the securities between the sale of the borrowed
securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the
sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As it is in the short seller&#8217;s interest
for the price of the security to decline, many short sellers publish, or arrange for the publication of, negative opinions regarding the
relevant issuer and its prospects to create negative market momentum and generate profits for themselves after selling a security short.
These short attacks have, in the past, led to selling of shares in the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public companies that have substantially all of
their operations in China have been the subject of short selling. Much of the scrutiny and negative publicity has centered on allegations
of a lack of effective internal control over financial reporting resulting in financial and accounting irregularities and mistakes, inadequate
corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud. As a result, many of these companies
are now conducting internal and external investigations into the allegations and, in the interim, are subject to shareholder lawsuits
and/or SEC enforcement actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is not clear what effect such negative publicity
could have on us. If we were to become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue,
we could have to expend significant resources to investigate such allegations and/or defend ourselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While we would strongly defend against any such
short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom
of speech, applicable state law or issues of commercial confidentiality. Such a situation could be costly and time-consuming, and could
distract our management from growing our business. Even if such allegations are ultimately proven to be groundless, allegations against
us could severely impact our business, and any investment in the ordinary shares could be greatly reduced or even rendered worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We could be subject to securities class action litigation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the past, securities class action litigation
has often been brought against public companies following declines in the market prices of their securities. This risk is especially relevant
for biopharmaceutical companies, which have experienced significant stock price volatility in recent years. If we face such litigation,
it could result in substantial costs and a diversion of management&#8217;s attention and our resources, which could harm our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our Ordinary Shares are speculative in nature.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Following this offering, the market value of our
Ordinary Shares is uncertain and there can be no assurance that the market value of our Ordinary Shares will equal or exceed their public
offering price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Relating to the Dual Class Structure of our Shares</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>The dual class structure of our shares
has the effect of concentrating voting power with certain shareholders, in particular WISeKey, which will effectively eliminate your ability
to influence the outcome of important transactions, including a change of control.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Ordinary Shares, which are the shares that
are being offered, have one (1) vote per share as against each other Ordinary Share but, as a class, the Ordinary Shares shall retain
50.01% of the Company&#8217;s voting power. Our Class F Shares will have a variable number of votes that ensure that WISeKey and other
Class F shareholders will retain up to 49.99% of the Company&#8217;s voting power, and WISeKey may, in certain circumstances in the future,
have voting power that, in the aggregate, exceeds 49.99% of the Company&#8217;s voting power. This voting feature is not common among
other corporations and may have an adverse effect on our shareholders other than WISeKey. SEALSQ is reserving up to 5% of its Class F
Shares for issuance pursuant to an F Share Option Plan for certain directors and senior management of SEALSQ, its subsidiaries and its
parent. As a result, WISeKey&#8217;s initial ownership percentage of Class F Shares is subject to the grant and exercise of SEALSQ Class
F Share Options from time to time. For a description of the Ordinary Shares and the Class F Shares, see &#8220;Description of Shares.&#8221;
Our Articles provide that, in the event of a change of control (being the acquisition by any person or entity, alone or jointly, of more
than 50% of the voting rights of any Class F Shareholder which is a corporate entity), as determined by SEALSQ&#8217;s board of director,
the Class F Shares owned by such Class F Shareholder will be subject to a mandatory and automatic redemption by SEALSQ in exchange for
the issuance of new Ordinary Shares at a ratio of five (5) Ordinary Shares for each one (1) Class F Share redeemed. A change in the control
of WISeKey would trigger this provision as it is a corporate entity holding Class F Shares. See the section titled &#8220;Description
of Shares&#8221; for further discussion of the terms of the Articles. Accordingly, WISeKey will effectively control all matters submitted
to the shareholders for the foreseeable future, including the election of directors, amendments of our organizational documents, compensation
matters, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transaction requiring
shareholder approval.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">WISeKey and the other
Class F shareholders may have interests that differ from yours and may vote in a way with which you disagree and which may be adverse
to your interests. This concentrated control is likely to have the effect of limiting the likelihood of an unsolicited merger proposal,
unsolicited tender offer, or proxy contest for the removal of directors. As a result, our governance structure and our Articles may have
the effect of depriving our shareholders of an opportunity to sell their shares at a premium over prevailing market prices and make it
more difficult to replace our directors and management.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Our governance structure and our Articles
may negatively affect the decision by certain institutional investors to purchase or hold our Ordinary Shares.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt; background-color: white">The holding of&#160;low-voting&#160;shares,
such as our Ordinary Shares, may not be permitted by the investment policies of certain institutional investors or may be less attractive
to the portfolio managers of certain institutional investors. In addition, in July 2017, FTSE Russell and Standard&#160;&amp; Poor&#8217;s
announced that they would cease to allow most newly public companies utilizing dual- or multi-class capital structures to be included
in their indices. Affected indices include the Russell 2000 and the S&amp;P 500, S&amp;P MidCap 400, and S&amp;P SmallCap 600, which together
make up the S&amp;P Composite 1500. Our multi-class share structure may make us ineligible for inclusion in any of these and certain other
indices, and as a result, mutual funds, exchange-traded funds, and other investment vehicles that attempt to passively track these indices
would not invest in our shares. These policies may depress our valuation compared to those of other similar companies that are included.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Shareholders&#8217; Agreement also has the effect of concentrating
voting power with WISeKey and the other Class F shareholders, which will effectively eliminate your ability to influence the outcome of
important transactions, including a change of control.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Articles provide that all Class F shareholders
must enter into the Shareholders&#8217; Agreement. The Shareholders&#8217; Agreement provides that all of the Class&#160;F Shares will
be voted as one and in accordance with the majority (by the number of shares held) view of the holders of the Class F Shares. Accordingly,
together with our dual class structure, such Class F shareholders will effectively control all matters submitted to the shareholders for
the foreseeable future, including the election of directors, amendments of our organizational documents, and any merger, consolidation,
sale of all or substantially all of our assets, or other major corporate transaction requiring shareholder approval.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>WISeKey and other Class F shareholders could have voting power
that exceeds 49.99% of the voting power of our outstanding capital stock.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Articles will not prevent WISeKey or other
Class F shareholders from having more than 49.99% of the voting power of our outstanding capital stock in aggregate. Before this offering,
WISeKey held 80% of our Ordinary Shares, and combined with its holding of Class F Shares, 90.62% of the voting power of our outstanding
shares in aggregate (assuming no options on Class F Shares have been exercised). In the future, other Class F shareholders could have
voting power that exceeds 49.99% of the voting power of our outstanding shares in aggregate, including substantially in excess, as a result
of their ownership of our Ordinary Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>As a result of future issuances of our Ordinary Shares or the
disposal of Ordinary Shares by WISeKey and other Class F shareholders, WISeKey and other Class F shareholders could have voting power
that is substantially greater than, and outsized in comparison to, their economic interests and the percentage of our Ordinary Shares
that they hold.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In certain circumstances, our Class F Shareholders
could have voting power that is substantially greater than, and outsized in comparison to, their economic interests and the percentage
of our Ordinary Shares that they hold. This separation between voting power and economic interests could cause conflicts of interest between
WISeKey, our Class F shareholders and our other shareholders, which may result in WISeKey and our other Class F Shareholders undertaking,
or causing us to undertake, actions that would be desirable for WISeKey and our Class F Shareholders but would not be desirable for our
other shareholders.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that WISeKey and our other Class F
Shareholders have less than 49.99% of the voting power of our shares prior to giving effect to the voting power of the Class&#160;F Shares,
the issuance of additional shares by us in the future to shareholders other than Class F Shareholders will dilute the economic interests
of WISeKey and our other Class F shareholders but will not result in further dilution of the voting power of WISeKey and our other Class
F Shareholders. Because the Class&#160;F Shares have variable voting rights, such issuances will instead correspondingly increase the
voting power of the Class&#160;F Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Future issuances of our Ordinary Shares will dilute the voting
power of our holders of Ordinary Shares, but may not result in further dilution of the voting power of Class F shareholders.</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Future issuances of our Ordinary Shares (e.g.,
in the event of a mandatory redemption of WISeKey&#8217;s F Shares) will dilute the voting power of our holders of Ordinary Shares and
future issuances to shareholders other than Class F shareholders will dilute the economic interests of our Class F shareholders. However,
because the Class F Shares have variable voting rights, in the event that our Class F shareholders have less than 49.999999% of the voting
power of our shares prior to giving effect to the voting power of the Class F Shares, future issuances of Ordinary Shares to shareholders
other than Class F shareholders will not result in dilution of the voting power of our Class F shareholders, but rather, will correspondingly
increase the voting power of the Class F Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
July 11, 2023 (the &#8220;Initial Closing Date&#8221;), we closed an initial $10 million tranche (the &#8220;First Tranche&#8221;) of
a private placement of Convertible Notes and Warrants with L1 Capital Global Opportunities Master Fund Ltd. and Anson Investments Master
Fund LP (collectively, the &#8220;Investors&#8221;) pursuant to the terms of a Securities Purchase Agreement, dated July 11, 2023, between
the Company and the Investors (the &#8220;Purchase Agreement&#8221;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
connection with the closing of the First Tranche, we issued to the Investors (i) 4% Senior Original Issue Discount Convertible Notes due
2025 in an aggregate principal amount of $10,000,000.00 (the &#8220;Initial Notes,&#8221; and together with the Notes that may be issued
in the Second Tranche (as defined below), the &#8220;Notes&#8221; ) convertible into a number of the Ordinary Shares, and (ii) Warrants
with a 5-year maturity (the &#8220;Initial Warrants,&#8221; and together with he Warrants that may be issued in the Second Tranche (as
defined below), the &#8220;Warrants&#8221;) to purchase a number of Ordinary Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">A
second tranche issuance of Notes and Warrants (the &#8220;Second Tranche&#8221;) is subject to the mutual consent of the parties, and
may be provided for up to a total of $10 million in principal amount of Notes. Such Second Tranche would close only after the effective
date of the Registration Statement (as defined below) and upon the satisfaction (or waiver) of the closing conditions for the Second Tranche
specified in the Purchase Agreement. Such principal amount, if funded, will be added to the principal amount of the Notes, and the Investors
will be entitled to receive an additional Warrants carrying the same terms as the Initial Warrants.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
are registering the resale of up to an aggregate of 8,000,000 Ordinary Shares issuable upon conversion of the Notes (&#8220;Conversion
Shares&#8221;) and upon exercise of the Warrants (&#8220;Warrant Shares&#8221;) as required by the Registration Rights Agreement, dated
as of July 11, 2023 (the &#8220;Registration Rights Agreement&#8221;), by and among us and the Investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Conversion Shares include Ordinary Shares issuable upon conversion of $10,000,000.00 in aggregate principal amount of the Initial Notes
and in accruing interest which may be paid by the Company in Conversion Shares with the written consent of the Selling Shareholders (including
Ordinary Shares reserved for potential issuance in the event of possible future default or dilution adjustments). The terms of the Notes
are summarized below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Warrant Shares include Ordinary Shares issuable upon exercise of
the Initial Warrants (including Ordinary Shares reserved for potential issuance in the event of possible future default or dilution adjustments).
The terms of the Warrants are summarized below.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
are providing you with a summary description of the material terms of the Notes and the Warrants and of the related agreements. Please
remember that summaries by their nature lack the precision of the information summarized and that the rights and obligations of an owner
of Notes and Warrants will be determined by reference to the terms of the applicable agreements and not by this summary. We urge you to
review the applicable agreements in their entirety.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B><FONT STYLE="text-decoration: underline">Summary
Terms of the Purchase Agreement </FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Purchase Agreement details the Notes and Warrants to be issued in the First Tranche and in the Second Tranche and the conditions precedent
for such First Tranche and Second Tranche issuances of Notes and Warrants. The Purchase Agreement also contains customary representations
and warranties, indemnification, and other covenants of the Company and the Investors, as well as the following material terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Future
Financing Participation Right</I>. Subject to certain exceptions, for a period of one (1) year from the date of the Purchase Agreement,
the Investors shall have the right to participate in up to thirty percent (30%) of future financings of the Company undertaken during
that period.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Prohibited
Transactions</I>. From the date of the Purchase Agreement until such time as neither Investor holds any of the Notes having a principal
amount in excess of $250,000.00, the Company shall not: (i) enter into any financing transactions that qualify as &#8220;variable rate
transactions&#8221; or (ii) utilize any &#8220;at the market&#8221; offering program in respect of its Ordinary Shares. Furthermore, while
any Notes are outstanding, the Company shall not issue any equity option, warrant or similar instrument which contains an &#8220;alternative
cashless exercise&#8221; provision that provides for the exercise of such security without payment of the exercise price in cash. These
prohibited transactions do not include issuance of (a) Ordinary Shares or options not to exceed 15% of the Ordinary Shares outstanding
as of the date of Purchase Agreement to employees, consultants, officers or directors of the Company, its parent company and their respective
subsidiaries pursuant to any stock or option plan duly adopted for such purpose, by a majority of the Board of Directors or a majority
of the members of a committee of non-employee directors established for such purpose for services rendered to the Company; or (b) securities
issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided
that such securities are issued as &#8220;restricted securities&#8221; (as defined in Rule 144), but shall not include a transaction in
which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing
in securities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Public
Information</I>. Until the earliest of the time that (i) no Investor owns any Warrants or Notes or (ii) all of the Warrants have expired,
the Company will maintain the registration of the Ordinary Shares under Section 12(b) or 12(g) of the Securities Exchange Act of 1934,
as amended (the &#8220;Exchange Act&#8221;), and to timely file (or obtain extensions in respect thereof and file within the applicable
grace period) all reports required to be filed by the Company pursuant to Exchange Act, even if the Company is not then subject to the
reporting requirements of the Exchange Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Share
Reserve</I>. The Company shall maintain a reserve of 8,000,000 Ordinary Shares from its duly authorized Ordinary Shares for issuance under
the First Tranche. With respect to the Second Tranche, a number of additional Ordinary Shares equal to the higher of (i) 8,000,000 Ordinary
Shares, and (ii) 200% of the Ordinary Shares issuable upon conversion of the Notes, and upon exercise of the Warrants, in each case, issued
in the Second Tranche (subject to certain assumptions as to applicable Note conversion and Warrant exercise prices).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Termination</I>.
The Purchase Agreement may be terminated by any Investor, as to such Investor&#8217;s obligations thereunder only and without any effect
whatsoever on the obligations between the Company and the other Investor, or by the Company, by written notice to the other parties, if
the First Tranche has not been consummated on or before the fifth Trading Day following the date of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><B><FONT STYLE="text-decoration: underline">Summary Terms of
the Notes </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Seniority.</I>
The obligations of the Company under each Note rank senior to all other existing &#8220;Indebtedness&#8221; (as defined in the Purchase
Agreement) and equity of the Company except for (i) additional Notes provided for under the Purchase Agreement, (ii) indebtedness up to
$2,000,000.00 payable to Cisco System, Inc., and (iii) intercompany loans up to $8,000,000.00 between the Company and its affiliates;
provided that, the combined debt from (ii) and (iii) shall not exceed 15% of the average market capitalization of the Company&#8217;s
issued and outstanding Ordinary Shares (adjusted for the outstanding number of F Shares at the five (5) F Share to one Ordinary Share
redemption ratio).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Original
Issuance Discount</I>. The Initial Notes carry a 4.0% original issue discount, resulting in proceeds before expenses to the Company from
issuance of Notes in the Initial Tranche of approximately $9,600,000.00. The Initial Notes were issued on July 11, 2023 (the &#8220;Original
Issuance Date&#8221;). If the full amount of the Notes issuance in the Second Tranche is funded, after taking into consideration the 4.0%
original issue discount, the proceeds before expenses to the Company from the issuance of Notes in the Second Tranche would be approximately
$9,600,000.00. The Notes issuable in the Second Tranche are expected to have the same terms as the Notes issued in the First Tranche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Maturity</I>.
Each Initial Note has a 24-month maturity unless the Investors have given notice to the Company that they elect to accelerate the Maturity
Date to the extent explicitly permitted by the Notes (the &#8220;Maturity Date&#8221;). The initial Maturity Date may be extended one
time for an additional six (6) months at the option of the Company by written notice to the Investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Interest
Payments</I>. Interest on the Initial Notes commenced accruing on the Original Issuance Date at 4% per annum (the &#8220;Interest&#8221;),
is computed on the basis of a 360-day year and four 90-day quarterly periods and shall be payable by the Company to the holder(s) of such
Notes as of the last day of the applicable quarterly period in cash, within three (3) trading days of the end of each 90-day quarterly
period quarter while this Note remains outstanding (each, a &#8220;Scheduled Interest Payment Date&#8221;). Upon the written consent of
the Investors, the Interest may be paid by the Company in Ordinary Shares on the Scheduled Interest Payment Date at the applicable conversion
price. All accrued and unpaid Interest not otherwise paid on a Scheduled Interest Payment Date shall be due on the Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Prepayment;
Change of Control Payment.</I> If the Company directly or indirectly received proceeds from and closes any kind of financing including
through the issuance of any equity securities or indebtedness, the Investors may request prepayment of the Principal and any accrued and
unpaid Interest in an amount of up to thirty percent (30%) of the gross proceeds received by the Company in such financing. The previous
sentence shall not apply to any equity financing undertaken by the Company within six (6) months of the Original Issuance Date. Except
as otherwise provided in the Notes, the Company may not prepay any portion of the principal of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, if the Company enters into a definitive agreement with respect to a change of control of the Company, the Investors may require
the Company to prepay, effective immediately prior to the consummation of such change of control, an amount equal to one hundred and twenty
percent (120%) of the sum of (x) the outstanding Principal of the Notes and (y) and any accrued and unpaid Interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Events
of Default</I>. The Notes are subject to customary events of default (each, an &#8220;Event of Default&#8221;), including, without limitation:
(i) payment defaults; (ii) default in the performance by the Company of its obligations, or breach by the Company of its representations
and warranties, under the Purchase Agreement, the Notes or the Warrants; (iii) failure by the Company to maintain the required minimum
share reserve; (iv) default by the Company under other indebtedness of $200,000.00 or more; (v) where an Investor has sold Ordinary Shares
pursuant to Rule 144 and the Company fails to instruct the transfer agent to remove any legends from the Ordinary Shares; (vi) bankruptcy,
liquidation and similar matters of or concerning the Company or its subsidiaries; (vii) Company fails to comply in any material respect
with the reporting requirements of the Exchange Act; (viii) delisting of the Ordinary Shares from a national exchange; (ix) consummation
by the Company of a &#8220;going private&#8221; transaction; and (x) the Company or one of its subsidiaries enters into a Variable Rate
Transaction (as defined in the Purchase Agreement). Upon an Event of Default as defined in the Note, the Investor has the right to accelerate
payment of the Notes at a &#8220;Mandatory Default Amount&#8221; equal to 120% of the sum of (x) the outstanding principal amount of the
Notes on the date on which the first Event of Default occurred and (y) any accrued and unpaid Interest thereon, if any. In addition, at
any time when an Event of Default has occurred and is continuing, the Investor shall have the option to convert the Mandatory Default
Amount at a rate equal to the lower of (i) the Conversion Price or (ii) 80% of the lowest VWAP in the ten prior trading days prior to
the conversion date (the &#8220;Alternative Conversion Price&#8221;). Further, if we fail to cure an Event of Default within the time
provided by the Note, the remedies provided in the Note, including the use of the Alternative Conversion Price, shall continue and not
be affected by any future cure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in"><I>Voluntary Conversion</I>.
The Notes will be convertible, immediately upon issuance at the option of the holders, at a conversion price of (i) $30.00 per Ordinary
Share (the &#8220;Fixed Conversion Price&#8221;), or (ii) 92% of the lowest VWAP per Ordinary Share during the 10 trading days preceding
the conversion (the &#8220;Variable Conversion Price&#8221;). The Variable Conversion Price shall have a floor of $2.50 per Ordinary Share
(the &#8220;Floor Conversion Price&#8221;). The Fixed Conversion Price shall have a one-time reset on the 6-month anniversary following
its closing date to the lower of (x) the initial Fixed Conversion Price, (y) the initial Variable Conversion Price, or (z) 130% of the
daily VWAP per Ordinary Share on the trading day prior to the reset date. With the consent of the Investors, the Company may pay the interest
on the Notes in the form of Ordinary Shares at the applicable conversion price then in effect. In addition, the conversion prices are
subject to adjustment for anti-dilution protections. Neither the Company, nor the Investors, may convert any portion of the Notes to the
extent that, after giving effect to such conversion, any such Investor (together with such Investor&#8217;s affiliated parties) would
beneficially own in excess of 4.99% of our outstanding Ordinary Shares, unless the Investor provides us with written notice of an increase
to this limitation not to exceed 9.99%.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in"><I>Adjustments to Conversion
Price</I>. The Notes provide for adjustment of the Fixed Conversion Price for, <I>inter alia</I>, stock dividends, stock splits, stock
combinations, rights offerings, pro rata distributions of assets, reclassifications of Ordinary Shares, exchanges of Ordinary Shares or
substitutions of Ordinary Shares, dilutive issuances, certain option issuances and issuances of convertible securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><B><FONT STYLE="text-decoration: underline">Summary Terms of
the Warrants</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Warrants will be exercisable, immediately upon issuance at the option of the holders, at an exercise price per Ordinary Share equal to
initial Fixed Conversion Price for the Notes ($30.00 per Ordinary Share), subject to a one-time reset on the 6-month anniversary following
the applicable closing date to 120% of the daily VWAP per Ordinary Share on the trading day prior to the reset date. Pursuant to the Purchase
Agreement, on the Initial Closing Date, the Investors were issued the Initial Warrants to purchase up to 245,816 Ordinary Shares. The
Warrants are exercisable via &#8220;cashless&#8221; exercise if, after the six-month anniversary of the Initial Closing Date, there is
not an effective Registration Statement (as defined below) covering resale of the Ordinary Share under the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Investors shall not have the right to exercise any portion of the Warrants to the extent that, after giving effect to such exercise, any
such Investor (together with such Investor&#8217;s affiliated parties), would beneficially own in excess of 4.99% of our outstanding Ordinary
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">The
Warrants provide for an adjustment of the exercise price for, <I>inter alia</I>, stock dividends, stock splits, stock combinations, rights
offerings, pro rata distributions of assets, dilutive issuances, certain option issuances and issuances of convertible securities, certain
option issuances and issuances of convertible securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B><FONT STYLE="text-decoration: underline">Summary
Terms of the Registration Rights Agreement</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the Registration Rights Agreement, the Company
agreed that no later than 20 trading days from each of the Initial Closing Date and the Second Tranche Closing Date, as applicable, the
Company shall prepare and file a Registration Statement (each, a &#8220;Registration Statement&#8221;) with the SEC covering the resale
of Conversion Shares and Warrant Shares. The Company has agreed to cause each Registration Statement to be declared effective as soon
as practicable after filing thereof but in no event later than the date that is 75 days following each of the Initial Closing Date, and
the Second Tranche Closing Date, as applicable, if the Registration Statement is subject to review by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SEALSQ Corp</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Unaudited Pro Forma Condensed Combined Financial
Information</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As at December 31, 2022, and for the years ended
December 31, 2022, December&#160;31,&#160;2021 and December 31, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Introduction</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following unaudited pro forma condensed combined
financial information is presented to illustrate the combination of SEALSQ Corp (&#8220;SEALSQ&#8221;) and WISeKey Semiconductors SAS
and its affiliates (the &#8220;Semiconductors Group&#8221;), which designs, develops and markets secure semiconductors worldwide. SEALSQ
Corp. was incorporated on April 1, 2022 and has no operations. On January&#160;1,&#160;2023, SEALSQ acquired 100% of the Semiconductors
Group from its parent, WISeKey International Holding AG (&#8220;WISeKey&#8221;), against issuance by SEALSQ of 7,501,400 Ordinary Shares
and 1,499,700 Class F Shares (the &#8220;Consideration Shares&#8221;) with the intention to distribute 20% of SEALSQ&#8217;s Ordinary
Shares to stockholders of WISeKey on a pro rata basis (the &#8220;Spin-Off Distribution&#8220;) and list SEALSQ&#8217;s Ordinary Shares
on the Global Market segment of the NASDAQ. At the date of the acquisition on January&#160;1,&#160;2023, SEALSQ qualified as a so-called
empty shell private company with no operating activities that was not considered a business under US GAAP standards. The Spin-Off Distribution
was completed on May 23, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The unaudited pro forma condensed combined statement
of operations for the years ended December 31, 2020, 2021 and 2022 should be read in conjunction with the historical audited financial
statements of the Semiconductors Group for the years ended December 31, 2020, 2021 and 2022, which are included in this prospectus. Both
SEALSQ and the Semiconductors Group&#8217;s historical audited financial statements were prepared in accordance with US GAAP and presented
in thousand U.S. dollars. The pro forma financial information for the years ended December 31, 2020, 2021 and 2022 have not been audited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited pro forma condensed
combined financial information gives effect to transaction accounting adjustments that reflect the entries to be incurred in relation
to the acquisition by SEALSQ of the Semiconductors Group. The unaudited pro forma condensed combined financial statements give effect
to the combination as if it happened on January 1, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The combination of SEALSQ and the Semiconductors
Group is a transaction under common control in line with ASC 805-50 because both entities were 100% owned by WISeKey at the date of the
transaction. The combination was accounted for as a reverse acquisition from January 1, 2020 in line with ASC&#160;805-40 &#8220;Reverse
Acquisitions&#8221; because SEALSQ, then a so-called empty shell private company with no operating activities that was not considered
a business under US GAAP standards, acquired the Semiconductors Group, a private operating company and its affiliates. This transaction
being a capital transaction in substance, it qualifies as a reverse acquisition that is considered a recapitalization under common control
whereby SEALSQ is the legal acquirer and accounting acquiree, whereas the Semiconductors Group is the legal acquiree and accounting acquirer.
In accordance with ASC805-40, the pro forma condensed combined financial statements are therefore issued by the legal parent, SEALSQ,
but are considered to be the continuation of the financial statements of the legal subsidiary, the Semiconductors Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the accompanying unaudited pro forma condensed
combined financial information, the assets and liabilities of the accounting acquiree, SEALSQ, have been consolidated from January 1,
2020. The transaction being under common control, the assets and liabilities of SEALSQ were initially measured at their carrying amounts
in the accounts of WISeKey, in line with ASC 805-50. No goodwill arose as a result of the transaction. The consolidated statement of comprehensive
losses includes the results of SEALSQ from January 1, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pro forma adjustments are based upon available
information and certain assumptions which management believes are reasonable under the circumstances and which are described in the accompanying
notes to the unaudited pro forma condensed combined financial information. Actual results may differ materially from the assumptions within
the accompanying unaudited pro forma condensed combined financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The unaudited pro forma condensed combined financial
information is not necessarily indicative of the combined financial position or results of operations that would have been realized had
the combination occurred as of the dates indicated, nor is it meant to be indicative of any anticipated combined financial position or
future results of operations that the combined company will experience after the combination. In addition, the accompanying unaudited
pro forma condensed combined statement of operations does not include any expected cost savings or operating synergies which may be realized
subsequent to the combination, or the impact of any non-recurring activity or integration-related items. Moreover, the pro forma adjustments
represent best estimates based upon the information available to date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent to the effective date of the reverse
acquisition, any transactions occurring between SEALSQ and the Semiconductors Group are considered intercompany transactions and eliminated.
SEALSQ and the Semiconductors Group did not have any relationship that could be considered as intercompany transactions in the period
starting from the incorporation of SEALSQ on April 1, 2022 and ending on December&#160;31,&#160;2022. Therefore, no eliminations have
been made in the unaudited pro forma combined financial information for the years ended December 31, 2020, 2021 and 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>Unaudited Pro Forma Condensed Combined
Consolidated Balance Sheet as at December 31,&#160;2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">As at December 31, 2022<BR> USD&#8217;000</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">WISeKey
    <BR> Semiconductors SAS, <BR> SEALSQ Corp. <BR> Predecessor</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">SEALSQ
    Corp.</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Transaction
    accounting adjustments</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Notes</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Autonomous
    entity adjustments</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Notes</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">324</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,374</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">188</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">47</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">47</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">148</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">988</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,946</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>Unaudited Pro Forma Condensed Combined
Statement of Comprehensive Loss for the Year Ended December 31, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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                                            31, 2022<BR>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
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    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>Unaudited Pro Forma Condensed Combined
Statement of Comprehensive Loss for the Year Ended December 31, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</P>

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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(6</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
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    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>Unaudited Pro Forma Condensed Combined
Statement of Comprehensive Loss for the Year Ended December 31, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(4,128</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(3,103</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&#8212;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>Notes To the Unaudited Pro Forma
Combined Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">Note&#160;</TD><TD>1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</FONT>Description of Transaction</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SEALSQ was incorporated in 2022 by WISeKey to
serve as the holding company of the Semiconductors Group. To that effect, on January&#160;1,&#160;2023, WISeKey contributed the Semiconductors
Group to SEALSQ in exchange for a consideration of 1,499,700 SEALSQ Class F shares, par value USD 0.05, and 7,501,4000 SEALSQ ordinary
shares, par value USD 0.01. Then, WISeKey, as the sole shareholder of SEALSQ and in line with the decisions approved by the general assembly
of its shareholders held on April 27, 2023, distributed 20% of SEALSQ&#8217;s Ordinary Shares to stockholders of WISeKey as a dividend
in kind on a pro rata basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">Note&#160;</TD><TD>2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</FONT>Accounting Policies</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of preparing the unaudited pro forma
condensed combined financial information, the historical audited financial statements of WISeKey Semiconductors SAS, SEALSQ Corp. Predecessor,
were prepared under U.S. GAAP. The resulting pro forma condensed combined financial information has not been audited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">Note&#160;</TD><TD>3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</FONT>Accounting for the Combination</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The unaudited proforma condensed consolidated
financial information was based on the historical consolidated financial information of SEALSQ and of the Semiconductors Group for the
years ended December 31, 2020, 2021 and 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The combination of SEALSQ and the Semiconductors
Group is a transaction under common control in line with ASC 805-50 because both entities are 100% owned by WISeKey. The combination was
accounted for as a reverse acquisition from January 1, 2020 in line with ASC&#160;805-40 &#8220;Reverse Acquisitions&#8221; because SEALSQ,
then a so-called empty shell private company with no operating activities that was not considered a business under US GAAP standards,
acquired the Semiconductors Group, a private operating company and its affiliates. This transaction being a capital transaction in substance,
it qualifies as a reverse acquisition that is considered a recapitalization under common control whereby SEALSQ is the legal acquirer
and accounting acquiree, whereas the Semiconductors Group is the legal acquiree and accounting acquirer. In accordance with ASC805-40,
the pro forma condensed combined financial statements are therefore issued by the legal parent, SEALSQ, but are considered to be the continuation
of the financial statements of the legal subsidiary, the Semiconductors Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the accompanying unaudited pro forma condensed
combined financial information, the assets and liabilities of the accounting acquiree, SEALSQ, have been consolidated from January 1,
2020. The transaction being under common control, the assets and liabilities of SEALSQ were initially measured at their carrying amounts
in the accounts of WISeKey, in line with ASC 805-50. No goodwill arose as a result of the transaction. The consolidated statement of comprehensive
losses includes the results of SEALSQ from January 1, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">Note&#160;</TD><TD>4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">The combination of SEALSQ and the Semiconductors Group is a transaction under common control in line with
ASC 805-50 because both entities are 100% owned by WISeKey. The combination was accounted for as a reverse acquisition from January&#160;1,&#160;2020
in line with ASC 805-40 &#8220;Reverse Acquisitions&#8221; because SEALSQ, then a so-called empty shell private company with no operating
activities that was not considered a business under US GAAP standards, acquired the Semiconductors Group, a private operating company
and its affiliates. This transaction being a capital transaction in substance, it qualifies as a reverse acquisition that is considered
a recapitalization under common control whereby SEALSQ is the legal acquirer and accounting acquiree, whereas the Semiconductors Group
is the legal acquiree and accounting acquirer. In accordance with ASC805-40, the pro forma condensed combined financial statements are
therefore issued by the legal parent, SEALSQ, but are considered to be the continuation of the financial statements of the legal subsidiary,
the Semiconductors Group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">In the accompanying unaudited pro forma
condensed combined financial information, the assets and liabilities of the accounting acquiree, SEALSQ, have been combined from January
1, 2020. To that effect, we have assumed that SEALSQ, actually incorporated on April 1, 2022, was incorporated with the same assets and
liabilities on January 1, 2020. The transaction being under common control, the assets and liabilities of SEALSQ were initially measured
at their carrying amounts in the accounts of WISeKey, in line with ASC 805-50. No goodwill arose as a result of the transaction. The pro
forma combined statement of comprehensive losses includes the results of SEALSQ from January 1, 2020. However, we note that, for the period
starting from its incorporation until December 31, 2022, SEALSQ recorded in the income statement legal fees in the amount of USD&#160;10,000
incurred in relation to the Spin-Off Distribution and, in the pro forma combined statement of comprehensive losses, we have accounted
for these legal fees upon the deemed incorporation on January 1, 2020 because they are fees directly related to the combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The major classes of assets and liabilities
acquired by the accounting acquirer, the Semiconductors Group, are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The legal capital of the Semiconductors
Group has been retroactively adjusted to reflect the legal capital of SEALSQ after issuance of the Consideration Shares in prior periods,
amounting to net assets of USD&#160;(9,900). To that effect, we recorded a debit entry to common stock in an amount of USD 1,621,731 and
a credit entry in an amount of USD 1,611,831 on January 1, 2020. Assets and liabilities of the Semiconductors Group have been recognized
and measured at their pre-combination carrying amounts and no goodwill was recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>As described more fully elsewhere in this prospectus, SEALSQ is reserving up to 5% of its Class F Shares for issuance pursuant to
a Class F Share Option Plan for certain directors and senior management of SEALSQ. It is anticipated that some options to purchase Class
F Shares will be granted prior to the transaction described elsewhere in this prospectus. However, the number and conditions of the grant
being undefined at the time when this unaudited pro forma condensed combined financial information is prepared, we were not able to calculate
the potential effect of the grant of options on the unaudited pro forma condensed combined financial information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD>This adjustment reflects the incremental amounts relating to general and administrative expenses expected to be incurred to reflect
operations and financial position of SEALSQ as an autonomous entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">WISeKey and SEALSQ entered into services
agreements under the terms of which certain members of staff and associated resources of WISeKey will be required to carry out certain
tasks and duties on behalf of SEALSQ. In particular, the Chief Executive Officer and Chief Financial Officer of WISeKey will also carry
out these roles for SEALSQ, while other tasks, such as the financial reporting and legal support of SEALSQ will be performed by officers
of WISeKey and its affiliates. Under the terms of the services agreements, WISeKey agrees to provide these services to SEALSQ on a cost-plus
basis and WISeKey will regularly invoice SEALSQ for the associated costs of providing these services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">SEALSQ will also nominate its non-executive
directors and committee directors, most of whom are expected to also be WISeKey directors and compensated at least in part by WISeKey
which will re-invoice the costs in relation to SEALSQ. SEALSQ did not have any non-executive director as at December 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">No expenses in relation to services
provided by WISeKey staff to SEALSQ and the compensation of SEALSQ non-executive directors were actually incurred in the period starting
from the incorporation of SEALSQ on April 1, 2022 and ending on December 31, 2022. However, we estimate that additional expenses in an
amount of USD&#160;2,660,000 per annum for such services would be required to reflect operations and financial position of SEALSQ as an
autonomous entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD>The net loss per share attributable to its common stockholders is computed using the two-class method required for companies with
multiple classes of commmon stock, which determines net loss per common share for each class of common stock according to dividends declared
or accumulated and participation rights in distributed and undistributed earnings or losses. The two-class method requires income available
to common stockholders for the period to be allocated between each class of common stock based upon their respective rights to receive
dividends as if all income for the period had been distributed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The dividend rights of the holders
of Ordinary Shares and Class F Shares (collectively, the &#8220;common stock&#8221;) differ. The dividend right of a Class F Share is
five times greater than the dividend right of an Ordinary Share. As a result, the undistributed earnings are allocated to the classes
of common stock proportionately to their dividend rights and the resulting net loss per share will, therefore, vary for each class of
common stock. As such, in line with ASC&#160;260-10-45, the Company has presented the net loss attributed to its common stock for each
class of common stock. The earnings per share calculation is based on the weighted average number of shares in issue of each class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">For WISeKey Semiconductors SAS, there
were no new issue of shares since January 1, 2020 except from the 175,000 common shares issued on December 15, 2022 as part of the Capital
Increase Agreement whereby an amount of EUR 7 million (USD&#160;7,348,397) owed to WISeKey International Holding AG by WISeKey Semiconductors
SAS was converted into a capital contribution by way of an offset with the outstanding debt. Under the terms of this agreement, the capital
of WISeKey Semiconductors SAS was increased by 175,000 common shares and a total amount of EUR&#160;7 million (USD&#160;7,348,397), and
the newly created shares were granted to WISeKey International Holding&#160;AG in exchange for the reduction of the balance owed by WISeKey
Semiconductors SAS to WISeKey International Holding&#160;AG by a total amount of EUR&#160;7 million (USD&#160;7,348,397). This transaction
being a prerequisite for the Spin-Off Distribution, it has been reflected with effect as at January&#160;1,&#160;2020 in the unaudited
pro forma condensed information. Because the Capital Increase Agreement was reflected with effect as at January&#160;1,&#160;2020 in the
unaudited pro forma condensed combined balance sheet, the weighted average number of shares used as denominator for the earnings per share
calculation is equal to the number of shares in issue as at December 31,&#160;2022, after the Capital Increase Agreement, for all periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">For SEALSQ Corp., there was no new
issue of shares since incorporation on April&#160;1,&#160;2022, therefore the weighted average number of shares used as denominator for
the earnings per share calculation is equal to the number of shares in issue as at December&#160;31,&#160;2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">For SEALSQ Corp. for Pro Forma Combined
financial information, the number of ordinary and Class F shares in issue after the issuance of the Consideration Shares was used as denominator
for the earnings per share calculation for all periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">WISeKey Semiconductors SAS,<BR> SEALSQ Corp. Predecessor</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">SEALSQ Corp.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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months</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ended
December 31,</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>12
months</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ended
December 31,&#160;</B></P></TD></TR>
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    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">2022</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are not selling any securities under this prospectus
and will not receive any proceeds from the sale of the Ordinary Shares offered by this prospectus by the Selling Shareholders. However,
we may receive proceeds from the cash exercise of the Warrants, which, if exercised in cash at the current exercise price with respect
to all Warrants, would result in gross proceeds to us of approximately $7,374,480. The proceeds from such Warrant exercises, if any, will
be used for working capital and general corporate purposes. We cannot predict when or whether the Warrants will be exercised, and it is
possible that some or all of the Warrants may expire unexercised. For information about the Selling Shareholders, see &#8220;Selling Shareholders.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Selling Shareholders will pay any underwriting
discounts and commissions and expenses incurred by the Selling Shareholders for brokerage or legal services or any other expenses incurred
by the Selling Shareholders in disposing of the Ordinary Shares offered hereby. We will bear all other costs, fees and expenses incurred
in effecting the registration of the ordinary shares covered by this prospectus, including all registration and filing fees and fees and
expenses of our counsel and accountants.<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The following table sets
forth our consolidated capitalization at December 31, 2022 and December 31, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Please read &#8220;Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operations&#8221; and &#8220;Unaudited Pro Forma Condensed Combined Financial Information&#8221;
included elsewhere herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: justify; text-indent: 13.95pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 7.1pt"><FONT STYLE="font-size: 10pt"><B>As at December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 60%; text-align: justify; text-indent: 13.95pt"><FONT STYLE="font-size: 10pt"><B>USD'000 except share and per share data</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 20%; text-align: right; text-indent: 7.1pt"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 20%; text-align: right; text-indent: 7.1pt"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: justify; text-indent: 13.95pt">&#160;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 7.1pt">&#160;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 7.1pt">&#160;</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,064</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; text-align: justify; text-indent: 28.1pt">&#160;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&#160;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&#160;</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; text-align: justify; text-indent: 28.1pt"><FONT STYLE="font-size: 10pt">Total current liabilities</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">10,628</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">7,759</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; text-align: justify; text-indent: 28.1pt"><FONT STYLE="font-size: 10pt">Total noncurrent liabilities</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">10,819</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">17,648</FONT></TD></TR>
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  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 28.1pt; text-align: justify"><FONT STYLE="font-size: 10pt">Common stock (EUR 1 par value: Authorized, issued and outstanding - 1,473,162 and 1,298,162 shares)</FONT></TD>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,772</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 28.1pt; text-align: justify"><FONT STYLE="font-size: 10pt">Additional paid-in capital</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">14,926</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">7,258</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 28.1pt; text-align: justify"><FONT STYLE="font-size: 10pt">Accumulated other comprehensive income / (loss)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">775</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">621</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 28.1pt; text-align: justify"><FONT STYLE="font-size: 10pt">Accumulated deficit</FONT></TD>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(23,214)</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>(13,563)</B></FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-left: 13.95pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>TOTAL CAPITALIZATION</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>21,659</B></FONT></TD>
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  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&#160;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS
OF<BR>
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>The following presentation of management&#8217;s
discussion and analysis of financial condition and results of operations should be read in conjunction with our historical financial statements
of WISeKey Semiconductors SAS, the SEALSQ Corp Predecessor, accompanying notes thereto and other financial information, appearing elsewhere
in this prospectus. SEALSQ Corp was incorporated under the laws of the British Virgin Islands on April 1, 2022. This discussion contains
forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results
may differ materially from those anticipated in these forward-looking statements as a result of certain factors, such as those set forth
in the section titled &#8220;Risk Factors&#8221; and elsewhere in this prospectus. You should also carefully read the following discussion
with &#8220;Risk Factors&#8221; and &#8220;Forward-Looking Statements,&#8221; The financial statements have been prepared in accordance
with U.S. GAAP.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Throughout this report, all references to &#8220;we,&#8221;
&#8220;our,&#8221; &#8220;us,&#8221; &#8220;SEALSQ&#8221;, &#8220;the SEALSQ Group&#8221; and the &#8220;Company&#8221; refer to SEALSQ
Corp and its subsidiaries, and all references to &#8220;WISeKey&#8221; and &#8220;the WISeKey Group&#8221; refer to WISeKey International
Holding AG and its subsidiaries. Unless otherwise indicated, all references to &#8220;dollars&#8221;, &#8220;U.S. Dollar&#8221;, &#8220;USD&#8221;
and &#8220;$&#8221; in this report are to, and amounts are presented in, to the lawful currency of the United States of&#160;America.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">On
July 11, 2023, we closed an initial $10 million tranche (the &#8220;First Tranche&#8221;) of a private placement of Convertible Notes
and Warrants with certain investors (collectively, the &#8220;Investors&#8221;) pursuant to the terms of a Securities Purchase Agreement,
dated July 11, 2023, between the Company and the Investors (the &#8220;Purchase Agreement&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">In
connection with the closing of the First Tranche, the Company issued to the Investors (i) 4% Senior Original Issue Discount Convertible
Notes due 2025 in an aggregate principal amount of $10,000,000.00 (the &#8220;Initial Notes,&#8221; and together with the Notes that may
be issued in the second tranche issuance described below, the &#8220; Notes&#8221;), convertible into a number of the Company&#8217;s
Ordinary Shares, and (ii) Warrants with a 5-year maturity (the &#8220;Initial Warrants,&#8221; and together with the Warrants that may
be issued in the second tranche issuance described below, the &#8220;Warrants&#8221;) to purchase a number of Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">A
second tranche issuance of Notes and Warrants (the &#8220;Second Tranche&#8221;) is subject to the mutual consent of the parties, and
may be provided for up to a total of $10 million in principal amount of Notes. Such Second Tranche would close only after the effective
date of the Registration Statement (as defined below) and upon the satisfaction (or waiver) of the closing conditions for the Second Tranche
specified in the Purchase Agreement. Such principal amount, if funded, will be added to the principal amount of the Notes, and the Investors
will be entitled to receive an additional Warrants carrying the same terms as the Initial Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">We
are registering the resale of up to an aggregate of 8,000,000 Ordinary Shares issuable upon conversion of the Notes (&#8220;Conversion
Shares&#8221;) and upon exercise of the Warrants (&#8220;Warrant Shares&#8221;) as required by the Registration Rights Agreement, dated
as of July 11, 2023 (the &#8220;Registration Rights Agreement&#8221;), by and among us and the Investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">The
Conversion Shares include Ordinary Shares issuable upon conversion of $10,000,000.00 aggregate principal amount of the Notes and in accruing
interest which may be paid by the Company in Conversion Shares with the written consent of the Selling Shareholders (including Ordinary
Shares reserved for potential issuance in the event of possible future default or dilution adjustments). The Notes are convertible at
a conversion price of (i) $30.00 per Ordinary Share (the &#8220;Fixed Conversion Price&#8221;), or (ii) 92% of the lowest daily variable-weighted
average price (the &#8220;VWAP&#8221;) per Ordinary Share during the 10 trading days preceding the conversion (the &#8220;Variable Conversion
Price&#8221;). The Variable Conversion Price has a floor of $2.50 per Ordinary Share (the &#8220;Floor Conversion Price&#8221;). The Fixed
Conversion Price has a one-time reset on the 6-month anniversary following the Closing Date to the lower of (x) the initial Fixed Conversion
Price, (y) the initial Variable Conversion Price, or (z) 130% of the daily VWAP per Ordinary Share on the trading day prior to the reset
date. The Notes provide for adjustment of the Fixed Conversion Price for, inter alia, stock dividends, stock splits, stock combinations,
rights offerings, pro rata distributions of assets, reclassifications of Ordinary Shares, exchanges of Ordinary Shares or substitutions
of Ordinary Shares, dilutive issuances, certain option issuances and issuances of convertible securities. At the Floor Conversion Price,
the Notes are convertible into 4,320,000 Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">The
Warrant Shares include Ordinary Shares issuable upon exercise of the Warrants (including Ordinary Shares reserved for potential issuance
in the event of possible future default or dilution adjustments). The Warrants are exercisable, immediately upon issuance at the option
of the holders, at an exercise price per Ordinary Share equal to initial Fixed Conversion Price for the Notes ($30.00 per Ordinary Share),
subject to a one-time reset on the 6-month anniversary of the Closing Date to 120% of the daily VWAP per Ordinary Share on the trading
day prior to the reset date. Pursuant to the Purchase Agreement, on the Initial Closing Date, the Investors were issued the Initial Warrants
to purchase up to an aggregate of 245,816 Ordinary Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">To
the extent that Conversion Shares and/or Warrant Shares are issued by the Company under the terms of the Notes and Warrants, substantial
amounts of Ordinary Shares could be issued and resold, which would cause dilution and may impact the Company&#8217;s stock price. See
&#8220;Risk Factors&#8221; and &#8220;Convertible Note Financing&#8221; for additional information.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The key highlights of the SEALSQ Group for the years ended December
31, 2021 and 2022 were:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&#160;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; color: #4F81BD">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><B>Revenue growth</B>: revenue increased by 36% to $23.2 million in 2022, as compared to $17.0 million 2021 which represented a 19% increase in revenue compared to $14.3&#160;million in 2020.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; color: #4F81BD">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><B>Increase in gross profit: </B>gross profit increased by 38% to $9.8 million in 2022, as compared to $7.1 million in&#160;2021 which represented a 31% increase in gross profit compared to $5.4&#160;million in 2020.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; color: #4F81BD">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><B>Increase in gross profit margin</B>: at 42% in 2022 and 2021, our gross profit margin increased by&#160;10% from 38% in 2020.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; color: #4F81BD">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><B>Strong investments in Research &amp; Development</B>&#160;(&#8220;R&amp;D&#8221;): we continue to support our R&amp;D work with $2.3&#160;million, $3.1&#160;million and $4.1&#160;million invested during the years 2022, 2021 and 2020 respectively to develop new products and create business opportunities in cybersecurity and IoT. In 2022, we started our investment in the QUASARS project paving the way for the Post Quantum Cryptography era and were able to create the first Quantum-Resistant USB Token demonstrator.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; color: #4F81BD">&#183;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Strengthening our Sales and Marketing</B>&#160;(&#8220;S&amp;M&#8221;):
    SEALSQ has continued to reinforce its sales and marketing team adding members with significant experience in both the Internet of Things
    (&#8220;IoT&#8221;) and Public Key Infrastructure (&#8220;PKI&#8221;) markets. This has allowed SEALSQ to gain new clients, increase its
    share in the supply chain of some existing customers, and build a strong pipeline.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Key Financial Metrics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A summary of the key performance metrics of the SEALSQ Group is set
out in the tables below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><B>For the year ended December 31,</B></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%"><B>U.S. GAAP (Million US$)</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; text-align: right"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD>Net sales</TD>
    <TD STYLE="text-align: right">23.2</TD>
    <TD STYLE="text-align: right">17.0</TD>
    <TD STYLE="text-align: right">14.3</TD></TR>
  <TR STYLE="background-color: white">
    <TD>Gross profit</TD>
    <TD STYLE="text-align: right">9.8</TD>
    <TD STYLE="text-align: right">7.1</TD>
    <TD STYLE="text-align: right">5.4</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD>Operating income / (loss)</TD>
    <TD STYLE="text-align: right">2.6</TD>
    <TD STYLE="text-align: right">(5.0)</TD>
    <TD STYLE="text-align: right">(8.6)</TD></TR>
  <TR STYLE="background-color: white">
    <TD>Net income / (loss)</TD>
    <TD STYLE="text-align: right">5.8</TD>
    <TD STYLE="text-align: right">(4.8)</TD>
    <TD STYLE="text-align: right">(9.2)</TD></TR>
  <TR STYLE="background-color: White">
    <TD>&#160;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><B>As at December 31,</B></TD></TR>
  <TR STYLE="background-color: White">
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><B>2022</B></TD>
    <TD STYLE="text-align: right"><B>2021</B></TD>
    <TD STYLE="text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD>Total Cash and cash equivalents</TD>
    <TD STYLE="text-align: right">4.1</TD>
    <TD STYLE="text-align: right">2.1</TD>
    <TD STYLE="text-align: right">1.8</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents as at December 31, 2022
was $4.1&#160;million, compared to $2.1&#160;million and $1.8 million respectively as at December&#160;31,&#160;2021 and 2020, despite
a significant investment in the inventories of the SEALSQ Group as the revenues grew. This reflects the support provided by WISeKey to
the SEALSQ Group to build the base for future growth following the downturn in 2020 as a result of the COVID pandemic and the subsequent
supply chain shortages in the semiconductor industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEALSQ Group holds credit lines with WISeKey
and WISeKey&#8217;s affiliates that undertake to provide support for its future cash requirements to enable it to meet its commitments
for the foreseeable future. As at December&#160;31,&#160;2022, the credit line did not cap the amount of loans allowed under the agreement
and carried interest at a rate of 3%, and the repayment terms were flexible. As at December&#160;31,&#160;2022, the Semiconductors Group
owed WISeKey and WISeKey&#8217;s affiliates a total of $11,354,925 made up of loans under the credit lines, debt transfers, and unpaid
management fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The balance due to WISeKey includes an amount
of EUR 5 million ($5,871,714) that was remitted from the Semiconductors Group without any compensation under a Debt Remission Agreement.
Per the terms of the Debt Remission Agreement, WISeKey will have the right to reinstate the debt and ask for repayment in fiscal years
when WISeKey Semiconductors SAS achieves a positive income before income tax expense, in an amount calculated based on the income before
income tax expense. As such, because of the repayment clause, the loan amounts covered by the Debt Remission Agreement are included in
the amount payable to WISeKey International Holding AG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent to December 31, 2022, on January 1,
2023, the SEALSQ Group entered into a Loan Agreement (the &#8220;New Loan Agreement&#8221;) with WISeKey pursuant to which all loans outstanding
were replaced with the New Loan Agreement, meaning that all outstanding loan amounts are governed by the terms and conditions of the New
Loan Agreement. Under the New Loan Agreement, the SEALSQ Group may borrow additional funds up to an aggregate amount of $5&#160;million
in instalments of no more than $1&#160;million each. The New Loan Agreement loan bears interest at the rate of 2.5% per annum and is repayable
by December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2023, with the closing of the First Tranche
under the Purchase Agreement, the Company issued to the Investors the Initial Notes in an aggregate principal amount of $10 million convertible
into the Company&#8217;s Ordinary Shares and received $9.6 million in cash net of an original issuance discount of $400,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For full year 2022, SEALSQ&#8217;s total revenue
was $23.2&#160;million, compared to $17.0&#160;million in 2021 and $14.3&#160;million in&#160;2020. This represents growth of, respectively,
36% and 19% year on year in 2022 and 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This increase is driven by two major factors:
first, the SEALSQ Group&#8217;s restructuring of, and investment in, its Sales and Marketing operations which have driven increased revenues
through maximizing existing revenue streams and winning new clients, and second, the growth opportunities presented by the global supply
shortages in the semiconductor industry as the effects of the COVID-19 pandemic dissipate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This trend reversal on IoT revenue had been planned
and we managed our supply chain accordingly. In the latter half of 2021 and in 2022, the Company had to manage its delivery schedule carefully
due to the global shortage of semiconductors material. During this period the Company was receiving greater volumes of orders than it
was capable of delivering and so was required to program the orders based upon the allocations of materials and production capacity that
was available to the Company. Through careful and ongoing negotiation with our suppliers, we were able to grow our revenues significantly
through this period whilst pushing certain other deliveries into 2023 and beyond. Once the supply constraints became known, our supply
chain team worked closely with our clients to ensure that we received order commitments through the maximum length of time possible, often
as far in advance as 18 months, to ensure that we could arrange our supply chain and our delivery schedule accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2023, we anticipate no remaining supply shortages and we expect
semiconductors materials to be available in short lead times. This is expected to increase competition in the coming years and SEALSQ
is unlikely to be able to maintain the high revenue growth experienced in 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our operations are global in scope, and we generate revenue from selling
our products and services across various regions. Our operations in North America now contribute the largest part of our revenues (50%),
having surpassed Europe in the last two years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our revenue by geographic region for the fiscal years ended December
31, 2022, 2021 and 2020 is set forth in the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD><B>Net sales by region</B></TD>
    <TD COLSPAN="6" STYLE="text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: black 1pt solid; width: 27%"><B>USD&#8217;000</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; text-align: right"><B>2022</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; text-align: right"><B>2020</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 10%; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD>North America</TD>
    <TD STYLE="text-align: right">13,609</TD>
    <TD STYLE="text-align: right">59%</TD>
    <TD STYLE="text-align: right">10,631</TD>
    <TD STYLE="text-align: right">63%</TD>
    <TD STYLE="text-align: right">8,217</TD>
    <TD STYLE="text-align: right">57%</TD></TR>
  <TR STYLE="background-color: white">
    <TD>EMEA*</TD>
    <TD STYLE="text-align: right">6,777</TD>
    <TD STYLE="text-align: right">29%</TD>
    <TD STYLE="text-align: right">4,256</TD>
    <TD STYLE="text-align: right">25%</TD>
    <TD STYLE="text-align: right">4,506</TD>
    <TD STYLE="text-align: right">32%</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD>Asia Pacific</TD>
    <TD STYLE="text-align: right">2,745</TD>
    <TD STYLE="text-align: right">12%</TD>
    <TD STYLE="text-align: right">2,062</TD>
    <TD STYLE="text-align: right">12%</TD>
    <TD STYLE="text-align: right">1,526</TD>
    <TD STYLE="text-align: right">11%</TD></TR>
  <TR STYLE="background-color: white">
    <TD>Latin America</TD>
    <TD STYLE="text-align: right">67</TD>
    <TD STYLE="text-align: right">-%</TD>
    <TD STYLE="text-align: right">46</TD>
    <TD STYLE="text-align: right">0%</TD>
    <TD STYLE="text-align: right">68</TD>
    <TD STYLE="text-align: right">0%</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double"><B>Total net sales</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right"><B>23,198</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right"><B>100%</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right"><B>16,995</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right"><B>100%</B></TD>
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    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; text-align: right"><B>100%</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* EMEA means Europe, Middle East&#160;and Africa<B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment in our Supply Chain technology for enhanced capacity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to meet demand from our clients and to
ensure that our production capacity is able to meet with advances in technology, we have planned a five-year capital expenditure program
that will see additional production lines added to our supply chain and allow us to expedite the delivery of orders to our clients and
switch our production to next generation semiconductors. This program started with a $2.4 million investment in the second half of 2022
and the first half of 2023 that, we believe, will lead to a further 5 million units being able to be delivered per year from July&#160;2023,
and, we believe, up to 35 million additional units in 2026 to support our revenue growth. The execution of this plan depends on deliveries
of third-party equipment. Any delay in these deliveries may impact our future revenues.&#160;&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>New revenue streams from 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALSQ continues to foster innovation and enrich its product portfolio
with new security offerings. Our current focus on R&amp;D extends our portfolio along the following technological evolutions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="text-align: justify">silicon techniques to bolt our secure vault to general purpose processors in a certifiable tamperproof way,</TD></TR>
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    <TD>&#160;</TD>
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    <TD>software techniques to secure and automate the onboarding of a connected device with a platform in a cloud,</TD></TR>
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    <TD STYLE="text-align: justify">cryptographic techniques to combine post-quantum attack resistance with our side channel attack resistance in a certifiable way,</TD></TR>
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    <TD>countermeasure techniques to stay ahead of the cyberattack evolutions,</TD></TR>
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    <TD STYLE="text-align: justify">ledger and blockchain integration to offer a transparent, immutable, and cryptographically verifiable journal of our lifecycle management, and</TD></TR>
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Gross Profit&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our gross profit increased by 38% to $9.8&#160;million (gross margin
of 42%) in the year ended December&#160;31,&#160;2022 compared to 2021, and by 31% to $7.1&#160;million (gross margin of 42%) in the year
ended December&#160;31,&#160;2021, in comparison with a gross profit of $5.4 million (gross margin of 38%) in the year ended December
31, 2020. These good results are closely linked to the 36% and 19% year-on-year increase in revenue between 2022 and 2021, and between
2020 and 2021 respectively, and our ability to update our pricing strategy to absorb the changes in purchase costs and increased competition
over the coming years.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the year ended December 31, 2022, SEALSQ achieved an operating
income of $2.6&#160;million, compared to losses of $(5.0)&#160;million and $(8.6)&#160;million for the years ended, respectively, 2021
and 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The reduction in the operating loss in 2021 was largely as a result
of the impact of cost savings identified in&#160;2020 and implemented in 2021, such as the transfer of some members of the Research and
Development team who no longer fit with the strategic direction of the SEALSQ Group, and also a reduction in the charges paid to the WISeKey
Group companies for the support time of management staff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The additional reduction in operating expenses in 2022 is due, in part,
to a one-off credit of $1.9&#160;million in other operating income in relation to the write-off of a liability recorded in 2013 by the
SEALSQ Group which the creditor in insolvency can no longer claim, as well as the benefit from the increased revenues and gross margin
year on year, although there is also a continued benefit from the savings made in the R&amp;D and the S&amp;M team as well as a reduction
in the depreciation as a result of fixed assets becoming fully written-down during the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALSQ continues to focus on reducing its cost structure and its General
and Administrative (&#8220;G&amp;A&#8221;) costs, whilst investing in both its Sales and Marketing operations and R&amp;D of new products
such as post-quantum cryptography and the development of its WISe.Sat proposition.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A more detailed analysis of our operating costs is presented further
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Net Results&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALSQ achieved a net income of $5.8 million in 2022 in comparison
to net losses of $4.8 million in 2021 and $9.2&#160;million in 2020. Excluding the income tax credit in relation to a one-off recognition
of $3.2&#160;million deferred tax asset, this represents an increase in net income by $7.4 million between 2021 and 2022, which follows
an increase by $4.4 million between in 2020 and 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The variance was mainly linked to the reduced operating loss discussed
above but was also impacted by a significant swing in the foreign exchange results from a loss of $0.6 million in 2020 to a gain of $0.5
million in both 2021 and&#160;2022. This exchange gain was as a result of the relative strengthening of the U.S. dollar against the Euro
in 2021 as a significant amount of SEALSQ&#8217;s expenditure is denominated in Euros.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">* decrease in loss and return to profit</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Analysis of operating income and expenditure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2021, the main components of our other operating income consisted
of recharges of costs related to the use of facilities provided by SEALSQ to third parties in our premises in Meyreuil, France.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2022, in addition to the recharges of costs related to the use of
facilities provided by SEALSQ to third parties, the SEALSQ Group recorded a one-off credit of $1.9&#160;million in other operating income
in relation to the write-off of a liability recorded in 2013 by the SEALSQ Group which the creditor in insolvency can no longer claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Research &amp; development expenses&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our R&amp;D expenses include expenses related to the research of new
technology, products and applications, as well as their development and proof of concept, and the development of further applications
for our new and existing products and technology, such as new VaultIC versions, VaultiTrust and WISe.Sat. They include salaries, bonuses,
pension costs, depreciation and amortization of capitalized assets, costs of material and equipment that do not meet the criteria for
capitalization, as well as any tax credit relating to R&amp;D activities, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our R&amp;D expenses decreased by $1.1 million between 2020 and 2021,
and by $0.7 million in 2022. The reduction in the expenditure here is as a result of a refocusing of our R&amp;D efforts away from the
hardware design and towards the further development of the software -SaaS- services and the embedded software of our VaultIC element of
our products. Despite this, R&amp;D remains a large part of our operating expenses with, respectively, $2.3&#160;million, $3.0&#160;million
spent in the years ended December 31, 2022 and 2021, representing 25% of total operating expenses excluding other operating income. SEALSQ
being technology-driven, the level of our R&amp;D expenses reflects our engagement to act as a leader in new cybersecurity developments
and future applications. We expect our R&amp;D expenses to remain a significant portion of our overall expenditure as the SEALSQ Group
continues to invest in new products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our 2022 R&amp;D spend includes the investment already made on our
future semiconductors Quantum Technology, via the launch of our project &#8220;QUASARS&#8221; (QUAntum resistant Secure ARchitecures project).
The QUASARS project, is a radical innovative solution, based upon the new WISeKey Secure RISC V platform that is paving the way for the
Post Quantum Cryptography era, offering hybrid solutions compliant with ANSSI&#8217;s (&#8220;Agence nationale de la s&#233;curit&#233;
des syst&#232;mes d&#8217;information,&#8221; the National Cybersecurity Agency of France) recommendations. The project has already
officially received the French SCS label (Secured Communicating Solutions) as a recognition of its quality and innovation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Selling &amp; marketing expenses&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our selling &amp; marketing expenses include advertising and sales
promotion expenses such as salaries, bonuses, pension costs, business development consultancy services, and costs of supporting material
and equipment that do not meet the criteria for capitalization, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our S&amp;M expenses of $4.2 million for the year ended December 31,
2021 represented an increase of $1.1 million on the prior year as a result of continued efforts to build a stronger sales force, with
an increased presence in the U.S., to support our revenue growth. We recruited 3 new members for our U.S. sales team in 2021 and doubled
the size of our European team in comparison to 2020. In 2022, our S&amp;M expenditure of $3.8&#160;million showed a slight decrease of
$0.4 million in comparison with the same period in the prior year because of the retirement of a senior member of our sales team, along
with an unexpected long-term absence of another senior team member. We are actively recruiting additional staff in key markets, especially
the U.S.A. and Asia, to support our growth and expect this cost to rise in&#160;2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our general and administrative (&#8220;G&amp;A&#8221;) expenses cover
all other charges necessary to run our operations and supporting functions, and include salaries, bonuses, pension costs, lease and building
costs, insurance, legal, professional, accounting and auditing fees, depreciation and amortization of capitalized assets, and costs of
supporting material and equipment that do not meet the criteria for capitalization, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our G&amp;A expenses decreased by 38% or $1.9&#160;million
in 2022 compared to 2021 which had itself decreased by 26% or $1.8&#160;million compared with 2020. The decrease in 2022 is mostly due
to the end of the depreciation period of some production masks acquired in 2016 which has resulted in the decrease of our depreciation
expense by $1.1&#160;million compared to 2021, a decrease by $0.1 million of our audit fees and the streamlining measures taken by the
SEALSQ Group, including a reduction in G&amp;A headcount which resulted in a $0.1 million saving and a $0.2 million decrease in office
rental costs. The decrease in 2021 is due to two main factors: the reduction in the charges paid to WISeCoin R&amp;D Lab France SAS for
team members and associated costs of this company during the period that it was not part of the SEALSQ Group, being a total of $0.6&#160;million,
and a significant reduction in the level of management fees charged by the parent undertaking, in part due to the streamlining of the
invoicing of the U.S. sales team members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will continue to challenge our G&amp;A expenses in future periods
although increases are anticipated in certain key categories to support our growth and strategic positioning. Anticipated costs include
those relating to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; color: #4F81BD">&#183;</FONT></TD>
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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; color: #4F81BD">&#183;</FONT></TD>
    <TD STYLE="text-align: justify">Employee Share Option Plan: grants to support our staff retention strategy will impact all cost categories including G&amp;A; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol; color: #4F81BD">&#183;</FONT></TD>
    <TD STYLE="text-align: justify">the flexibility of our local entities: many of our staff are involved in projects covering sales &amp; marketing, R&amp;D and G&amp;A fields. Where the allocation is not straightforward, these staff have been included entirely in G&amp;A expenses.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Outlook for 2023 and beyond&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALSQ has taken several initiatives to continue growing revenue and
strengthen net results. These initiatives include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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managed &#8220;PKI as a Service&#8221; platform without the necessity to invest and to deploy any hardware infrastructure. Each manufacturer
using the platform can manage the security lifecycle of certificates and devices in their own dedicated, cloud-based application. We will
also be offering our complete range of FIPS Certified Secure Elements with pre-provisioning of keys and DACs ready for authentication
under Matter Protocol. We expect that this strong value proposition will enable smart home device manufacturers to achieve faster time
to market through cost effective and simplified design processes when designing Matter compliant smart home products.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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partnership agreements such as CJR Associates and Rep One Associates Inc. signed in 2023 in North America.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Impact of COVID-19 on our Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">COVID-19 and prolonged economic uncertainties
or downturns have adversely affected our business and could materially adversely affect our business in the future.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business depends on our current and prospective
customers&#8217; ability and willingness to spend money in security applications, and on our suppliers&#8217; ability to source key components
and material, which are both in turn dependent upon the overall economic health.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Global negative economic conditions due to the
COVID-19 pandemic caused some of our customers to delay their orders, in the year 2020 in particular, and caused a global shortage in
semiconductors&#8217; material sourcing which will continue in the short-term future. Further economic uncertainties have been brought
on by the current conflict between Russia and Ukraine, which may also further affect the sourcing of certain materials. Although we do
not have any customer exposure in Eastern Europe, the overall economic impact of this conflict is still unknown. Many customers and prospects
of SEALSQ are manufacturers of electronic devices. Our business depends on their ability to produce their devices. If they encounter shortages
in the supply of crucial components, they will slow down the production and thus also reduce their orders of our semiconductors to avoid
idle stocks in their just-in-time provisioning.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the overall impact of COVID-19,
political tensions, conflicts and other conditions resulting from financial and credit market fluctuations, there could be a decrease
in corporate spending on information security software. Continuing economic challenges may cause our customers to re-evaluate decisions
to purchase our solution or to delay their purchasing decisions, which could adversely impact our results of operations.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The discussion and analysis of our financial condition and results
of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation
of those financial statements requires us to make estimates and judgments that affect the reported amount of assets and liabilities, revenues
and expenses and related disclosure of contingent assets and liabilities at the date of our financial statements. Actual results may differ
from these estimates under different assumptions or conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Critical accounting policies are those that reflect significant judgments
or uncertainties, and potentially result in materially different results under different assumptions and conditions. We have described
below what we believe are our most critical accounting policies that involve a high degree of judgment and the methods of their application.
For a description of all of our significant accounting policies, see Note 4 to our consolidated financial statements included elsewhere
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preparation of consolidated financial statements in conformity
with U.S. GAAP requires management to make certain estimates, judgments and assumptions. We believe these estimates, judgements and assumptions
are reasonable, based upon information available at the time they were made. These estimates, judgments and assumptions can affect the
reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and
expenses during the periods presented. To the extent there are differences between these estimates, judgments or assumptions and the actual
results, our consolidated financial statements will be affected. In many cases, the accounting treatment of a particular transaction is
specifically dictated by U.S. GAAP and does not require management&#8217;s judgment in its application. There are also areas in which
management&#8217;s judgment in selecting from available alternatives would not produce a materially different result.&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inventories are stated at the lower of cost or net realizable value.
Costs are calculated using standard costs, approximating average costs. Finished goods and work-in-progress inventories include material,
labor and manufacturing overhead costs. SEALSQ records write-downs on inventory based on an analysis of obsolescence or a comparison to
the anticipated demand or market value based on a consideration of marketability and product maturity, demand forecasts, historical trends
and assumptions about future demand and market conditions.&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Revenue Recognition</I></B>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALSQ&#8217;s policy is to recognize revenue to depict the transfer
of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in
exchange for those goods or services. To achieve that core principle, SEALSQ applies the following steps:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue is measured based on the consideration specified in a contract
with a customer and excludes amounts collected on behalf of third parties. We typically allocate the transaction price to each performance
obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract. If a standalone
price is not observable, we use estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALSQ recognizes revenue when it satisfies a performance obligation
by transferring control over goods or services to a customer. The transfer may be done at a point in time (typically for goods) or over
time (typically for services). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. For performance
obligations satisfied over time, the revenue is recognized over time, most frequently on a&#160;<I>pro rata temporis</I>&#160;basis as
most of the services provided by SEALSQ relate to a set performance period.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If SEALSQ determines that the performance obligation is not satisfied,
it will defer recognition of revenue until it is satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We present revenue net of sales taxes and any similar assessments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALSQ delivers products and records revenue pursuant to commercial
agreements with its customers, generally in the form of an approved purchase order or sales contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where products are sold under warranty, the customer is granted a right
of return which, when exercised, may result in either a full or partial refund of any consideration received, or a credit that can be
applied against amounts owed, or that will be owed, to SEALSQ. For any amount received or receivable for which we do not expect to be
entitled to because the customer has exercised its right of return, we recognize those amounts as a refund liability.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2020, the Group maintained two defined benefit post retirement
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">- one for the employees of WISeKey Semiconductors SAS, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">- one for the employees of WISeCoin France R&amp;D Lab SAS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2021 and 2022, following the transfer of WISeCoin France R&amp;D
Lab SAS&#8217; assets and liabilities to WISeKey Semiconductors SAS and the dissolution of WISeCoin France R&amp;D Lab SAS in 2021, the
Group only maintained one defined benefit post retirement plan for the employees of WISeKey Semiconductors SAS. In accordance with ASC&#160;715-30,&#160;<I>Defined
Benefit Plans &#8211; Pension,</I>&#160;the SEALSQ Group recognizes the funded status of the plan in the balance sheet. Actuarial gains
and losses are recorded in accumulated other comprehensive income / (loss).&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Taxes on income are accrued in the same period as the revenues and
expenses to which they relate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deferred taxes are calculated on the temporary differences that arise
between the tax base of an asset or liability and its carrying value in the balance sheet of our companies prepared for consolidation
purposes, with the exception of temporary differences arising on investments in foreign subsidiaries where SEALSQ has plans to permanently
reinvest profits into the foreign subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deferred tax assets on tax loss carry-forwards are only recognized
to the extent that it is &#8220;more likely than not&#8221; that future profits will be available and the tax loss carry-forward can be
utilized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Changes to tax laws or tax rates enacted at the balance sheet date
are taken into account in the determination of the applicable tax rate provided that they are likely to be applicable in the period when
the deferred tax assets or tax liabilities are realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALSQ is required to pay income taxes in a number of countries. SEALSQ
recognizes the benefit of uncertain tax positions in the financial statements when it is more likely than not that the position will be
sustained on examination by the tax authorities. The benefit recognized is the largest amount of tax benefit that is greater than 50 percent
likely of being realized on settlement with the tax authority, assuming full knowledge of the position and all relevant facts. SEALSQ
adjusts its recognition of these uncertain tax benefits in the period in which new information is available impacting either the recognition
or measurement of its uncertain tax positions.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Research tax credits are provided by the French government to give
incentives for companies to perform technical and scientific research. Our subsidiary, WISeKey Semiconductors SAS, is eligible to receive
such tax credits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These research tax credits are presented as a reduction of R&amp;D
expenses in the income statement when companies that have qualifying expenses can receive such grants in the form of a tax credit irrespective
of taxes ever paid or ever to be paid, the corresponding research and development efforts have been completed and the supporting documentation
is available. The credit is deductible from the entity&#8217;s income tax charge for the year or payable in cash the following year, whichever
event occurs first. The tax credits are included in noncurrent deferred tax credits in the balance sheet in line with ASU&#160;2015-17.&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Quantitative and Qualitative
Disclosures about Market Risk</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SEALSQ is exposed to market risks primarily related
to foreign currency exchange rates and commodity prices. SEALSQ is not exposed to interest rate risks because all its financial instruments
have fixed interest rate terms. As at December 31, 2022, all of SEALSQ&#8217;s market risk sensitive instruments are held by entities
with U.S. Dollar as the functional currency so the level of risk is currently considered as fully mitigated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Foreign currency exchange rate risk&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate worldwide and as such are exposed to
currency fluctuation risks. Although the majority of our sales, purchase and financial operations are denominated in our reporting currency,
the U.S. Dollar, some sales and financing contracts are denominated in other currency, and especially in the currency of our French subsidiary,
the Euro.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fluctuations in the exchange rates between the
U.S. Dollar and other currencies may have a significant effect on both the Company&#8217;s results of operations, including reported sales
and earnings, and the Company&#8217;s assets, liabilities and cash flows. This, in turn, may affect the comparability of period-to-period
results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not currently hedge against foreign currency
fluctuation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below shows the variation in foreign
exchange rates used to prepare our financial statements for the financial years ended December 31, 2022, 2021 and 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="white-space: nowrap">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Closing rate</B></FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not operate in countries experiencing hyperinflation
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has only a very limited exposure to
price risk related to anticipated purchases of certain commodities used as raw material. Our raw material inventory was $4,523,191 as
at December 31, 2022. A change in those prices may affect our gross margin, however because the inventory balance is relatively small
in comparison with our total assets, the Company does not enter into commodity futures, forwards or any other hedge instrument to manage
fluctuations in prices of anticipated purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Implications of Being an Emerging Growth Company</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We had less than $1.07 billion in revenue during our last fiscal year,
which means that we qualify as an &#8220;emerging growth company&#8221; as defined in the Jumpstart Our Business Startups Act, or JOBS
Act. An emerging growth company may take advantage or specified reduced reporting and other burdens that are otherwise applicable generally
to public companies. These provisions include:<FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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    <TD>exemption from the auditor attestation requirement in the assessment of the emerging growth company&#8217;s internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act;</TD></TR>
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    <TD>exemption from compliance with any new requirements adopted by the Public Company Accounting Oversight Board, or the PCAOB, requiring mandatory audit firm rotation or a supplement to the auditor&#8217;s report in which the auditor would be required to provide additional information about the audit and financial statements.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may take advantage of these provisions until the end of the fiscal
year following the fifth anniversary of our initial public offering or such earlier time that we are no longer an emerging growth company.
We will cease to be an emerging growth company if, among other things, we have more than $1.07 billion in &#8220;total annual gross revenues&#8221;
during the most recently completed fiscal year. We may choose to take advantage of some, but not all, of these reduced burdens. For as
long as we take advantage of the reduced reporting obligations, the information that we provide shareholders may be different from information
provided by other public companies. We are choosing to &#8220;opt out&#8221; of the extended transition period relating to the exemption
from new or revised financial accounting standards and as a result, we will comply with new or revised accounting standards on the relevant
dates on which adoption of such standards is required for non-emerging growth public companies. Section 107 of the JOBS Act provides that
our decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.<I><BR>
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>History and Development of the Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SEAL (BVI) Corp. was incorporated
in the British Virgin Islands pursuant to the BVI Business Companies Act 2004 on April 1, 2022 with Company Number 2095496. We changed
our name to SEALSQ Corp on November 15, 2022. We are a company of unlimited duration with liability limited by shares under the laws of
the British Virgin Islands. We are registered under the company name &#8220;SEALSQ Corp&#8221; and have our registered office at Craigmuir
Chambers, Road Town, Tortola, VG 1110, British Virgin Islands and principal executive offices and place of effective management at Avenue
Louis-Casa&#239; 58, 1216 Cointrin, Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SEALSQ Corp. is the holding
company of the SEALSQ Group. The SEALSQ Group consists of SEALSQ Corp, WISeKey Semiconductors SAS, WISeKey IoT Japan KK and WISeKey Semiconductors,
Taiwan Branch. Our business purpose is to incorporate, acquire, hold, and dispose of interests in national and international entities,
in particular entities active in the area of security technology of IoT devices, branded appliances and precious objects, and other such
related areas. Our address on the Internet is http://www.SEALSQ.com. The information on our website is not incorporated by reference in
this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to the Spin-Off Distribution, the Company
was a wholly-owned subsidiary of WISeKey International Holding AG (&#8220;WISeKey&#8221;), a Swiss stock corporation (<I>Aktiengesellschaft</I>)
of unlimited duration under the laws of Switzerland and registered in the Commercial Register of the Canton of Zug, Switzerland, on December
2, 2015 under the register number CHE-143.782.707.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Internal Restructuring
of WISeKey, WISeKey transferred the ownership of WISeKey Semiconductors SAS (formerly known as VaultIC SAS), a French semiconductor manufacturer
and distributor, WISeKey IoT Japan KK, a Japan-based sales subsidiary of WISeKey Semiconductors SAS, and WISeKey Semiconductors, Taiwan
Branch, a Taiwan-based sales and support branch of WISeKey Semiconductors SAS, to SEALSQ on January 1, 2023 in a share exchange for an
aggregate consideration of USD 18.0 million in value. Thereafter, on May 23, 2023, pursuant to the Spin-Off Distribution, WISeKey distributed
20% of SEALSQ&#8217;s outstanding Ordinary Shares to holders of WISeKey Class B Shares, including to holders of ADSs representing WISeKey
Class B Shares, and to holders of WISeKey Class A Shares, as a distribution by way of a dividend in kind to such holders who held Class
B Shares and Class A Shares as of the May 19, 2023 record date, and who held ADSs as of the May 22, 2023 record date, for the Spin-Off
Distribution. WISeKey was deemed to have acted as a statutory underwriter in connection with the Spin-Off Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WISeKey Semiconductors SAS
was incorporated in France on September 30, 2010 and was acquired by WISeKey International Holding AG on September 21, 2016 for a total
consideration of USD 11.0 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 15, 2020, WISeKey
Semiconductors SAS purchased the entire share capital of WISeCoin R&amp;D Lab France SAS, a French company engaged in research and development
in the connected device and IoT security domain, from WISeCoin AG, a fellow undertaking of WISeKey, for a notional consideration of EUR
1. On January 1, 2021, the entire assets and liabilities of WISeCoin R&amp;D Lab France SAS were merged into WISeKey Semiconductors SAS
and WISeCoin R&amp;D Lab France SAS was dissolved with immediate effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WISeKey Semiconductors SAS
purchased the entire share capital of WISeKey IoT Japan KK on April 15, 2019 from WISeKey SA, a fellow subsidiary undertaking of WISeKey
International Holding AG for a nominal consideration of JPY 1. WISeKey Semiconductors SAS completed the transfer of WISeKey Semiconductors,
Taiwan Branch, on March 4, 2019 from WISeKey International Holding AG for no consideration.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After completion of the Spin-Off Distribution,
WISeKey International Holding AG initially held 100% of the Class F Shares and 80% of the Ordinary Shares. SEALSQ is reserving up to 5%
of its Class F Shares for issuance pursuant to an F Share Option Plan for certain directors and senior management of SEALSQ, its subsidiaries
and its parent. As a result, WISeKey&#8217;s initial ownership percentage of Class F Shares is subject to the grant and exercise of SEALSQ
Class F Share Options from time to time. For a description of the Ordinary Shares and the Class F Shares, see &#8220;Description of Shares.&#8221;
Our Articles provide that, in the event of a change of control (being the acquisition by any person or entity, alone or jointly, of more
than 50% of the voting rights of any Class F Shareholder which is a corporate entity), as determined by SEALSQ&#8217;s board of directors,
the Class F Shares owned by such Class F Shareholder will be subject to a mandatory and automatic redemption by SEALSQ in exchange for
the issuance of new Ordinary Shares at a ratio of five (5) Ordinary Shares for each one (1) Class F Share redeemed. A change in the control
of WISeKey would trigger this provision as it is a corporate entity holding Class F Shares. Upon completion of a mandatory redemption,
the remaining Class F Shareholders, who are likely to be members of SEALSQ&#8217;s executive management, would hold shares with 49.99%
of the Company&#8217;s voting power. The mandatory redemption of such Class F Shares, and the issuance of five (5) Ordinary Shares for
each one (1) Class F Share redeemed, would result in a dilution of the per share voting power of the holders of our Ordinary Shares. See
the section titled &#8220;Description of Shares&#8221; for a description of the mandatory redemption feature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following diagram depicts our organizational
structure as of the date of this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 534px; width: 480px">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">* Subject to the grant and exercise of Class F Share Options
as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our mission is to bring digital trust to the physical
world. We design, develop and market secure semiconductors worldwide as a fabless manufacturer. We provide added security and authentication
layers on our semiconductors, which can be tailored to our customers&#8217; needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are an OEM supplier of cybersecurity to manufacturers
of IoT devices, branded appliances and precious objects. Our products bridge the physical and the digital world with a unique symbiosis
between tamperproof semiconductors (physical) and managed cryptography (digital).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Current customers use our products to bolt trust
on objects and devices ranging from pieces of art, medical consumables, and plastic access tokens to high-end appliances such as personal
health monitors, industrial controllers, drones, and satellites. Brands count on our products to fight counterfeit, grey import, and theft.
Industry and society count on our products to protect connected devices, which are often placed in unmanned and uncontrolled environments,
against manipulation, disruption, spoofing, and data leakage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our vision is to go beyond individual devices and
objects, and to enable a trusted metaverse. SEAL Semiconductors uses WISeID as a Universal Communications Identifier (UCID). We aim to
build upon the UCID as a fundamental identity that transcends the metaverse and is a universal identity that encompasses physical identities
as well. The UCID is based in our strengths as a provider of PKI certificates and well established cryptography. As a foundational identity,
the UCID will enable applications that have identities on and off of the blockchain, such as IoT devices that have identities on a blockchain,
and Non Fungible Tokens (NFTs) that link to physical objects. The SealSQ technologies ensure that devices and objects in the metaverse
are authentic and cannot be corrupted or duplicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Metaverse will present entirely new ways, for
example, to create employment, impart education, deliver healthcare, and plan urban spaces. We believe it will be the next major labor
organizing platform and we believe that new organizations, products, and services will handle everything from payment processing to identity
verification, hiring, ad delivery, content generation, and security. The Metaverse is based on Web 3.0, also known as the decentralized
web, and is an evolution of the Internet that allows users to interact with each other in a more secure and private way. It does this
by using third-party blockchain technology to create a peer-to-peer network where users can transact without relying on intermediaries.
This makes it ideal for developing virtual worlds, as it provides a platform for users to interact without fear of censorship or data
theft.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ provides Digital Identities for Objects
in the Metaverse that include an identification module that is built into the protocol, while supplementary applications will be developed.
Users will have autonomy over their identity, meaning that they are in full control of their personal identification information and hence
need not to rely on any central entity or third party for identity verification. With a true NFT identity, users can create, sign, and
verify claims, while parties who interact with a user will be able to prove their identity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A trusted Metaverse enriches digital experience
with a trusted connection to the physical world. In a trusted Metaverse, professionals and consumers can command physical appliances through
virtual dashboards. They can also rely on situational awareness provided by physical sensors to their digital world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the early days of digital payments and digital
id-cards, SEALSQ pioneered with top-notch security using tamperproof hardware tokens and public key cryptography. After our technology
found its way in physical and logical access control, firewalls and payment terminals, it is now found in connected devices and branded
appliances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While analysts expect the market of secure hardware
to grow to more than 5 billion units in 2024<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>,
there are only a handful of suppliers in the world. SEALSQ differs from pure semiconductor suppliers by its managed personalization and
lifecycle. It is our unique symbiosis between tamperproof semiconductors and managed cryptographic personalization that anchor digital
trust in physical objects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In fact, this is the hard problem in the market
to be solved. Having an empty security shell does not offer trust. It is through our key management platform that we help our direct customers
and end customers build digital trust to the physical world. Our platform pairs physical semiconductors (and therefore the devices and
objects they are bolted on) with their digital equivalent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We sell into all industries and to companies of
varying sizes, both vendors of appliances and end customers. We sold more than 1 billion semiconductors and we have customers that bought
more than 100 million of our high-end semiconductors. In the year ended December 31, 2022, our top ten customers represented 90% of our
revenue. As of December 31, 2022, we have sold to over 175 customers in over 35 countries since our acquisition by WISeKey in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An increase in cyber threats targeting critical
infrastructure systems is one reason ABI Research forecasts that secure hardware modules, our core market, will be at the center of IoT
cybersecurity. ABI Research also forecasts that the global market size of secure hardware modules will grow from $0.8 billion in 2022
to $1.2 billion in 2026 at a CAGR of 10%.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our current focus on R&amp;D extends our portfolio
along the following technological evolutions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the QUASARS (QUAntum resistant Secure ARchitectureS) project, a radical innovative solution, based upon the new WISeKey Secure RISC
V based platform that is paving the way for the Post Quantum Cryptography era, with hybrid solutions compliant to ANSSI (&#8220;Agence
Nationale de la S&#233;curit&#233; des Syst&#232;mes d&#8217;Information&#8221;, the National Cybersecurity Agency of France) recommendations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>silicon techniques to bolt our secure vault to general purpose processors in a certifiable tamperproof way,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>software techniques to secure and automate the onboarding of a connected device with a platform in a cloud,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>cryptographic techniques to combine post-quantum attack resistance with our side channel attack resistance in a certifiable way,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>ledger and blockchain techniques to offer a transparent, immutable, and cryptographically verifiable journal of our lifecycle management,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4
</SUP></FONT>&#8220;Digital Authentication and Embedded Security&#8221;, ABI Research, February 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5
</SUP></FONT>&#8220;Hardware Security Modules&#8221;, ABI Research, January 2022</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>countermeasure techniques to stay ahead of the cyberattack evolutions, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>in partnership with FOSSA and WISeKey, the launch of the WISeSat constellation, picosatellites, manufactured by FOSSA, will enable
the direct connection of satellites to IoT devices for authentication, completing the connection cycle from space to device through secure
telecommunication means. This technology allows for identification in remote, low connectivity areas.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While our current products serve our current markets
well, we believe the products resulting from our R&amp;D will create additional opportunities in upgrade markets, in different sectors,
and in new applications of our technology in innovating markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If our efforts to attract prospective customers
and to retain existing customers are not successful, our growth prospects and revenues may be adversely affected. Please refer to &#8220;Risk
Factors&#8212;Risks Related to Our Business&#8221; for a discussion of such risks and information that should be considered before making
an investment decision with respect to our Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the years ended December 31, 2021, and 2022,
our revenue was $17.0 million and $23.2&#160;million, respectively, representing year on year growth of 36%.&#160;For the years ended
December 31, 2021 and 2022, our net result went from a loss of $4.8 million to an income of $5.8&#160;million respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trusted Internet of Things, or IoT, is poised
to disrupt the semiconductor industry at industrial and business levels. IoT devices transform almost all products into smart devices,
from irrigation systems to luxury products to pharma and clothing. Retail, health, bioscience, consumer-based products, and industrial
IoT are all in high demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With the growing demand for IoT solutions comes
tremendous potential for profit. The McKinsey Global Institute estimates that IoT applications will generate between $5.5 trillion and
$12.6 trillion globally in 2030<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT>. This growth
presents enormous opportunities and challenges for the semiconductor industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Perhaps the biggest challenge facing the semiconductors
industry is that IoT chips will change the kinds of semiconductors the industry has to make, demanding new manufacturing processes and
techniques from chip manufacturers to produce smaller chips that consume less power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ uses a unique method to secure semiconductors
designed by the Company through cutting-edge authentication processes combined with post-quantum technology and third-party identity blockchains,
which together with on-the-ground measures ensures the authenticity of the original IoT and generates its correspondent digital twin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ uses a patented method to digitally certify
the authenticity of a physical object of value. The method includes a storage device, a digital certificate of authenticity (encrypted
information reflecting at least one characteristic unique to the physical object, checking, whenever required, the validity of the digital
certificate of authenticity by use of a network computer), the network computer cooperating with the storage device and a validating or
a certifying authority so as to output sensibly in real time the status of validity of the digital certificate of authenticity, and the
ability to modify it, whenever required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6
</SUP></FONT>&#8220;The Internet of Things: Catching up to an Accelerating Opportunity&#8221;, McKinsey Global Institute, November 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With a rich portfolio of 40 patent families, covering
over 110 fundamental individual patents, and another 12 patents under review, SEALSQ continues to expand its platform use in various domains.
SEAL Semiconductors already secures millions of objects (luxury products, expensive wine, autonomous cars, routers, drones, jewelry, collector&#8217;s
items, high-end watches, art, etc.), these semiconductors include NFT applications backed by Digital Identification technology that secures,
authenticates, and proves ownership of digital and tangible assets. We believe that the combination of Digital Identification with NFT
will be a game changer in proving ownership of digital tangible assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEALSQ team of experts is working with NIST
candidates for the MS600X Common Criteria products: Crystals-Kyber for key exchange mechanism and Crystals-Dilithium for signatures. The
partnership is focusing on the practical implementation aspects of algorithms, considering physical side-channel attack and deep learning
processes. This work completes the implementation of two algorithms short-listed by the NIST that the team has already studied, paving
the way for a complete post-quantum cryptography toolbox.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Post-quantum cryptography (PQC) refers to cryptographic
methods that are secure against an attack by a quantum computer. As quantum computers become more powerful, they may be able to break
many of the cryptographic methods that are currently used to protect sensitive information, such as Rivest-Shamir-Aelman (RSA) and Elliptic
Curve Cryptography (ECC). PQC aims to develop new cryptographic methods that are secure against quantum attacks. One example of a post-quantum
technology is lattice-based cryptography. It is a type of public-key cryptography that is based on the hardness of a mathematical problem
called the Shortest Vector Problem (SVP) which is thought to be too difficult for a quantum computer to solve. Lattice-based cryptography
can be used for tasks such as digital signatures, key exchange, and encryption. Another example is code-based cryptography which is based
on the difficulty of decoding certain algebraic structures called error-correcting codes. These codes can be used to create digital signatures,
key exchanges, and encryption schemes that are secure against quantum attacks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This post-quantum cryptography toolbox will help
to protect against the security threat posed by quantum computers, allowing hybrid solutions by no later than 2025 as recommended by the
French ANSSI. In addition to this, SEALSQ plans to upgrade its PKI offer, adding new post-quantum features for the IoT market: Secure
authentication, Brand protection, Network communications, future FIDO (&#8220;Fast Identity Online&#8221;) evolutions and additional generally
web- connected smart devices that obtain, analyze, and process the data collected from their surroundings. SEALSQ is executing this project
under the name &#8220;QUASARS&#8221; (QUAntum resistant Secure ARchitectureS.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ is also working with NIST to define recommended
practices for performing trusted network-layer onboarding, which will aid in the implementation and use of trusted onboarding solutions
for IoT devices at scale. The SEALSQ contribution to the project will be Trust Services for credentials and secure semiconductors to keep
credential secure. Specifically, SEALSQ will offer INeS Certificate Management Service (CMS) for issuing credentials and VaultIC secure
semiconductors to provide tamperproof key storage and cryptographic acceleration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While quantum computing offers endless perspectives
to incredibly increase computing power, hackers will take advantage of this technology to crack cryptography algorithms, corrupt cybersecurity
and compromise global economy. Research about quantum computing, namely how to use quantum mechanical phenomena to perform fast computation,
was initiated in the early 1980s. The perspectives and unbelievable performances offered by this promising technology are so huge that
many countries are sponsoring public/private R&amp;D initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ via its parent company WISeKey brings its
decades of expertise in designing Common Criteria EAL5+ and FIPS 140-2 Level 3 certified hardware-based secure elements (MS600x secure
microcontrollers, VaultIC&#8482;, etc.) and in developing hacker resistant firmware. The new algorithms to be evaluated will first have
to practically run on SEALSQ&#8217;s existing and new hardware architectures. The Company will also share its expertise in deep learning
AI (Artificial Intelligence) techniques to prove the robustness of the implementations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our semiconductors are used for securing supply
chain management of critical goods by integrating IoT devices communicating with picosatellites launched by parent company WISeKey and
now part of the SEALSQ Platform. SEALSQ security semiconductors are being used to protect different types of IoT devices such as satellites
and their captured images and communications from agriculture and logistics sensors. This product leverages the extensive reach of the
picosatellites and their ability to connect to low energy IoT devices and combines it with the immutability of data and smart contracting
feature of the third-party Casper blockchain to offer unique benefits to the supply chain management industry. You can now track the data
of your goods in transit such as environmental conditions, geo-location, etc. in a reliable manner, and also make logistic processes more
efficient using the smart contracting feature offered by Casper blockchain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our semiconductors, when placed on any object,
can securely link the object to NFTs, enabling authentication and tracking of the object. This model is much like an embedded ePassport,
and confirm the identity of the object on the Blockchain ledger.&#160;This digital identity, used throughout the object&#8217;s lifetime,
allows the object to become a &#8220;Trusted Object&#8221; of the Internet, and enables proof of its identity and provision of related
verifiable data. As such, SEALSQ IoT and data analytics help supply chain managers make decisions on their objects and prevent possible
accidents or other delay-inducing occurrences that happen on the way.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ itself does not offer any NFTs or blockchain
service, and does not use any third-party blockchain for operating its business. SEALSQ&#8217;s NFT-related business is to provide its
security &#8211; related services, Secure Element, to customers in the form of security-enhanced semiconductors. SEALSQ does not provide
any technology or services in the management of the NFT creation or the distribution of NFTs. The Secure Element service that SEALSQ provides
enables SEAL&#8217;s customers to create and maintain a secure link between an object and its NFT (issued by a SEALSQ customer that purchases
SEALSQ semiconductors) that is stored in a blockchain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The supply chain is already benefiting from the
billions of SEALSQ secure chips that are already embedded in high-tech products and goods to protect data, communication, and firmware
against cyberattacks. This includes routers, modems, energy-smart meters, drones, and medical devices, to mention a few. By combining
the secured IoT devices with the immutability and smart contracting features offered by third-party blockchains such as the Casper blockchain,
the logistic processes can be greatly improved and automated as the data on-chain can now be trusted for further processing without third-party
intervention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Combining the power of SEALSQ semiconductors with
the ability of these secured IoT devices to communicate with the picosatellites that aim to cover every spot on the planet with a maximum
latency of 10mins, and the immutability and smart contracting provided by third-party blockchains such as the Casper blockchain, the new
product is set to disrupt the supply chain management. The IoT devices are no longer dependent on the cellular networks and the data sent
via the satellites are authenticated through WISeID. We believe this is going to make a significant difference to the supply chains of
critical goods where environmental conditions and security of the goods being shipped are extremely critical e.g., blood, organs, or vaccines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IoT applications cannot work without security,
sensors and integrated microchips so all IoT devices will require semiconductors connected to secure platforms. The smartphone market,
which has driven growth in the semiconductor industry for years, has begun to level off. The IoT market could represent new revenue for
semiconductor manufacturers, allowing the semiconductor industry to maintain an average annual growth of 3% to 4% for the foreseeable
future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IoT devices will increase demand for sensors, connectivity,
memory, microcontrollers, and integrated circuits, which could put pressure on the existing semiconductor supply chain. Semiconductor
manufacturers that choose to meet IoT demands now will be well positioned to take advantage of this developing market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ semiconductors are designed for securely
storing cryptographic secrets and providing cryptographic functions that use the secrets. The end result is that the secret stays securely
stored on the semiconductor while it is being used in cryptographic calculations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following steps illustrate the link between
our semiconductors and an NFT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0">1. First verify the product that the NFT links
to. This is an essential step to ensure the resulting NFT retains its provenance, authenticity, and long-term value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0">2. Next the identity of the secure VaultIC semiconductor
is established. This identity is in the form of a unique public private key pair that is embedded in the secure VaultIC semiconductor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0">3. The resulting product information is combined
into a patent pending format that ensures that the resulting NFT is not corrupted, incomplete, or ambiguous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4. The NFT blockchain address is then obtained
(NFT may need to be created).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5. The Blockchain address is combined with the
VaultIC identity and a PKI certificate is created.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6. The certificate is written back to the secure
VaultIC semiconductor and the off-chain storage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After these steps, the physical item contains two
immutable identities that are cryptographically linked, one from the secure semiconductor and it&#8217;s PKI certificate, the other from
the Blockchain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The objective for rigorously following these steps
is to minimize the inherent risks associated with NFTs and to provide cryptographic assurance that the physical object and the NFT are
both linked and authentic. While these steps minimize the risk associated with authenticity, other risks still remain due to blockchain
stability, reliance on third party blockchain technologies, and market forces, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Examples of usage are in the fields of luxury goods,
expensive spirits or wine, or in OEM electronic devices which results from an extremely complex and subcontracted remote supply chain,
for which the OEM wants to keep an indisputable tracking record of all the steps of their fabrication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our technology enables systems and methods for
establishing the long-term authenticity of non-fungible tokens (NFTs) minted on a public blockchain by linking the NFT to its associated
object (which itself may be physical, digital, tangible or intangible), the minter of the NFT, the nature of the association of the NFT
minter to the associated physical object, and the possessor and/or originator of the object. In particular, our technology enables the
&#8220;embodiment&#8221; of this information that constitutes the linkage between the NFT and the associated digital object, physical
object, or intangible object (e.g., intellectual property assets, contracts, or other intangible assets), and consequently allows for
authentication of the NFT and its related object in a variety of scenarios.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NFTs are preserved on a public blockchain via a
network of nodes and secured via the blockchain&#8217;s consensus mechanism, such as proof of work, proof of stake, or other suitable
consensus mechanisms for the NFT itself. However, the NFT may not preserve its ability to authenticate an associated object or its association
with that object, particularly over long periods of time. In many instances the NFT at least partially relies on one or more third parties
to establish its association with a specific object. For example, often this responsibility is left to third party NFT exchanges, centralized
databases, the private key holder, or to other entities. In particular, none of the existing NFTs are minted with composition to ensure
their authentication particularly with regard to items with physicality, or items that were not directly derived from the private key
holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While there may be a high confidence in the ability
of a blockchain to preserve and store the public key and digital signature information of the NFT itself, along with any subsequent NFT
transaction data over long and very long periods of time &#8211; a blockchain cannot preserve information which the NFT does not itself
include. So, for example, in many instances the blockchain will not preserve the linkage between its digital signature and the actual
identity of the NFT minter, the association of the NFT and/or NFT minter with the object, the possessor of the object, or the originator
of the object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This absence of embedded linkage is particularly
a concern with regard objects that possess significant pre-blockchain history since in many instances, the pre-blockchain history is not
maintained on the blockchain. This history is important to assist in independently verifying the authenticity of the NFT. For physical
objects the unique features that identify the specific object are not necessarily independently linked to the NFT, and the NFT fails to
provide or safekeep information or documentation as to appraisal value, origin, intellectual property rights or limitations on rights
of use. For digital objects, the source construction resources and files are not linked and there are no certifications of authenticity
or origin. Further, for digital NFTs, the ownership of the NFT or indication that the NFT was rightfully minted is not assured at the
time of creation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As such, typical NFTs fail to possess sufficient
composition in order to ensure that the minted NFT is authenticatable and persistent across time. In particular, none of the existing
NFTs are minted with composition to ensure their authentication particularly with regard to items with physicality, or items that were
not directly derived from the private key holder. Our technology enables the &#8220;embodiment&#8221; of applicable information and sourcing
linkages between the NFT and the associated object. Such embodiments ensure long term authentication of NFTs that are associated with
physical or intangible objects, sometimes referred to as a &#8220;Digital Twin&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The addressable market for IoT cybersecurity is
massive: more than 12 billion IoT devices were connected in 2021 and this number is expected to grow to 27 billion units in 2025 with
CAGR of 22%.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>&#160;McKinsey predicts an
annual $12.6 trillion in economic value by 2026.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As it stands, many of the currently deployed IoT
devices lack any serious form of security: the devices contain weaknesses that can easily be exploited, and the vast majority of data
transmission is left unprotected. Regulatory and legislative pressure in combination with the rising danger of ransomware and other types
of attacks, however, will force IoT customers to adopt solid cybersecurity practices and techniques.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Vendors of digital devices and organizations deploying
IoT are now realizing that the IoT devices need the same level of protection as banks and governmental card issuers. They are realizing
that many of their devices are placed in uncontrolled locations such as a private home, a parking lot, a car on the street, a remote field,
a container on a ship, and even a human body. And yet, the users of their devices heavily depend on the reliability in terms of command
&amp; control and rely on the accuracy and privacy of their data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7
</SUP></FONT>&#8220;State of IoT &#8211; Spring 2022&#8221;, IOT Analytics, May 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8
</SUP></FONT>&#8220;The Internet of Things: Catching up to an accelerating Opportunity&#8221;, McKinsey &amp; Company, November 2021</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">McKinsey<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT>&#160;listed
a number of &#8216;head wind&#8217; factors for IoT adoption rates. To cite some of their observations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>&#8220;Consumers, enterprise customers, and governments are increasingly concerned with IoT cybersecurity because the growing number
of connected endpoints offers vulnerable points for hackers to exploit.&#8221;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>&#8220;Companies are grappling with how much privacy customers will give up in return for lower prices or special offers in a retail
setting. The COVID-19 pandemic has brought this issue into even sharper relief as governments and citizens attempt to balance public health
with individual privacy.&#8221;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>&#8220;Cybersecurity is a cross-cutting headwind to at-scale IoT deployments, so it should be unsurprising that this concern is particularly
pronounced in the healthcare space. Not only is the security of the IoT device itself paramount but also that of the underlying data and
analytics.&#8221;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Markets and Markets forecasts the global IoT cybersecurity
market size to grow from $14.9 billion in 2021 to $40.3 billion by 2026, at a CAGR of 22.1% from 2021 to 2026.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Allied Market Research valued the global IoT security
market size at $8.4 billion in 2018 and projected the size to reach $74 billion million by 2026, growing at a CAGR of 31.20% from 2019
to 2026.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The IoT market has so far been self-regulated,
and some industries are implementing sector-specific regulations. Governments, however, are increasingly aware of the cybersecurity risks
of IoT that can leave citizens vulnerable to security and privacy risks. Lawmakers enact legislation to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Make connected devices more resilient to cyber threats and attacks (IoT Cybersecurity); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Protect the privacy of personal information (IoT Privacy).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aspects of an IoT deployment may then be subject to many different
forms of oversight.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As governments are adopting new legislation imposing
security implementation requirements on IoT deployments, IoT devices and IoT deployments may no longer be able to comply with new and
future legislation and regulations without implementing new levels of cybersecurity features.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">__________________________</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9
</SUP></FONT>&#8220;The Internet of Things: Catching up to an accelerating Opportunity&#8221;, McKinsey &amp; Company, November 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10
</SUP></FONT>&#8220;IoT Security Market by Type (Network Security, Endpoint Security, Application Security and Cloud Security), Component
(Solutions &amp; Services), Application Area, Deployment Mode (On-premises &amp; Cloud), Organization Size, and Region &#8211; Global
Forecast to 2026&#8221;, Markets And Markets, October 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11
</SUP></FONT>&#8220;IoT Security Market by Component Solution (Solution and Services), Deployment Model (On-Premise and Cloud), Organization
Size (Large Enterprises and Small &amp; Medium Enterprises), Product Type (Device Authentication &amp; Management, Identity Access &amp;
Management, Intrusion Detection System &amp; Intrusion Prevention System, Data Encryption &amp; Tokenization and Others), Security Type
(Network Security, Endpoint Security, Application Security, Cloud Security, and Others), and Industry Vertical (Manufacturing, Retail
&amp; E-Commerce, Government &amp; Defense, Transportation &amp; Logistics, Energy &amp; Utilities, Healthcare &amp; Others); Global
Opportunity Analysis and Industry Forecast, 2019-2026, Allied Market Research, January 2020</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gartner expects that through 2026, less than 30%
of U.S. critical infrastructure owners and operators will meet newly mandated government security requirements for cyber-physical systems.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12</SUP></FONT><SUP>&#160;</SUP>Gartner
further expects that the percentage of nation states passing legislation to regulate ransomware payments, fines and negotiations will
rise to 30% by the end of 2025, compared to less than 1% in 2021.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gartner also forecasts that, by 2025, 70% of CEOs
will mandate a culture of organizational resilience to survive coincident threats from cybercrime, severe weather events, civil unrest
and political instabilities.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Regarding critical infrastructure protection, regulators
and legislators are increasingly concerned about security of IoT actuators in crowded places, power grids, telecom systems, public transport,
traffic control, water distribution, and energy transport.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The EU Cybersecurity Act that came in effect in
2019, addresses these concerns and applies in all EU member states and the UK. It mandates the EU Agency for Network &amp; Information
Security (&#8220;ENISA&#8221;) to define an EU-wide cybersecurity certification framework. The UK is currently moving forward and is shifting
the responsibility to secure IoT devices away from consumers and demand strong cybersecurity be built-in by design.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The EU further enacted the Directive on security
of network and information systems (&#8220;NIS&#8221;). It aims to reach a high level of cybersecurity for Critical National Infrastructure
and essential services, and establishes a range of IoT cybersecurity requirements for operators of essential services and their digital
service providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The U.S. currently lacks a federal IoT cybersecurity
regulatory framework. The IoT Cybersecurity Improvement Act passed in 2020, however, sets minimum security standards for IoT devices procured
by the federal government. While the bill avoids to directly regulate the private sector, it aims to leverage federal government procurement
influence to encourage increased cybersecurity and put in place basic security measures for IoT devices. The bill further gives the National
Institute of Standards &amp; Technology (NIST), the authority to oversee IoT cybersecurity risks for equipment bought by the federal government,
and to issue guidelines dealing with IoT cybersecurity. IoT devices procured by the federal government must comply with these recommendations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the state level, California and Oregon have
gone further and passed new IoT security laws (resp. SB 327 and HB-2395) that became effective in 2020. These laws require that IoT devices
sold in California and Oregon be fitted with reasonable security features to protect both the IoT device and the data it contains. They
further place liability and burden of proof on the IoT vendors as soon as the device is connected to the Internet in those states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">_________________________</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12
</SUP></FONT>&#8220;3 Planning Assumptions for Securing Cyber-Physical Systems of Critical Infrastructure&#8221;, Gartner, February 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13
</SUP></FONT>Opening Keynote, &#8220;Gartner Security &amp; Risk Management Summit&#8221; in Sydney, Australia, Gartner, June 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14
</SUP></FONT>Opening Keynote, &#8220;Gartner Security &amp; Risk Management Summit&#8221; in Sydney, Australia, Gartner, June 2022</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The New York State enacted the Stop Hacks and Improve
Electronic Data Security Act (&#8220;SHIELD&#8221;) in 2020. The bill requires the implementation of a cybersecurity program and protective
measures for New York State residents and apply to IoT manufacturers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">ABI Research expects Critical Infrastructure cybersecurity
spending to increase from $106 billion in 2021 to $146 billion in 2025 at a CAGR of 8.3%.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Regarding privacy, regulators and legislators are
increasingly concerned that individuals may not be able to provide consent for IoT sensors which are permanently collecting behavioral
data, to locate the source of inaccurate data, and to be comfortable that uploaded privacy-sensitive data do not leak out.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The EU General Data Protection Regulation (&#8220;GDPR&#8221;)
in effect since 2018 establishes a harmonized framework within the EU and the UK, including the right to be forgotten, the need for clear
and affirmative consent, and severe penalties for failure to comply with these rules. The GDPR law equally applies to IoT devices, IoT
platforms and IoT deployments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The U.S. currently lacks a comprehensive federal
law regulating the collection and use of personal information beyond the U.S. Privacy Act of 1974 and the Children&#8217;s Online Privacy
Protection Act. Several states, however, have recently passed new legislation to take digital privacy into account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The California Consumer Privacy Act (&#8220;CCPA&#8221;)
in effect since 2020 enhances privacy rights and consumer protection for residents of California. The California Privacy Rights Act (&#8220;CPRA&#8221;)
supplements the CCPA and took effect on 1 January 2023. It creates a new category of personal information named sensitive personal information.
Biometric data, including facial recognition and other data that may yield details about race, ethnicity, sexual orientation, religious
beliefs, and geolocation, are included in this new group and must be adhered to by IoT devices, IoT platforms and IoT deployments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gartner expects that by the end of 2023, modern
privacy laws will cover the personal information of 75% of the world&#8217;s population.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IoT will continue to transform the sustainable
energy markets, such as wind, solar, biothermal, and nuclear power generation industries. IoT analytics will provide wind energy suppliers
with real-time data on their power plants and storage assets, as well as their customers&#8217; consumption, to ensure continuous energy
generation and distribution. IoT solutions can also enable the adjustment of business operations for dramatically increased revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15
</SUP></FONT>&#8220;Critical Infrastructure Security&#8221;, ABI Research, February 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16
</SUP></FONT>&#8220;Gartner Identifies Top Five Trends In Privacy Through 2024&#8221;, Gartner, May 2022</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There is an expectation to see a shift in demand
for sensors, actuators, and gateways, because all of these devices are needed to predict failures and assure the overall efficiency of
equipment, specifically for sustainable power generation. This trend is the most accurate for green technology companies that will continue
to reduce operational expenses, reserve funds for innovations, and deliver more affordable green energy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While IoT adoption from Utility Service Providers
(USPs) will be driven by regional stimulus packages, markets will continue to be cautious with their capital spending on new technology
solutions. USPs (energy and water) will remain one of the largest adopters of massive IoT solutions, as they continue to implement their
grid digitalization programs that started more than a decade ago. A utility&#8217;s primary objective in implementing IoT will be to add
resilience to their operational processes and support growing demands to shift from the use of fossil fuels and move toward renewable
resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also, Oil &amp; Gas operators realize they need
to transform and embrace climate neutral energy sources. These operators will increase investments in digital transformation to address
commercial, operational, and existential threats, as well as align business models with changing climate action regulation. ABI Research
expects that, in 2030, they will spend $15.6 billion on digital tools to address industry challenges and align operations with changing
business models.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With digital tools, oil and gas companies can analyze
the condition of transmission and distribution pipes, prepare for changes in oil and gas prices, plan sustainability strategies and ensure
an increasing amount of renewables capacity is integrated into grids and provided to consumers. Data analytics allied with IoT platforms
have become essential to identifying issues ahead of time such as pipeline degradation, wellhead performance, and pollution from gas flares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The effect of the cyber-attack on the Colonial
Pipeline made operators aware that even spending unlimited amounts to secure networks and assets will not provide 100 percent security
as attackers only need one error to cause havoc. Increasingly, cyber threats are rapidly becoming a concern for both the C-suite and governments,
and IoT cybersecurity has become a top priority for them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">ABI Research expects that spending on IoT security
within the sector will increase by 8.1% between 2022 and 2030 to reach $5.6 billion per annum.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>18</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gartner expects that by 2026, 25% of people will
spend at least one hour a day in the Metaverse for work, shopping, education, and entertainment.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>19</SUP></FONT>&#160;Gartner
defines the Metaverse as a collective virtual open space, created by the convergence of virtually enhanced physical and digital reality.
Beyond entertainment, gaming and social media, a Metaverse provides enhanced immersive experiences for professional activities including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Training with a more immersive learning experience in medical, industrial and sports.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17
</SUP></FONT>&#8220;Digital Transformation in the Oil and Gas Market&#8221;, ABI Research, December 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>18
</SUP></FONT>&#8220;Digital Transformation in the Oil and Gas Market&#8221;, ABI Research, December 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>19
</SUP></FONT>&#8220;Predicts 2022: 4 Technology Bets for Building the Digital Future&#8221;, Gartner, December 2021</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Virtual events with a more immersive social experience.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Retail can extend its reach to an immersive shopping experience that allows for more complex products.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The current siloed VR (Virtual Reality) or AR (Augmented
Reality) environments of a single provider will eventually integrate into a single Metaverse adopting open standards. Activities in a
unified Metaverse include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Participating in virtual events and training classes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Studies by, amongst others, Gartner<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>20</SUP></FONT>&#160;and
ITU<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>21</SUP></FONT>&#160;revealed that consumers and professionals
raise the following concerns before adopting the Metaverse:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>How to preserve the privacy of personal data</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>How to know whether data for decisions can be relied on</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>How to get confidence in payment methods</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>How to know for sure who you are interacting with</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>How to deal with the abundance of endpoints: each device in the office or in someone&#8217;s home that connects to the internet opens
up a new door through which cyberattacks can enter. Since the Metaverse will require multiple devices and sensors, people are becoming
even more vulnerable to data breaches.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While the opportunities offered by the Metaverse
are huge, these key concerns need to be solved first in order to create a &#8220;trusted&#8221; Metaverse. A trusted Metaverse enriches
digital experiences with trusted bridges to the physical world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>20
</SUP></FONT><SUP>&#160;</SUP>&#8220;What Is a Metaverse&#8221;, Gartner, January 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>21
</SUP></FONT>&#8220;AI: The driving force behind the metaverse&#8221;, ITU News, June 2022</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ has become much more than a cybersecurity
technology company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are in the physical/cyber trust business. Every
day, citizens, consumers and professionals rely on the trust we bring to the IoT devices around them. Our brand reflects digital comfort
and a culture of trust, security, and protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For that, we offer to our customers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">i)</TD><TD>&#8220;Secure Elements&#8221; implementing a mix of analog and digital countermeasures which are the DNA of our engineering teams,
constantly monitoring and anticipating the new generation of attacks that the cyber hackers may develop.</TD></TR></TABLE>

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

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">ii)</TD><TD>A provisioning and personalization platform, which manages the creation of digital keys and certificates and their injection into
our secure elements.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">iii)</TD><TD>A Root Certificate Authority, which guarantees the unicity and the authenticity of the digital identities which we are generating
for our customers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our products and infrastructures are certified with the highest grading
of the industry by third party certification labs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We design, develop and market secure semiconductors
worldwide as a fabless manufacturer, meaning we do not manufacture the semiconductors, but instead collaborate with production partners
for all phases of the manufacturing process of our semiconductors/ICs, including wafer fabrication and packaging and testing. We provide
added security and authentication layers on our semiconductors which can be tailored to customers&#8217; needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our production partners are responsible for the
procurement of all of the raw materials used in manufacturing our products and we understand that the such raw materials are multi-sourced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ is unique because we combine secure hardware
with a platform to manage its keys and to manage the physical/cyber pairing. This pairing associates the hardware chip inseparably with
digital certificates and a digital record that reflects the lifecycle of the chip. Conversely, the digital security is anchored in hardware
inside the device. It is this unique proposition that enables us to bring digital trust to the physical world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our legacy of personalizing payment cards brought
us the opportunity to personalize IoT devices. While the market of payment cards and SIM cards has become a commodity, the market of personalized
IoT devices is growing rapidly. With our advanced management platform in combination with our advanced silicon design, we can capture
this booming market. Our efficient platform also enables to extend to mainstream quantities of non-connected objects, such as e-cigarettes,
as well as small batches of high-end controllers, such as satellites placed into orbit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As such, we offer provenance, proof of origin,
and lifecycle management to devices and objects. Additionally, we enable data collection and data transmission to be protected against
interference and eavesdropping, and we enable command execution and firmware updates to be reliable and trustworthy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Security is in our DNA, and we help our direct
customers and end customers to understand the security risks, security implications and security solutions. Our platform takes away the
burden of managing sophisticated cryptography and a suite of secret, private and public keys. And we help them through the lifecycle of
the security elements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our customers realize that their products have
a clear differentiator to their end customers when SEALSQ security is inside. SEALSQ provides them with an effective anchor from which
trust can be established, and from which new supporting platforms and services such as device life cycle management can be supported.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Vendors typically find it hard to manage security
and may have little in-house knowledge about cryptographic strength, key generation, key injection, key pairing, key rotation, key hierarchies,
and key lifecycle. We fundamentally offer our customers a one-stop shop for trusted personalization of their devices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Superior end customer experience drives customer loyalty.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not only security, but also customer care is in
our DNA. We are proud of the customer loyalty we have achieved over the past 20 years. Our customers and their end customers also appreciate
that our product roadmap takes their input into account, as well as market trends and security trends. Moreover, involving partners in
our roadmap, such as FOSSA and Parrot, help our mutual customers to tune their devices and deployments to tackle the cybersecurity challenges.
Customers and end customers further appreciate that we understand and respond to specific regulations they may be subject to.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have been able to clearly demonstrate our customer
dedication in 2021. Since 2020, global semiconductor supply was under stress as a by-product of the COVID-19 pandemic. When economies
started to rebound in 2021, the combination of supply chain logistics issues and shortages in raw material kept global semiconductor supply
under stress. Dedicated to fulfilling customer demand, we were able to secure large allocations in our supply chain. In fact, SEALSQ gained
new customers thanks to the constrained delivery these customers faced by their former semiconductor suppliers. Customers openly praised
SEALSQ&#8217;s dedication and loyalty to its customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Benefits for IoT owners and operators</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While our customers are typically product manufacturers,
the end customers are factories, consumers, governmental infrastructures, municipalities, smart transport initiatives, smart agriculture,
etc. Due to increased threats and attacks, these IoT owners and operators demand increasing levels of protection. And given that they
increasingly install devices in unmanned and uncontrolled environments, they even demand the security to be physically tamperproof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Further, with emerging policy debate and regulation
on the topic of loT security in Europe, Asia, and North America, IoT owners and operators want security solutions that can be easily implemented
and deployed. With SEALSQ security inside, they know that digital trust is anchored in the hardware of the device.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For example, when the U.S. government enacted its
Infrastructure Investment and Jobs Act of $1.2 trillion, SEALSQ was approached by integrators that worry about security and privacy. These
integrators were seeking to participate in funded megaprojects to deploy IoT for power infrastructure, water distribution, airports, road
safety, high speed internet and sensors to address climate change and saw that the level of cybersecurity of their IoT vendors was not
always what they expected before SEALSQ came in the picture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe we have several competitive advantages
that will enable us to maintain and extend our market position. Our key competitive strengths include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Customer dedication is in our DNA and we deliver to customers ordering hundreds of millions of units, as well as to customers ordering
a few thousand custom units.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Ongoing product innovation. We constantly innovate on our products to enhance and expand capabilities. Our agentless technology differentiates
us in the market and positions us to capitalize on the proliferation of new device types entering the enterprise that cannot be supported
by agent-based technologies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Proven Supply Chain Management processes with a track record of timely delivery.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Standardized technology and compliance with industry-driven standards, to ease the integration by our direct customers and by end
customers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Top-level certifications (Common Criteria EAL5+ and FIPS140-2 Level 3) that address the current and future requirements of IoT deployments
in health care and critical infrastructure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The digital certificates are rooted at the OISTE Foundation, a not-for-profit organization based in Geneva, Switzerland, regulated
by article 80 et seq. of the Swiss Civil Code and neutral vis-&#224;-vis any dominant vendor, country or other market player.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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are deeply integrated into our customers&#8217; security infrastructure, demonstrating immediate and ongoing value. We have a long-term,
loyal base of end customers with many relationships spanning over 10 years.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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Alliance, a global association to drive interoperability in smart cities and smart grids. SEALSQ is also currently working with NIST&#8217;s
National Cybersecurity Center of Excellence (NCCoE) on a reference design for securely onboarding IoT devices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
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and retain the highest quality sales representatives with demonstrated success. We are one of the only vendors in our market solely focused
on security and control and, as such, our sales representatives are wholly focused on selling the standalone value of our products.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Strong leadership team of security experts. We have a deep bench of talent at the executive level, with years of industry experience
at semiconductor manufacturers and cryptography laboratories.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A large part of our business relies on the one-time-sale
of hardware. We also, however, created our own post-market for provisioning, onboarding, and life cycle management, offering an additional
and recurring monetization opportunity. Those post-market services also fortify customer stickiness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We intend to execute on the following growth strategies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Grow global customer base. We invested significantly, and plan to continue to invest, in our sales organization to drive new customer
adoption and to introduce our products to new markets. We believe these investments will allow us to pursue new large enterprise opportunities
as well as opportunities outside of the United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Expand our presence in the market by leveraging our ecosystem of partners. We believe there is a significant opportunity to grow sales
through our technology and channel partners, particularly to mid-market enterprises.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Expand within our existing customers as they grab their market opportunities. Our product revenue is directly tied to the number of
devices they sell.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Expand within our existing customers as we expand to new parts of their network, or as we displace a competitor. We expect to grow
as our customers broaden their use of our products in different IoT markets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Introduce new products to create additional opportunities in upgrade markets, in different sectors, and in new applications of our
technology in innovating markets. For this purpose, SEALSQ is developing a brand-new generation of Secure Elements implementing new technologies
in order to optimize its footprint thus its cost, a Flash memory providing more customization flexibility, and a new generation of Crypto
Processor capable to run Post-Quantum algorithms selected by the NIST.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ has commenced a significant investment project
with the intention of increasing the overall capacity of production within its supply chain. While SEALSQ does not manufacture its own
semiconductors, it does own certain capital materials required in order for its suppliers to undertake and complete the production process.
One of the key constraining factors for SEALSQ currently is the number of production and testing lines that it has available. In order
to increase its production capacity by approximately 5 million units per year, the Company is undertaking a significant capital expenditure
project that is forecast to cost USD 3.4 million, split between its supplier&#8217;s factory in Taiwan and the research and development
headquarters in France. The project will be funded by a combination of cash flow from operating activities and an advance payment of USD
2.0 million from a key customer in exchange for additional delivery slots.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ is also developing a brand-new generation
of Secure Elements implementing new technologies in order to optimize its footprint, and thus its cost, a Flash memory providing more
customization flexibility, and a new generation of Crypto Processor capable to run Post-Quantum algorithms selected by the NIST. This
project will require an investment of approximately USD 3.0 million and will be funded by a combination of cash flow from operating activities,
grants and other available subsidies from local, national and international funding agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Convertible Note and Warrant Financing</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See description in the section titled &#8220;Convertible
Note Financing&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WISeKey Semiconductors SAS, which is a wholly owned
subsidiary of SEALSQ, entered into a Revolving Credit Agreement with WISeKey International Holding AG on October 1, 2016. Under the terms
of this agreement, several advances of funds were made by WISeKey International Holding AG to WISeKey Semiconductors SAS for the purposes
of supporting the working capital requirements and ongoing operations. The loans initially accrued interest at a rate of 3% per annum,
then at a rate of 2.5% per annum pursuant to the Third Amendment to the Revolving Credit Agreement dated November 3, 2022, and may be
prepaid at any time. The credit period initially ended on December 31, 2017, but this has been extended through amendments to the original
agreement. Following the Fourth Amendment to the Revolving Credit Agreement, all outstanding loans fell due on November 30, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 1, 2021, WISeKey Semiconductors SAS entered
into a Debt Remission Agreement with WISeKey pursuant to which an outstanding amount of EUR&#160;5 million (USD 5,871,714) owed to WISeKey
was remitted without any compensation from WISeKey Semiconductors SAS. Per the terms of the Debt Remission, WISeKey will have the right
to reinstate the debt and ask for repayment in fiscal years when WISeKey Semiconductors SAS achieves a positive income before income tax
expense, in an amount calculated based on the income before income tax expense. As such, because of the repayment clause, the loan amounts
covered by the Debt Remission continue to be shown as noncurrent liabilities payable to WISeKey International Holding AG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WISeKey Semiconductors SAS also undertook several
debt transfers with WISeKey International Holding AG and other subsidiary understandings of WISeKey International Holding AG dated June
28, 2021, December 31, 2021, June 30, 2022, August 31, 2022 and November 3, 2022. Under the terms of these agreements, amounts owed
by WISeKey Semiconductors SAS were paid on WISeKey Semiconductors SAS&#8217;s behalf by WISeKey International Holding AG and the amounts
were converted into loans due from WISeKey Semiconductors SAS to WISeKey International Holding AG. The loans initially accrued interest
at a rate of 3% per annum, later amended to 2.5% per annum, and may be prepaid at any time. Following the first amendment to each of these
agreements, all outstanding loans fell due on November 30, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As part of the Internal Restructuring of WISeKey
prior to the effective date of the Spin-Off Distribution, WISeKey International Holding AG and WISeKey Semiconductors SAS entered into
a Capital Increase Agreement on December 15, 2022 whereby an amount of EUR 7 million owed to WISeKey International Holding AG by WISeKey
Semiconductors SAS was converted into a capital contribution by way of an offset with the outstanding debt under the Revolving Credit
Agreement and the loans resulting from the above-mentioned debt transfers. Under the terms of this agreement, the capital of WISeKey Semiconductors
SAS was increased by EUR 7 million and the balance owed to WISeKey International Holding AG was reduced by an equivalent amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WISeKey Semiconductors SAS undertook a debt transfer
with WISeKey International Holding AG dated December 31, 2022. Under the terms of this agreement, an amount owed by WISeKey Semiconductors
SAS was converted into a loan due from WISeKey Semiconductors SAS to WISeKey International Holding AG. The loans accrue interest at a
rate of 2.5% per annum, and may be prepaid at any time. The loan falls due on December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Following the Capital Increase Agreement, there
were no balances outstanding under the Revolving Credit Agreement, and outstanding loans in the amount of USD&#160;1,198,747 plus accumulated
interests in the amount of USD 208,750 due from WISeKey Semiconductors SAS to WISeKey International Holding AG resulting from the above-mentioned
debt transfers as at December 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 1, 2023, all outstanding balances were
consolidated into a new loan agreement between WISeKey Semiconductors SAS and WISeKey International Holding AG. The Revolving Credit Agreement
currently limits the amount of loans allowed under the agreement at USD 5.0 million, of which USD 1.4 million is currently outstanding.
Under the terms of this agreement, USD 1,407,497 is owed to WISeKey International Holding AG by WISeKey Semiconductors SAS as a result
of the historical advances made and debt transfers made for the purposes of supporting the working capital requirements and ongoing operations.
The loan accrues interest at a rate of 2.5% per annum and may be prepaid at any time. The loan falls due on December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WISeKey Semiconductors SAS, which is a wholly owned
subsidiary of SEALSQ, has two loan agreements outstanding with WISeCoin AG dated April 1, 2019 and October 1, 2019. Under the terms of
these agreements, WISeCoin AG agreed to extend to WISeKey Semiconductors SAS sufficient funds to enable it to carry out its business activities
and fund its working capital requirements. These loans initially accrued interest at a rate of 3% per annum, later amended to 2.5% per
annum, and may be prepaid at any time. Each loan falls due for repayment at such time as agreed between the two parties. The funds were
originally extended when the former subsidiary undertaking of WISeKey Semiconductors SAS, WISeCoin R&amp;D Lab France SAS, was owned by
WISeCoin AG. When the ownership of WISeCoin R&amp;D Lab France SAS was transferred to WISeKey Semiconductors SAS, and again when WISeCoin
R&amp;D Lab France SAS was merged into WISeKey Semiconductors SAS on 1 January 2021, the loans were transferred along with the remaining
assets and liabilities of WISeCoin R&amp;D Lab France SAS. As at December 31, 2022, the outstanding loans with WISeCoin AG, including
accrued interests, amount to USD&#160;3,009,234 and EUR&#160;276,973 (USD&#160;297,256).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WISeKey Semiconductors SAS, which is a wholly owned
subsidiary of SEALSQ, has further service agreements with, respectively, WISeKey International Holding AG and WISeKey SA dated January
1, 2018, WISeKey Semiconductors GmbH dated April 1, 2019, and WISeKey USA Inc. dated January 1, 2019. Under the terms of these service
agreements, the relevant WISeKey companies have agreed to make available to SEALSQ certain resources, including skilled staff, external
consultants and advisors with knowledge across multiple domains including, but not limited to, sales and marketing accounting, finance,
legal, taxation, business and strategy consulting, public relations, marketing, risk management, information technology and general management.
Under the terms of these service agreements, the relevant WISeKey company regularly invoices WISeKey Semiconductors SAS for the associated
costs of providing these services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Internal Restructuring of WISeKey,
WISeKey and SEALSQ further entered into a subscription agreement on January 1, 2023 pursuant to which WISeKey transferred the ownership
of WISeKey Semiconductors SAS (formerly known as VaultIC SAS), a French semiconductor manufacturer and distributor, WISeKey IoT Japan
KK, a Japan-based wholly owned sales subsidiary of WISeKey Semiconductors SAS, and WISeKey Semiconductors, Taiwan Branch, a Taiwan-based
sales and support branch of WISeKey Semiconductors SAS, to SEALSQ in a share exchange for an aggregate consideration of USD 18.0 million
in value (such value corresponding to the book value of WISeKey Semiconductors SAS in WISeKey International Holding AG&#8217;s statutory
financial statements). Under the terms of the subscription agreement, SEALSQ issued 1,499,700 Class F Shares and 7,501,400 Ordinary Shares
to WISeKey International Holding AG in return for the entire issued share capital of WISeKey Semiconductors SAS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Internal Restructuring of WISeKey,
WISeKey International Holding AG and SEALSQ entered into certain service agreements under the terms of which certain members of staff
and associated resources of WISeKey will be required to carry out certain tasks and duties on behalf of SEALSQ. In particular, the Chief
Executive Officer and Chief Financial Officer of WISeKey will also carry out these roles for SEALSQ, while other tasks, such as the financial
reporting and legal support of SEALSQ will be performed by officers of WISeKey International Holding AG and its affiliates. Under the
terms of the service agreements, WISeKey agrees to provide these services to SEALSQ on a cost-plus basis and WISeKey will regularly invoice
SEALSQ for the associated costs of providing these services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Class F Shareholders&#8217; Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company and the holders of the Class F Shares
have entered into a Class F Shareholders&#8217; Agreement that provides, among other things, that the holders of Class F Shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>will vote the Class F Shares held by them as one and in accordance with the majority (by the number of shares held) view of the holders
of the Class F Shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the Class F Shares are non-transferrable; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>agree to be bound by the redemption provisions set out in the Articles and that they will take all necessary action to comply with
them.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the name, age and functions of our non-executive and executive directors, and our senior management as of the date of this registration statement.
The business address for each director and executive officer is the address of our principal executive office which is located at Avenue
Louis Casa&#239; 58, 1216 Cointrin, Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 30%"><B><FONT STYLE="text-decoration: underline">Name</FONT></B></TD>
    <TD STYLE="width: 10%"><B><FONT STYLE="text-decoration: underline">Age</FONT></B></TD>
    <TD><B><FONT STYLE="text-decoration: underline">Functions in SEALSQ</FONT></B></TD>
    <TD>&#160;</TD>
    <TD STYLE="width: 20%"><B><FONT STYLE="text-decoration: underline">Date first appointed</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><I>Independent Non-Executive Directors</I></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Ruma Bose</TD>
    <TD>50</TD>
    <TD><FONT>Independent non-executive Board Member</FONT></TD>
    <TD>&#160;</TD>
    <TD>June 14, 2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Cristina Dolan<SUP>(1)(2)</SUP></TD>
    <TD>62</TD>
    <TD><FONT>Independent non-executive&#160;</FONT>Board Member</TD>
    <TD>&#160;</TD>
    <TD>March 10, 2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>David Fergusson<SUP>(1)(2)</SUP></TD>
    <TD>62</TD>
    <TD><FONT>Independent non-executive</FONT> Board Member</TD>
    <TD>&#160;</TD>
    <TD>March 10, 2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Eric Pellaton<SUP>(1)(2)</SUP>&#160;</TD>
    <TD>64&#160;</TD>
    <TD><FONT>Independent non-executive</FONT> Board Member</TD>
    <TD>&#160;</TD>
    <TD>March 10, 2023</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><I>Executive Directors</I></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Carlos Moreira<SUP>(3)</SUP></TD>
    <TD>64</TD>
    <TD>Chairman of the Board of Directors and Chief Executive Officer</TD>
    <TD>&#160;</TD>
    <TD>April 1, 2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Peter Ward<SUP>(3)</SUP></TD>
    <TD>71</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board Member and Chief Financial Officer</P></TD>
    <TD>&#160;</TD>
    <TD>April 1, 2022</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><I>Senior Management</I></TD>
    <TD></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Jean-Pierre Enguent<SUP>(3)</SUP></TD>
    <TD>61</TD>
    <TD>Vice-President of Research &amp; Development Systems and Solutions</TD>
    <TD>&#160;</TD>
    <TD>September 20, 2016*</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>David Khalifa</TD>
    <TD>61</TD>
    <TD>Vice-President of Global Sales</TD>
    <TD>&#160;</TD>
    <TD>February 14, 2022*</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Bernard Vian<SUP>(3)</SUP></TD>
    <TD>56</TD>
    <TD>General Manager of WISeKey Semiconductors SAS<BR>
<BR>
</TD>
    <TD>&#160;</TD>
    <TD>September 20, 2016*</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Member of the Audit Committee</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Member of the Nomination and Compensation Committee</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Member of the Strategy Committee</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>This represents the date of appointment with WISeKey Semiconductors SAS, which became a subsidiary of SEALSQ on January 1, 2023&#160;</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain biographical information about each of
these individuals is set forth below.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Carlos Moreira</I>&#160;has
been a member of the board of directors and Chief Executive Officer and Chairman of the board of directors of SEALSQ since its inception
on April 1, 2022. He is the Founder, Chairman of the board of directors and Chief Executive Officer of WISeKey International Holding AG.
Mr. Moreira is a recognized UN Expert on CyberSecurity and Trust Models for ILO, UN, UNCTAD, ITC/WTO, World Bank, UNDP, ESCAP (83-99).
Author, Internet Pioneer; Founder OISTE.org. Founding Member of the &#8220;Comit&#233; de Pilotage Project E-Voting&#8221; of the Geneva
Government, Member of the UN Global Compact, Member of the WEF Global Agenda Council. Founding Member WEF Global Growth Companies 2007.
WEF New Champion 2007 to 2016, Vice Chair WEF Agenda Council on Illicit Trade 12/15, Member of the Selection Committee for the WEF Growth
Companies. Founder of the Geneva Security Forum. Member the WEF Global Agenda Council on the Future of IT Software &amp; Services 2014-16.
Member of the New York Forum. Selected as one of the WEF, Trailblazers, Shapers and Innovators, Member of Blockchain Advisory Board of
the Government of Mexico. Nominated by Bilan.CH among the 300 most influential persons in Switzerland 2011 and 2013, top 100 of Who&#8217;s
Who of the Net Economy, Most Exciting EU Company at Microsoft MERID 2005, Man of the Year AGEFI 2007, Selected by Bilanz among the 100
most important 2016 digital heads in Switzerland 2017. Award Holder CGI. Adjunct Professor of the Graduate School of Engineering RMIT
Australia (95/99). Head of the Trade Efficiency Lab at the Graduate School of Engineering at RMIT.&#160; M&amp;A Award 2017 Best EU acquisition.
2018 Blockchain Davos Award of Excellence by the Global Blockchain Business Council. Member of The Blockchain Research Institute. Founder
Blockchain Center of Excellence 2019.&#160; Entrepreneur and investor in disruptive cryptotechnology AI, Blockchain, IoT and Cybersecurity.
Keynote speaker at the UN, WEF, CGI, ITU, Bloomberg, Oracle, SAP, Zermatt Summit, Microsoft, IMD, INSEAD, MIT Sloan, HEC, UBS, CEO Summit.
Coauthor of &#8220;The transHuman Code: How to Program Your Future&#8221; (2019).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Peter Ward</I>&#160;has
been the Chief Financial Officer and a member of the board of directors of SEALSQ since its inception on April 1, 2022. He has also served
as the Chief Financial Officer and a director of WISeKey International Holding AG since 2012. Mr. Ward began his tenure with WISeKey in
2008 as Finance Director. From 2005 to 2008, Mr. Ward served as a director and International Finance Director at Isotis International
Inc., a manufacturer and distributor of bone and skin transplants. From 1996 to 2004, Mr. Ward served as a director and International
Finance Director, then Director Administration and Taxes of Iomega International, a manufacturer and distributor of external computer
drives and disks. From 1986 to 1996, Mr. Ward served as Finance Director for Germany, Austria &amp; Switzerland Finance for GE Information
Services (GEISCO), based in Cologne, Germany, then Commercial Finance Manager for GE Plastics BV, based in Bergen op Zoom, The Netherlands
and Finance Director for Germany, Austria &amp; Switzerland for GE Medical Services AG, based in Frankfurt am Main, Germany at General
Electric. From 1973 to 1985, Mr. Ward served as Cost Analyst at Standard Telephones &amp; Cables Ltd, a manufacturer and installer of
submarine telephone cables, based in Southampton, United Kingdom, then Finance Accountant for Payot Cosmetics Ltd and Mavala Cosmetics
Ltd, manufacturers of cosmetics and nail products respectively, based in Ashford, Kent, United Kingdom, then Financial Controller for
Rimmel Cosmetics Germany and ITT Photoproducts, Germany, distributors of cosmetics and photographic equipment respectively, based in Frankfurt
am Main, Germany, then Financial Analyst for the Automotive and Sanitary Products Division, based in ITTE HQ in Brussels, Belgium, then
Manager Financial Controls for the Telecommunications Division based in ITTE HQ Brussels, Belgium, at ITTE. He holds a B.A. with honors
in Business Administration from Wolverhampton University, in Wolverhampton, U.K. and is a qualified Chartered Management Accountant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30.65pt"><I>Ruma Bose</I>&#160;was
appointed to our board of directors on June 14, 2023. Ms. Bose was most recently Chief Growth Officer (CGO) at Clearco, a SoftBank-backed
fintech unicorn and the world&#8217;s largest e-commerce investor (in which she was previously a longtime advisor, venture partner and
early investor). Previously, Ms. Bose was Managing Partner at Humanitarian Ventures, investing in high growth technology companies and
leveraging their potential for the humanitarian sector. Ms. Bose was previously on the management council of Chobani, one of the world&#8217;s
largest yogurt companies, where she served as President of Chobani Ventures and the Chobani Foundation. In addition to her roles at Chobani,
she was also Founding President of Tent Foundation, which she helped establish as one of the leading foundations in the humanitarian
sector. Ms. Bose&#8217;s earlier leadership roles include President and co-CEO at Sprayology, a pioneering homeopathic company; President
at Vincent Longo, an iconic global cosmetics brand; Director at Roseworth Capital, a private equity investor focused on consumer/brand/retail
and specialized business and financial services sectors; and Cofounder and VP Market Development at Finishline, a national chemical and
products services company. Ms. Bose was part of the Bose Corporation startup team sent to launch and scale operations in India. She started
her career as an analyst at Scotiabank in the International Banking Group. Ms. Bose co-authored the international bestselling book, &#8220;Mother
Teresa, CEO&#8221;, which has been translated into eight languages. The book describes the management and leadership principles of Mother
Teresa, who Ms. Bose worked with in Calcutta, and explains how they can be applied to businesses and non-profits alike. Ms. Bose sits
on the Governing Board of Directors of Calvert Impact Capital, one of the pioneers of impact investing, gender lens investing and climate
impact, which in the last 25 years has deployed over $4bn in 100+ countries and on KAO Corporation&#8217;s (Tokyo Stock Exchange: 4452)
ESG External Advisory Board, the largest household and personal care product manufacturer in Japan. Ms. Bose is the 2021 recipient of
the prestigious Scotiabank Ethical Leadership Award which, every year recognizes one ethical leader who, through their actions and decisions,
have demonstrated character, courage, and adherence to ethical principles. In 2022, Ms. Bose was awarded an honorary Doctor of Laws from
Dalhousie University, Halifax, Canada, her alma mater. She is a member of the Young Presidents&#8217; Organization (YPO); the Global
Entrepreneurs&#8217; Council at the United Nations Foundation; and is active at the World Economic Forum as a member of its Expert Network.
Ms. Bose is a frequent keynote speaker at conferences around the world, including the Forbes 100 Most Powerful Women&#8217;s Summit,
World Humanitarian Summit, World Economic Forum, Banff Forum and meetings of the United Nations. She has been featured in publications
including The Economist, Wall Street Journal, Fast Company, NY Times, Financial Times, LA Times, Business Insider and Bloomberg.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30.65pt"><I>Cristina Dolan</I>&#160;was
appointed to our board of directors on March 10, 2023. Ms. Dolan has been a member of the board of directors of WISeKey International
Holding AG since June 24, 2022. Ms. Dolan is an award-winning engineer, entrepreneur and author that spend her entire career in variety
of executive roles within the technology industry. Prior to joining RSA in 2021 where she heads up Global Alliances, she advised several
cyber security companies including Crayonic and Cytegic (acquired by Mastercard). Recently she co-authored a book, &#8220;Transparency
in ESG and the Sustainable Economy, Capturing Opportunities through Data&#8221; and several articles including the World Economic Forum
article &#8216;Cyber-security should be treated as an ESG Issue&#8217; and the Forbes article &#8216;Cybersecurity Is A Global Threat
To Democracy, Yet Not Well Understood.&#8217; Honors include being named on lists of most influential and impactful women in technology,
and numerous awards for service and entrepreneurialism. The student coding competition, Dream it. Code it. Win it, which she founded and
led from 2014 to 2016, as the Board Chair of the MIT Enterprise Forum of New York, won numerous awards including the MIT Harold E. Lobdell
Distinguished Service Award, Trader Magazine Charitable Works Award and four Stevie awards for best organization and leadership. The competition
sponsor, Fiverr, celebrated her as a &#8216;Do-er&#8217; in their global campaigns. As an advocate of computer science education, her
TED talk &#8216;Just Solve It&#8217;, addresses the value of being an engineer and solutionist to create opportunities and has over 933K
views. As a blockchain pioneer since 2014, she founded several companies including Additum, a value-based healthcare company based in
Spain, and iXledger which specialized in cyber insurance. The MIT Center for International Studies Starr Forum: Bitcoin and the Global
Economy talk she gave in April of 2016, was one of the program&#8217;s most popular talks. From 2009 to 2016, Cristina held several roles
at Tradingscreen, an award winning institutional multi-asset financial trading platform, including product management for content, data,
chat and communications products and global head of corporate marketing. In 2000, Cristina was recruited by venture backed Wordstream,
as CEO, of the MIT-Harvard spinout focused on multilingual translations utilizing computational linguistics and machine learning, where
she commercialized the software. OneMain, a company she co-founded in 1998, was acquired by Earthlink in 2000 after a highly successful
IPO that surpassed Amazon&#8217;s and eBay&#8217;s Respective IPOs. As OneMain&#8217;s Geographic Communities Division President and Chief
Strategic alliances officer, she launched and built the cornerstone Geographic Communities, which were profitable when launched. Cristina
held executive roles at IBM and Oracle leading consultative selling at strategic accounts within the communications and financial verticals.
At Hearst and Disney, she led technology and software development for the launch of the first consumer websites, which were built on time
and within budget. As an MIT alumna, she served as President of the MIT Club of New York, Chair of the MIT Enterprise Forum, MIT Enterprise
Forum Global Board, MIT Selection Committee, MIT Media Lab 30thAnniversary Committee and was invited as a keynote to the MIT Women&#8217;s
Un-Conference March 2018. In addition, she served on the alumnae board at Convent of the Sacred Heart and received the Global Leadership
Alumna Award. She earned a Master of Media Arts and Science from the MIT Media Lab, U.S.A., and also holds a Master of Computer Science
Engineering and Bachelor of Electrical Engineering. Cristina is bilingual, fluent in her native language, English, and Spanish.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30.65pt"><I>David Fergusson&#160;</I>was
appointed to our board of directors on March 10, 2023. Mr.&#160;Fergusson has also served as a member of the board of directors of WISeKey
International Holding AG since 2017. Since 2018, Mr. Fergusson has served as Executive Managing Director &#8211; M&amp;A, for Generational
Equity, the largest volume middle-market M&amp;A investment banking advisory firm in North America. Based in New&#160;York, he also heads
the Generational Equity&#8217;s&#160;Technology Practice Group and Cross Border Practice Group. Prior to joining Generational Equity,
from 2010 until 2018, Mr. Fergusson was the CEO and President of The M&amp;A Advisor where he led global think tank services: market intelligence
publishing, media, event and consulting, for the firm&#8217;s constituency of over 350,000 finance industry professionals, from their
offices in New&#160;York and London. As a partner in Paradigm Capital Management, Mr. Fergusson conducted over 25 acquisitions as an investor.
In 2013, Mr. Fergusson founded the global Corporate Finance Emerging Leaders program, which engages future global business stalwarts to
affect significant change through social innovation. A pioneer in cross border mergers and acquisitions between the United States and
China, he was recognized with the 2017 M&amp;A Leadership&#160;Award and the 2019 Lifetime Achievement&#160;Award from the China Mergers
&amp; Acquisitions Association and is Co-Chairman of the Global M&amp;A Council of 18 member countries. Mr. Fergusson is a respected speaker
on the subjects of financial services and corporate transformation and social innovation at prominent educational institutions including
Cambridge, Columbia, Harvard, MIT and Cornell; a participant in leadership assemblies including the&#160;Vatican,&#160;World Economic
Forum at Davos,&#160;World Bank and the International Monetary Fund; and a frequent contributor to major media organizations. He is also
the editor of 5 annual editions of the mergers and acquisitions handbook &#8211; &#8220;The Best Practices of The Best Dealmakers&#8221;
series with a readership of more than 500,000 in over 60 countries. Mr. Fergusson is also the co-author of the bestselling book &#8220;The
transHuman Code&#8221;. Recipient of the 2015 Albert Schweitzer Leadership&#160;Award for his work in global youth leadership development,
Mr. Fergusson is a&#160;Trustee and former President of Hugh O&#8217;Brien&#160;Youth Leadership (HOBY), the world&#8217;s largest social
leadership foundation for high school students. Mr.&#160;Fergusson is also a founding member of the City of London&#8217;s Guild of Entrepreneurs,
a member of British American Business, and of the Association for Corporate Growth (ACG). Mr. Fergusson is a graduate of Kings College
School and the University of Guelph in Canada, where he earned a Bachelor of Arts in Political Studies.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30.65pt"><I>Eric Pellaton</I>&#160;was
appointed to our board of directors on March 10, 2023. Mr.&#160;Pellaton is an investor in several startup companies involved in different
fields: in Real Estate Holdings, Sofia Rental (Bulgaria), a company that buys, sells and manages apartments and a luxury hotel, where
has been a partner and investor since 2000; in ZeroBoundary Inc (USA), from 2001 until 2018, a company involved in project management
and leadership development products and services, in face-to-face and e-learning delivery formats which he co-founded; in Pelican Packaging
(USA), a company involved in die packaging for the semiconductor industry, where he acted as partner and investor from 2002 until 2007;
in ACN (Switzerland), a company that develops electronic chips that can transfer inter-net/video/audio information through the power line,
and in Seyonics (Switzerland), a company specialized in Nano liter dispensing system (syringe), where, in both cases, he has been acting
as investor and advisor since 2003; in Visage Pro USA, a company involved in skin care products with organic cream ranging from anti-aging
to burn issues, where he was a partner and investor between 2005 and 2018; and in Solar Rain (USA), a company involved in salt water and
dirty water purification systems for drinking water, where he has been a partner and investor since 2008. Prior to that, Mr. Pellaton
held different positions from sales, service, management, CEO and Chairman in the field of automation and robotics at Ismeca Group from
1981 to 2000. Ismeca was producing equipment for the Electronic, Medical, Watches and Car Industries all over the world. Mr. Pellaton
also owns a patent in RFID technology. Mr. Pellaton graduated as an Electronic/Electro technique Engineer from Ecole Technique Sup&#233;rieure
du Locle, Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30.65pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Jean-Pierre Enguent&#160;</I>serves
as our Vice President of Research and Development Systems and Solutions. Mr.&#160;Enguent is a key technology leader with 30 years of
experience in Microelectronics. He joined SEALSQ as Head of Development for Semiconductors Solutions, including R&amp;D, System Engineering
and Global Security. Prior to joining WISeKey, Mr. Enguent spent 7 years at Inside Secure, 6 years at Atmel and 8 years at STMicroelectronics,
leading teams of engineers, scientists and technicians. He worked towards the development of Secure Microcontroller product portfolio
with more than 80 patents, publications and significant contributions to ISO standards. Mr. Enguent has been a founding member and strategic
adviser of InSeal, a France based company providing operating systems for contactless applications to a variety of customers in the payments
market. Mr. Enguent has an Engineering Degree in Microelectronics from the &#8220;Ecole Sup&#233;rieure d&#8217;Ing&#233;nieur (ESIEE
Paris)&#8221; in France.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>David Khalifa&#160;</I>serves
as our Vice-President of Global Sales. Mr. Khalifa has over 30 years of sales development experience in the semiconductor industry. Mr.
Khalifa started his career at global industry leaders STMicroelectronics, LSI Logic and NXP where he held Key Account Management and Sales
&amp; Marketing leadership positions in Europe, in the Americas and in Asia. He then spent 9 years in the UK as Worldwide Sales and Marketing
VP for the start-up Nanotech Semiconductor that he led to a successful exit in 4 years, and then HiLight Semiconductor that he brought
to profitability in 4 years. He worked lately as VP of the UV Emitter Product Group at Silanna in Australia where he managed to build,
qualify and market UVC LED. Mr. Khalifa holds an Engineering degree in Physics and Semiconductor Materials from INSA Lyon in France.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Bernard Vian&#160;</I>serves
as General Manager of WISeKey Semiconductors SAS. Prior to our acquisition of WISeKey Semiconductors SAS, Mr. Vian served as the Executive
Vice President of the Secure Transaction Business Division, Vice President of Business Development and Executive Vice President for Secure
Payments at INSIDE Secure SA. He came to INSIDE Secure from Gemplus where he served in several positions in Sales Support and Marketing,
in Europe and lately in California where he opened the Gemplus North America headquarter and served as Technical Support Director for
5 years. Mr. Vian joined INSIDE Secure&#8217;s team in 2002 as Business Development Vice President. He is a graduate of the University
of Aix-Marseille, France, with an engineering degree in Electronic Systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our officers, and the other individuals providing services to us or
our subsidiaries may face a conflict regarding the allocation of their time between our business, on the one hand, and the business interests
of WISeKey or its affiliates, on the other hand. The amount of time our officers and such other individuals providing services to us will
allocate between our business and the business of WISeKey and its affiliates will vary from time to time depending on various circumstances
and needs of the businesses, such as the level of strategic activity of each business. While there will be no formal requirements or guidelines
for the allocation of time spent between our business and the other businesses they are involved in, the performance of their duties will
be subject to the ongoing oversight of our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are no family relationships among any of
our executive and non-executive officers or directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are no arrangements or understandings with
major shareholders, customers, suppliers or others, pursuant to which any person referred to above was selected as a director or member
of senior management. However, Carlos Moreira has a significant shareholding in WISeKey as disclosed in the sections &#8220;Certain Relationships
and Related Party Transactions&#8221; and &#8220;Security Ownership of Certain Beneficial Owners.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as described below, as of the date of this
prospectus, none of the members of the board of directors or senior management own shares or options on shares in SEALSQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The shareholdings of the members of the board of
directors and senior management are as set out in the table below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: top; background-color: White">
    <TD>David Fergusson</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Eric Pellaton&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><I>Executive Directors</I></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Carlos Moreira</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">51 <SUP>(1)</SUP></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">0.01%</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right">1.30%</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Peter Ward</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">26 <SUP>(2)</SUP></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">0.01%</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right">0.01%</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><I>Senior Management</I></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Jean-Pierre Enguent</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>David Khalifa</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Bernard Vian</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Includes options to purchase 51 Class F Shares granted on March 10, 2023 pursuant to the F Share Option Plan described in &#8220;&#8212;Equity
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
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Compensation Plan&#8221; below. The options expire on March 10, 2030.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>As described in &#8220;Description of Shares,&#8221; each Class F Share has a number of votes per share that would cause the total
votes of all Class F Shares as a class to equal 49.99% of the voting power of all SEALSQ shares (or, if the applicable voting standard
is &#8220;a majority of the shares present in person or represented by proxy and entitled to vote on such matter&#8221;, 49.999999% of
the voting power of shares present in person or represented by proxy and entitled to vote on such matter).<BR>
</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Articles provide that
our board of directors consists of a minimum of three (3) and a maximum of twelve (12) directors. We currently have six members on our
board of directors. Each director shall be elected for a one-year term. Carlos Moreira and Peter Ward were appointed upon incorporation
of the Company on April 1, 2022 to serve until our next annual general shareholders meeting and until their successors are elected at
such next annual general meeting. Cristina Dolan, David Fergusson and Eric Pellaton were appointed on March 10, 2023 to so serve until
our next annual general shareholders meeting and until their successors are elected at such next annual general meeting. Ruma Bose was
elected on June 14, 2023  to so serve until our next annual general shareholders meeting and until her successor is elected at such
next annual general meeting. Please also refer to &#8220;&#8212;Directors and Senior Management&#8221; above for further details regarding
the periods of service of each of our current directors and senior managers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than with respect to
our directors that are also executive officers, we do not have written agreements with any director providing for benefits upon the termination
of his or her engagement with our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a foreign private issuer,
we are permitted to follow certain home country corporate governance practices instead of those otherwise required under Nasdaq&#8217;s
rules for domestic U.S. issuers, provided that we disclose which requirements we are not following and describe the equivalent home country
requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Four of our six directors,
Ruma Bose, Cristina Dolan, David Fergusson and Eric Pellaton, are considered &#8220;independent&#8221; under the Nasdaq rules, and therefore,
we currently follow Nasdaq Listing Rule 5605 (b)(1), which requires an issuer to maintain a majority of independent directors. We note that BVI
law does not require an issuer to maintain a majority of independent directors. We are also not subject to Nasdaq Listing Rule 5605 (b)(2),
which requires that independent directors must have regularly scheduled meetings at which only independent directors are present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors has established an audit
committee, a nomination and compensation committee, and a strategy committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Audit Committee consists of three members,
being David Fergusson, Eric Pellaton and Cristina Dolan, who were appointed by the board of directors. The audit committee consists exclusively
of members of our board of directors who are financially literate. Our board of directors has determined that all members of the Audit
Committee satisfy the &#8220;independence&#8221; requirements set forth in Rule 10A-3 under the Securities Exchange Act and under the
rules of Nasdaq. The members of the Audit Committee were appointed by our board of directors. The role of the Audit Committee complies
with BVI law (as applicable), but may not fully comply with the requirements of Nasdaq Listing Rule 5605(c)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">BVI law does not impose any requirements to have
an Audit Committee or on the charter of such audit committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The audit committee is responsible for, among other
things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>overseeing our accounting and financial reporting processes and the audits of our financial statements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
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by the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the quality, adequacy and scope of external audit;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>our accounting compliance with financial reporting requirements; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the management&#8217;s approach to internal controls with respect to the production and integrity of the financial statements and
disclosure of our financial performance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Nomination and Compensation
Committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Nomination and Compensation Committee consists
of three members, being Cristina Dolan, David Fergusson and Eric Pellaton. Our board of directors has determined that each of the members
of the Nomination and Compensation Committee is independent under Nasdaq&#8217;s listing standards. We follow our home country standards
with respect to the responsibilities of our Nomination and Compensation Committee. BVI law does not impose any requirements to have a
Nomination and Compensation Committee or on the charter of such nomination and compensation committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The primary purpose of our Nomination and Compensation
Committee is to discharge our board of directors&#8217; responsibilities to oversee our compensation policies, plans and programs, and
to review and determine the compensation to be paid to our executive officers, directors and other senior management, as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Nomination and Compensation Committee is responsible,
among other things to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>review and recommend to our board of directors the compensation of our directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>review and approve, or recommend that our board of directors approve, incentive compensation and equity plans, and any other compensatory
arrangements for our executive officers and other senior management, as appropriate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>identify, evaluate and select, or recommend that our board of directors approve nominees for election to our board of directors and
new members of the executive management and their terms of employment; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>consider and make recommendations to our board of directors regarding the composition of the committees of the board of directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Strategy Committee consists of two members
of the board of directors: Carlos Moreira (Chairman), and Peter Ward, in addition to two members of our management team, Bernard Vian
and Jean-Pierre Enguent. The Strategy Committee advises the board of directors on all strategic matters, including acquisitions, investments,
product development and technological developments. The Strategy Committee continuously reviews our strategic direction and assesses the
impact of changes in the environment on us. The members of the Strategy Committee are appointed by our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with BVI law
and generally accepted business practices, our Articles provide that a shareholders&#8217; meeting will be duly constituted if, at the
commencement of the meeting, there are present in person or by proxy not less than 50% of the votes of the shares entitled to vote on
Resolutions of Shareholders to be considered at the meeting. Our practice varies from Nasdaq Listing Rule 5620(c), which requires that
such quorum may not be less than one-third of the outstanding voting stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We must submit to shareholders
notice of any shareholders&#8217; meeting not less than twenty calendar days prior to the meeting date, indicate in such notice the items
on the agenda of the meeting and provide together therewith other relevant documents for the meeting, such as any documents to be considered,
the meeting admission card (if any) and the proxy card (if any).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, BVI law does not
have a regulatory regime for the solicitation of proxies, and thus, our practice varies from Nasdaq Listing Rule 5620(b), which sets forth
certain requirements regarding the solicitation of proxies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under BVI law, we are not
generally required to obtain shareholder approval for the issuance of new securities. To some extent, our practice therefore varies from
the requirements of Nasdaq Listing Rule 5635, which generally requires an issuer to obtain shareholder approval for the issuance of securities
in connection with certain events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">BVI law does not require that we disclose information
regarding third party compensation of our directors or director nominees. As a result, our practice varies from the third party compensation
requirements of Nasdaq Listing Rule 5250(b)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors, or
a committee of our board of directors composed of directors not subject to the potential conflict, is required to conduct an appropriate
review and oversight of all related party transactions for potential conflict of interest situations on an ongoing basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have followed BVI law,
which does not require a company to have a Code of Conduct applicable to all directors, officers and employees. As a result, our practice
varies from Nasdaq Listing Rule 5610, which requires a publicly available Code of Conduct. We do, however, expect ethical behavior from
all of our directors, officers and employees and as a matter of BVI law, directors do have certain statutory and fiduciary duties. Please
refer to &#8220;Certain British Virgin Islands Company Considerations &#8212;Directors&#8217; fiduciary duties&#8221; below for further
details.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Chief Executive Officer and Chief Financial
Officer, who also serve as members of our board of directors, will not receive additional compensation for their service as a director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each independent director also serving on the board
of directors of WISeKey receives annualized fees of $25,000, to be issued as share options under the intended Employee Share Option Plan
(&#8220;ESOP&#8221;), plus reimbursement of their out-of-pocket expenses incurred in attending meetings of our board of directors or any
committee of our board of directors. Each independent director may also receive options under the F Share Option Plan as a one-off award
and not an annual compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each other independent director receives annualized
fees of $125,000, to be issued as a mix of cash and share options under the intended Employee Share Option Plan (&#8220;ESOP&#8221;),
plus reimbursement of their out-of-pocket expenses incurred in attending meetings of our board of directors or any committee of our board
of directors. Each independent director may also receive options under the F Share Option Plan as a one-off award and not an annual compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SEALSQ Corp has no direct employees. The services
of our Chief Executive Officer and Chief Financial Officer are provided under the service agreements with WISeKey International Holding
Ltd. initially for the first 12 months following the Spin-Off Distribution, and then our board of directors will agree upon any additional
management compensation. WISeKey compensates these individuals for their services and we, in turn, reimburse WISeKey for their compensation.
We expect to pay to WISeKey at least $1.5 million per annum for the services of our executive officers based upon current service levels.
See &#8220;Business&#8212;Material Contracts&#8221; for a description of the service agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our executive officers and directors are also eligible
to receive awards under our contemplated equity compensation plan described below under &#8220;--Equity Compensation Plan.&#8221; Except
as set forth above under &#8220;&#8212;Share Ownership&#8221; we have not granted any awards to directors or officers of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We&#160;intend to implement
an Employee Share Option Plan (&#8220;ESOP&#8221;) for the benefit of our directors, employees and consultants. Options issued under the
ESOP would entitle the participant to&#160;SEALSQ Ordinary shares at the ratio of 1:1, at an exercise price equal to the nominal value
of SEALSQ Ordinary shares of USD0.01. Each grant is subject to the approval of the SEALSQ board of directors who may, in line with the
terms and conditions of the ESOP, amend the terms of the grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have implemented an F Share
Option Plan for the benefit of executive and non-executive directors and senior management of SEALSQ, its subsidiaries and its parent.
Options issued under the F Share Option Plan entitle the participant to SEALSQ Class F Shares at the ratio of 1:1, at an exercise price
equal to the nominal value of SEALSQ Class F Shares of USD0.05, with immediate vesting. Each grant is subject to the approval of the SEALSQ
board of directors which may, in line with the terms and conditions of the F Share Option Plan, amend the terms of the grant. Class F
shareholders are required to enter into the Class F Shareholders&#8217; Agreement, the material terms of which are described under &#8220;Business&#8212;Material
Contracts&#8221; above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As at December 31, 2022, our group had 54 employees,
of which 51 were located in France. The following table shows the breakdown of our workforce of employees and contractors by category
of activity as at the dates indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><B>Headcount breakdown</B></TD>
    <TD COLSPAN="3">
    <P STYLE="border-bottom: black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As at
December 31,</B>&#160;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD COLSPAN="2">&#160;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 57%"><B>Area of Activity</B></TD>
    <TD STYLE="vertical-align: top; width: 15%">
    <P STYLE="border-bottom: black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2022</B></P></TD>
    <TD STYLE="vertical-align: top; width: 15%">
    <P STYLE="border-bottom: black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2021</B></P></TD>
    <TD STYLE="vertical-align: top; width: 15%">
    <P STYLE="border-bottom: black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2020</B></P></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">Cost of sales</TD>
    <TD STYLE="text-align: center">5</TD>
    <TD STYLE="text-align: center">4</TD>
    <TD STYLE="text-align: center">4</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">Research and development</TD>
    <TD STYLE="text-align: center">20</TD>
    <TD STYLE="text-align: center">14</TD>
    <TD STYLE="text-align: center">25</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">Selling and marketing</TD>
    <TD STYLE="text-align: center">15</TD>
    <TD STYLE="text-align: center">16</TD>
    <TD STYLE="text-align: center">16</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">General and administrative</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">14</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">11</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">14</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><B>Total</B></TD>
    <TD>
    <P STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>54</B></P></TD>
    <TD>
    <P STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>45</B></P></TD>
    <TD>
    <P STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>59</B>&#160;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to French employees, French labor
laws govern the length of the workday and workweek, minimum wages for employees, procedures for hiring and dismissing employees, determination
of severance pay, annual leave, sick days, advance notice of termination of employment, equal opportunity and anti-discrimination laws
and other conditions of employment. French labor laws also impose the creation of a worker&#8217;s council for companies employing 50
people or more. Although WISeKey Semiconductors SAS reduced its headcount to below 50 in 2021, the workers&#8217; council has been elected
for a term ending in January 2023 but has remained in place after the end of its term in anticipation of the new hires planned in 2022
which brought the headcount above 50 thereby imposing the creation of a worker&#8217;s council again. There are no employees of WISeKey
Semiconductors SAS representing labor unions at the workers&#8217; council.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As at December 31, 2022, we also had 1 team member
in Germany and 3 team members in the United States who are employed by fellow subsidiary undertakings of WISeKey, and whose salaries and
associated benefits are charged to SEALSQ on a cost-plus basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have never experienced any labor-related work
stoppages or strikes and believe our relationships with our employees and independent contractors are agreeable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to this offering, WISeKey owned 80% of our
Ordinary Shares and 100% of our Class F Shares. SEALSQ is reserving up to 5% of its Class F Shares for issuance pursuant to an F Share
Option Plan for the benefit of certain directors and senior management of SEALSQ, its subsidiaries and its parent, as a result of which
WISeKey&#8217;s percentage ownership of SEALSQ Class F Shares is subject to the grant and exercise of Class F Share Options. WISeKey has
informed us that it is considering whether to implement a mechanism by which holders of WISeKey Class B Shares would be able to exchange
some of their WISeKey Class B Shares for WISeKey Class A Shares and/or for SEALSQ Class F Shares that WISeKey holds, subject to certain
contractual and regulatory limitations (including compliance with applicable takeover laws and regulations), and to limitations that may
be imposed by the WISeKey and SEALSQ boards of directors. Any such conversions would reduce WISeKey&#8217;s percentage ownership of SEALSQ
Class F Shares. Our Articles provide that, in the event of a change of control (being the acquisition by any person or entity, alone or
jointly, of more than 50% of the voting rights of any Class F Shareholder which is a corporate entity), as determined by SEALSQ&#8217;s
board of directors, the Class F Shares owned by such Class F Shareholder will be subject to a mandatory and automatic redemption by SEALSQ
in exchange for the issuance of new Ordinary Shares at a ratio of five (5) Ordinary Shares for each one (1) Class F Share redeemed. A
change in the control of WISeKey would trigger this provision as it is a corporate entity holding Class F Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon completion of a mandatory redemption, the
remaining Class F Shareholders, who are likely to be members of SEALSQ&#8217;s board of directors and senior management, would hold shares
with 49.99% of the Company&#8217;s voting power. The mandatory redemption of such Class F Shares, and the issuance of five (5) Ordinary
Shares for each one (1) Class F Share redeemed, (in accordance with above) would result in a dilution of the per share voting power of
the holders of our Ordinary Shares. See the section &#8220;Security Ownership of Certain Beneficial Owners&#8221; for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    as at</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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    <TD COLSPAN="7" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">in the year
    ended December 31,</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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                                            the year ended</B></FONT></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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                                            31,</B></FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&#160;</FONT></TD>
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                                            31,</B></FONT></P></TD></TR>
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    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2020</FONT></TD></TR>
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    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">4</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Description of the Related Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following provides a description of the nature
of the related party transactions and balances as at and for the years ended December 31, 2022 and 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. The SEALSQ Group is fully owned by WISeKey International
Holding AG, which provides financing and management services. The expenses in relation to WISeKey International Holding AG in the years
ended December 31, 2022, 2021 and 2020 all relate to interest on the outstanding loans and the recharge of management services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 1, 2016, the SEALSQ Group entered into
a Revolving Credit Agreement (the &#8220;Revolving Credit&#8221;) with its parent WISeKey International Holding AG to borrow funds within
a credit period starting on October 1, 2016 and ending on December 31, 2017 when all outstanding funds would become immediately due and
payable. Outstanding loan amounts bear an interest rate of 3% per annum. Repayments before the end of the credit period are permitted.
On November 1, 2017, the SEALSQ Group and WISeKey entered into the First Amendment to the Revolving Credit Agreement extending the credit
period by 2 years to December 31, 2019. On March 16, 2021, the SEALSQ Group and WISeKey entered into the Second Amendment to the Revolving
Credit Agreement extending the credit period by another 2 years to December 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 12, 2020, WISeKey provided a Funding
Commitment to extend shareholder loans (each the &#8220;Shareholder Loan&#8221;) to the SEALSQ Group for a maximum aggregate amount of
USD 4 million to be drawn down over six months from the date of the commitment, in instalments of between USD 1 million and USD 1.5 million.
The Shareholder Loans bear interest of 3% per annum. There are no set repayment dates for the Shareholder Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 1, 2021, the SEALSQ Group entered into
a Debt Remission Agreement with WISeKey pursuant to which an outstanding amount of EUR 5 million (USD 5,871,714) owed to WISeKey was remitted
without any compensation from the SEALSQ Group. Per the terms of the Debt Remission, WISeKey will have the right to reinstate the debt
and ask for repayment in fiscal years when WISeKey Semiconductors SAS achieves a positive income before income tax expense, in an amount
calculated based on the income before income tax expense. As such, because of the repayment clause, the loan amounts covered by the Debt
Remission continue to be shown as noncurrent liabilities payable to WISeKey International Holding AG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 28, 2021, the SEALSQ Group entered into
a Debt Transfer Agreement with its parent WISeKey International Holding AG and an affiliate of WISeKey, WISeKey SA, pursuant to which
WISeKey extended a loan of USD 1,463,664 to the SEALSQ Group to repay an overdue creditor balance in that same amount owed to WISeKey
SA. The loan bears interest at the rate of 3% per annum and is repayable by December 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 31, 2021, the SEALSQ Group entered
into a Debt Transfer Agreement with WISeKey pursuant to which WISeKey extended a loan of USD 1,910,754 to the SEALSQ Group with an interest
rate of 3% per annum, repayable on December 31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As at December 31, 2021, the SEALSQ Group owed
WISeKey and WISeKey&#8217;s affiliates a total of USD&#160;16,017,114, made up of loans under the above facilities and unpaid management
fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 30, 2022, the SEALSQ Group entered into
a Debt Transfer Agreement with WISeKey pursuant to which WISeKey extended a loan of USD 444,542 to the SEALSQ Group with an interest rate
of 3% per annum, repayable on December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 31, 2022, the SEALSQ Group entered into
a Debt Transfer Agreement with WISeKey and WISeKey SA pursuant to which WISeKey extended a loan of USD 381,879 to the SEALSQ Group with
an interest rate of 3% per annum, repayable on December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 15, 2022, and in view of the negative
equity position of the SEALSQ Group, WISeKey as sole shareholder of the SEALSQ Group resolved to recapitalize the SEALSQ Group by forfeiting
EUR 7 million (USD 7,348,397) out of the loans outstanding in exchange for the issuance of 175,000 new shares in WISeKey Semiconductors
SAS, par value EUR 1. Under French law, such a recapitalization is only possible if the loans to be forfeited are immediately repayable.
Therefore, respectively on November 1, 2022 and November 3, 2022, the SEALSQ Group entered into a First Amendment to the Debt Transfer
Agreements and into the Fourth Amendment to the Revolving Credit Agreement pursuant to which the loans owed under the Debt Transfer Agreements
dated June 28, 2021, December 31, 2021, June 30, 2022 and August 31, 2022 as well as all amounts due under the Revolving Credit became
due and payable on November 30, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because of the requirement under French law, we
analyzed the amendment of the maturity of the loans and Revolving Credit as being part of the substance of the recapitalization transaction.
We assessed the recapitalization as a capital transaction between related parties in line with ASC 470-50 and, therefore, recorded a credit
entry of USD 183,710 in share capital corresponding to the new issue of 175,000 shares and a credit of USD 7,164,687 to additional paid-in
capital, with a total debit entry of USD 7,348,397 to Indebtedness to related parties, noncurrent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 31, 2022, the SEALSQ Group entered
into a Debt Transfer Agreement with WISeKey pursuant to which WISeKey extended a loan of USD 283,754 to the SEALSQ Group with an interest
rate of 3% per annum, repayable on December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As at December 31, 2022, the SEALSQ Group owed
WISeKey and WISeKey&#8217;s affiliates a total of USD 11,354,925, made up of Shareholder Loans and unpaid management fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. WISeKey SA is a subsidiary of the group headed
by WISeKey International Holding AG (the &#8220;WISeKey Group&#8221;) and provides management services to the SEALSQ Group. The expenses
in relation to WISeKey SA in 2021 and 2020 relate to interest on the outstanding loans and the recharge of management services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3. WISeKey USA Inc is part of the WISeKey Group
and employs sales employees who work for the SEALSQ Group. The expenses in relation to WISeKey USA Inc. in the years ended December 31,
2022 and 2021 relate to the recharge of employee costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4. WISeKey Semiconductors GmbH is part of the WISeKey
Group and employs sales employees who work for the SEALSQ Group. The expenses in relation to WISeKey Semiconductors GmbH in the years
ended December 31, 2022, 2021 and 2020 relate to the recharge of employee costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5. WISeCoin AG is part of the WISeKey Group. The
expenses recorded in the years ended December 31, 2022 and 2021 relate to interest on the outstanding loans. The expenses recorded in
the year ending December 31, 2020 relate to interest on the outstanding loans and the recharge of management services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See also the subsections titled &#8220;Business&#8212;Material
Contracts&#8221; and &#8220;Management&#8212;Share Ownership.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
information with respect to the beneficial ownership of our Ordinary Shares for each beneficial owner of 5% or more of our Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beneficial ownership is determined
in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole
or shared voting power or investment power with respect to those securities and include shares issuable upon the exercise of options,
warrants or other rights that are immediately exercisable or exercisable within 60 days of August 4, 2023. Percentage ownership calculations
are based on 7,509,684 fully-paid and outstanding Ordinary Shares as of August 4, 2023.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP></SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><B>Name of beneficial owner</B></TD>
    <TD STYLE="width: 20%">
    <P STYLE="border-bottom: black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Total
Ordinary Shares</B></P></TD>
    <TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 20%">
    <P STYLE="border-bottom: black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Total
% of Outstanding Ordinary Shares</B></P></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">WISeKey International Holding AG<B><SUP>(1)</SUP></B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6,001,200</TD>
    <TD>&#160;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">80%<SUP>(2)</SUP></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>The largest single shareholder of WISeKey is Carlos Moreira, the Chief Executive Officer of SEALSQ. The table below sets forth information
with respect to Mr. Moreira&#8217;s ownership of the Class A and Class B Shares of WISeKey as at August 4, 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>WISeKey initially owned 100% of our Class F Shares. SEALSQ is reserving up to 5% of its Class F Shares for issuance pursuant to an
F Share Option Plan for certain directors and senior management of SEALSQ, its subsidiaries and its parent. As a result, WISeKey&#8217;s
initial ownership percentage of Class F Shares is subject to the grant and exercise of SEALSQ Class F Share Options from time to time.
Mr. Moreira was granted options to purchase 51 Class F Shares, which were granted on March 10, 2023 pursuant to the F Share Option Plan
described in &#8220;Management&#8212;Equity Compensation Plans&#8221;. Mr. Ward was granted options to purchase 26 Class F Shares, which
were granted on March 10, 2023 pursuant to the F Share Option Plan described in &#8220;Management&#8212;Equity Compensation Plans&#8221;.
As described in &#8220;Description of Shares,&#8221; each Class F Share has a number of votes per share that would cause the total votes
of all Class F Shares as a class to equal 49.99% of the voting power of all SEALSQ shares (or, if the applicable voting standard is &#8220;a
majority of the shares present in person or represented by proxy and entitled to vote on such matter&#8221;, 49.999999% of the voting
power of shares present in person or represented by proxy and entitled to vote on such matter).<BR>
</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt"><B>Name of beneficial owner</B></FONT></TD>
    <TD STYLE="width: 14%">
    <P STYLE="border-bottom: black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Total
WISeKey Class A Shares</B></P></TD>
    <TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 14%">
    <P STYLE="border-bottom: black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Total
WISeKey Class B Shares</B></P></TD>
    <TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 14%">
    <P STYLE="border-bottom: black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Total
% of Outstanding WISeKey Class A Shares<SUP>(i)</SUP></B></P></TD>
    <TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 14%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Total
% of Outstanding WISeKey Class B Shares<SUP>(i)</SUP></B></P></TD>
    <TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 14%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>% WISeKey
Voting Power<SUP>(ii)</SUP></B>&#160;</P></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Carlos Moreira</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1,593,460<SUP>(ii)</SUP></FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">23,952<SUP>(ii)</SUP></FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">99.5</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.8</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">33.7</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>Based on the total number of fully paid-in outstanding WISeKey Class A Shares and WISeKey Class B Shares as at August 4, 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>Based on the total number of fully paid-in outstanding WISeKey Class A Shares and WISeKey Class B Shares as at August 4, 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in"><B>SELLING SHAREHOLDERS</B><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the possible offer
and resale from time to time by the Selling Shareholders of up to 8,000,000 Ordinary Shares that have been or may be issued by us to the
Selling Shareholders pursuant to the Initial Notes and the Initial Warrants that are held by the Selling Shareholders. For additional
information regarding the issuance of the Ordinary Shares to be offered by the Selling Shareholders included in this prospectus, see the
section titled &#8220;Convertible Note Financing.&#8221; We are registering the Ordinary Shares included in this prospectus pursuant to
the provisions of the Registration Rights Agreement in order to permit the Selling Shareholders to offer for resale from time to time
the Ordinary Shares that may be acquired under the Initial Notes and the Initial Warrants. All of the data in the following tables is
as of August 4, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below sets forth, as of August 4,
2023, the following information regarding the Selling Shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; text-align: justify">&#8226;</TD>
    <TD STYLE="text-align: justify">the number of Ordinary Shares owned by the Selling Shareholders prior to this offering, taking into account the beneficial ownership limitations contained in the Initial Notes and Initial Warrants (as described below);</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; text-align: justify">&#8226;</TD>
    <TD STYLE="text-align: justify">the number of Ordinary Shares to be offered by the Selling Shareholders in this offering;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; text-align: justify">&#8226;</TD>
    <TD STYLE="text-align: justify">the number of Ordinary Shares to be owned by the Selling Shareholders assuming the sale of all of the Ordinary Shares covered by this prospectus; and</TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the percentage of our issued and outstanding
to be owned by the Selling Shareholders assuming the sale of all of the Ordinary Shares covered by this prospectus based on 7,509,684
Ordinary Shares issued and outstanding as of August 4, 2023.</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the Initial Notes and the Initial
Warrants, the Selling Shareholders may not convert the Initial Notes or exercise the Initial Warrants to the extent (but only to the extent)
such Selling Shareholder (together with any affiliated parties) would beneficially own a number of Ordinary Shares which would exceed
4.99% of the outstanding Ordinary Shares of the Company (the &#8220;Maximum Percentage&#8221;). This limitation may be increased to 9.99%
upon written notice by a Selling Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as described above, the number of Ordinary
Shares beneficially owned by the Selling Shareholders has been determined in accordance with Rule 13d-3 under the Securities Exchange
Act and includes, for such purpose, Ordinary Shares of common stock that the Selling Shareholders have the right to acquire within 60
days of the date of effectiveness of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All information with respect to the Ordinary Share
ownership of the Selling Shareholders has been furnished by or on behalf of the Selling Shareholders. We believe, based on information
supplied by the Selling Shareholders, that except as may otherwise be indicated in the footnotes to the table below, each Selling Shareholder
has sole voting and dispositive power with respect to the Ordinary Shares reported as beneficially owned by it. Because the Selling Shareholders
may sell some or all of the Ordinary Shares beneficially owned by them and covered by this prospectus, and because there are currently
no agreements, arrangements or understandings with respect to the sale of any of the Ordinary Shares, no estimate can be given as to the
number of Ordinary Shares available for resale hereby that will be held by the Selling Shareholders upon termination of this offering.
In addition, the Selling Shareholders may have sold, transferred or otherwise disposed of, or may sell, transfer or otherwise dispose
of, at any time and from time to time, the Ordinary Shares it beneficially owns in transactions exempt from the registration requirements
of the Securities Act after the date on which it provided the information set forth in the table below. We have, therefore, assumed for
the purposes of the following table, that the Selling Shareholders will sell all of the Ordinary Shares owned beneficially by it that
are covered by this prospectus, but will not sell any other Ordinary Shares, if any, that it presently owns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 15%">
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the</B></P>
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(3)</B></P></TD>
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    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 15%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in"><B>Number
of</B></P>
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    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 15%">
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Offering</B></P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 0.25in; text-indent: -0.25in">L1 Capital Global Opportunities Master Fund (&#8220;L1 Capital&#8221;)<SUP>(1)(2)</SUP></TD>
    <TD>&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.25in; text-align: center; text-indent: -0.25in">374,733</TD>
    <TD>&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.25in; text-align: center; text-indent: -0.25in">4,000,000</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.25in; text-align: center; text-indent: -0.25in">0<SUP></SUP></TD>
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  <TR STYLE="background-color: White">
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    <TD>&#160;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.25in; text-align: center; text-indent: -0.25in">4,000,000</TD>
    <TD>&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.25in; text-align: center; text-indent: -0.25in">0<SUP></SUP></TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.25in; text-align: center; text-indent: -0.25in">0%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1)</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The percentages in
the table have been calculated on the basis of treating as outstanding for a particular person, all our Ordinary Shares outstanding on
August 4, 2023. On August 4, 2023, there were 7,509,684 Ordinary Shares outstanding.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; font-size: 10pt; text-align: left">(2)</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">David Feldman is the control person
of L1 Capital Global Opportunities Master Fund, and has sole voting control and investment discretion over the securities held by L1
Capital Global Opportunities Master Fund. Mr. Feldman disclaims beneficial ownership over the Ordinary Shares listed except to the extent
of his pecuniary interest therein. The principal business address of the L1 Capital Global Opportunities Master Fund is 161A Shedden
Road, 1 Artillery Court, PO Box 10085, Grand Cayman KY1-1001, Cayman Islands.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3)&#160;</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This column lists the
number of Ordinary Shares beneficially owned by each Selling Shareholder after giving effect to the Maximum Percentage (as defined above).
Without regard to the Maximum Percentage, each Selling Shareholder would beneficially own (i) 122,908 Ordinary Shares issuable upon exercise
of the Initial Warrant, currently exercisable at an exercise price of $30.00 per Ordinary Share, plus (ii) 2,000,000 Ordinary Shares
issuable upon the conversion of the principal on the Initial Note, assuming the Initial Note was converted at the Floor Conversion Price
of $2.50. Beneficially owned shares do not include an additional 1,877,092 Ordinary Shares reserved for anti-dilution and other adjustments
that may affect the total number of Ordinary Shares obtainable upon conversion of the Initial Notes or upon exercise of the Initial Warrants,
as described in the section titled &#8220;Convertible Note Financing&#8221;, but such reserved Ordinary Shares are included in the total
number of Ordinary Shares being offered by this prospectus. Because the conversion price of the Initial Notes and the exercise price
of the Initial Warrants may be adjusted, the number of Ordinary Shares that will actually be issued may be more or less than the number
of Ordinary Shares being offered by this prospectus.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>(4)</TD>
    <TD STYLE="text-align: justify">&#160;Anson Advisors Inc and Anson Funds Management LP, the Co-Investment Advisers of Anson Investments Master Fund LP (&#8220;Anson&#8221;),
hold voting and dispositive power over the Ordinary Shares held by Anson. Bruce Winson is the managing member of Anson Management GP LLC,
which is the general partner of Anson Funds Management LP. Moez Kassam and Amin Nathoo are directors of Anson Advisors Inc. Mr. Winson,
Mr. Kassam and Mr. Nathoo each disclaim beneficial ownership of these Ordinary Shares except to the extent of their pecuniary interest
therein. The principal business address of Anson is Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town,
Grand Cayman KY1-9008, Cayman Islands.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>Material Relationships with Selling
Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than in connection with the transactions
described above and in the section titled &#8220;Convertible Note Financing&#8221;, we have not had any material relationships with the
Selling Stockholder in the last three (3) years. Our parent company, WISeKey International Holding AG, has outstanding convertible note
facilities with the Selling Shareholders, as described in WISeKey&#8217;s filings with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTAIN BRITISH VIRGIN ISLANDS COMPANY CONSIDERATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">British Virgin Islands companies are governed by
the BVI Act. The BVI Act is modeled on the laws of England and Wales but does not follow recent statutory enactments, and differs from
laws applicable to United States corporations and their shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Set forth below is a comparison of select provisions
of the corporate laws of Delaware and the British Virgin Islands showing the default positions in each jurisdiction that govern shareholder
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; width: 48%; text-align: center"><B>DELAWARE CORPORATE LAW</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 52%; text-align: center"><B>BVI CORPORATE LAW</B>&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Class actions and derivative actions generally are available to shareholders of a Delaware corporation for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court has discretion to permit the winning party to recover attorneys&#8217; fees incurred in connection with such action.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Class actions and derivative actions are generally not available to
    shareholders under British Virgin Islands law.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The British Virgin Islands courts, however, would ordinarily be expected
    to permit a shareholder to commence an action in the name of a company to remedy a wrong to the company where the act complained of is
    alleged to be beyond the corporate power of the company or illegal, or would result in the violation of the company&#8217;s memorandum
    and articles of association. Furthermore, consideration would be given by a British Virgin Islands court to acts that are alleged to constitute
    a fraud against the minority shareholders or, for instance, where an act requires the approval of a greater percentage of the company&#8217;s
    shareholders than that which actually approved it.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When the affairs of a company are being conducted in a manner which
    is oppressive or prejudicial to the interests of some part of the shareholders, one or more shareholders may apply to the High Court of
    the British Virgin Islands, which may make such order as it sees fit, including an order regulating the conduct of the company&#8217;s
    affairs in the future or ordering the purchase of the shares of any shareholders by other shareholders or by the company.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&#160;</P>

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

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<P STYLE="margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><B>DELAWARE
    CORPORATE LAW</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><B>BVI CORPORATE LAW</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 48%">Under the Delaware General Corporation Law, the board of directors has the authority to fix the compensation of directors, unless otherwise restricted by the certificate of incorporation or bylaws.</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 52%">The Articles contain a provision that the board of directors has the power to determine the remuneration, if any, of the directors.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless directors are elected by written consent in lieu of an annual
    meeting, directors are elected in an annual meeting of stockholders on a date and at a time designated by or in the manner provided in
    the bylaws. Re-election is possible.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Classified boards are permitted.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Articles provide that the directors shall be appointed at the Company&#8217;s
    annual general meeting and will hold office for one (1) year or until their earlier death, resignation or removal. Re-election is not
    prohibited.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The directors of the Company may appoint directors where there is a
    vacancy.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Delaware General Corporation Law provides that a certificate of
    incorporation may contain a provision eliminating or limiting the personal liability of directors (but not other controlling persons)
    of the corporation for monetary damages for breach of a fiduciary duty as a director, except no provision in the certificate of incorporation
    may eliminate or limit the liability of a director for:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;any
breach of a director&#8217;s duty of loyalty to the corporation or its shareholders;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;acts
or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;statutory
liability for unlawful payment of dividends or unlawful stock purchase or redemption; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;any
    transaction from which the director derived an improper personal benefit.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt">&#160;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 132 of the Companies Act, and the Articles, provide that, subject
    to certain limitations, SEALSQ shall indemnify its directors and officers against all expenses, including legal fees, and against all
    judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings.
    Such indemnity only applies if the person acted honestly and in good faith with a view to the best interests of the company and, in the
    case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 133 of the Companies Act permits a company to purchase and
    maintain insurance for the benefit of any officer or director in respect of any loss or liability attaching to him in respect of any negligence,
    default, breach of duty or breach of trust, whether or not we may otherwise indemnify such officer or director.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&#160;</P>

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center"><B>DELAWARE CORPORATE LAW</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>BVI
    CORPORATE LAW</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 48%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Delaware corporation may indemnify any person who was or is a party
    or is threatened to be made a party to any proceeding, other than an action by or on behalf of the corporation, because the person is
    or was a director or officer, against liability incurred in connection with the proceeding if the director or officer acted in good faith
    and in a manner reasonably believed to be in, or not opposed to, the best interests of the corporation; and the director or officer, with
    respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless ordered by a court, any foregoing indemnification is subject
    to a determination that the director or officer has met the applicable standard of conduct:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;by
a majority vote of the directors who are not parties to the proceeding, even though less than a quorum;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;by
a committee of directors designated by a majority vote of the eligible directors, even though less than a quorum;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;by
independent legal counsel in a written opinion if there are no eligible directors, or if the eligible directors so direct; or</P>
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    the shareholders.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moreover, a Delaware corporation may not indemnify a director or officer
    in connection with any proceeding in which the director or officer has been adjudged to be liable to the corporation unless and only to
    the extent that the court determines that, despite the adjudication of liability but in view of all the circumstances of the case, the
    director or officer is fairly and reasonably entitled to indemnity for those expenses which the court deems proper.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 52%">&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A director of a Delaware corporation has a fiduciary duty to the corporation
    and its shareholders. This duty has two components:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
duty of care; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the
    duty of loyalty.</P>
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    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At common law, members of a board of directors owe a fiduciary duty
    to the company to act in good faith in their dealings with or on behalf of the company and exercise their powers and fulfill the duties
    of their office honestly. This duty includes the following elements:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;a
duty to act in good faith in the best interests of the company;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;a
duty not to make a personal profit from opportunities that arise from the office of director;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;a
    duty to avoid conflicts of interest; and</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;a
    duty to exercise powers for the purpose for which such powers were intended.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt">&#160;</P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center"><B>DELAWARE CORPORATE LAW</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>BVI
    CORPORATE LAW</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 48%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The duty of care requires that a director act in good faith, with the
    care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of,
    and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires
    that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position
    for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation
    and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the
    shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the
    honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence
    a breach of one of the fiduciary duties.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should such evidence be presented concerning a transaction by a director,
    a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 52%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The BVI Act also imposes a duty on directors and officers of a British
    Virgin Islands company to:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;act
honestly and in good faith with a view to the best interests of the company; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;exercise
    the care, diligence and skill that a reasonable director or officer would exercise in the same circumstances.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the BVI Act imposes various duties on directors and officers
    of a company with respect to certain matters of management and administration of the company.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">A Delaware corporation may, in its certificate of incorporation, eliminate the right of shareholders to act by written consent.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">The BVI Act provides that shareholders may take action by written consent. Under the Articles a resolution in writing is passed when it is signed by the shareholders of SEALSQ who at the date of the notice of the resolution represent such majority of votes shares as would be entitled to vote on such resolution.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">A shareholder of a Delaware corporation has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Articles, shareholders entitled to exercise 30% or more of
    the voting rights, in respect of the matter for which the meeting is requested, can require the directors to convene a meeting of shareholders.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&#160;</P>

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

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<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center"><B>DELAWARE CORPORATE LAW</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>BVI
    CORPORATE LAW</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 48%">Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation&#8217;s certificate of incorporation provides for it.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 52%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under British Virgin Islands law, the voting rights of shareholders
    are regulated by the company&#8217;s memorandum and articles of association and, in certain circumstances, by the BVI Act.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Articles do not provide for cumulative voting.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">A Delaware corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Articles, a director may be removed:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;with
or without cause, by resolution of shareholders passed at a meeting of shareholders called for the purpose of removing the director or
for purposes including the removal of the director or by a written resolution passed by at least 75% of the votes of the shares entitled
to vote; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;with
    cause, by resolution of directors passed by all directors other than the director being removed at a meeting of directors called for the
    purpose of removing the director or for purposes including the removal of the director.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt">&#160;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">The Delaware General Corporation Law generally prohibits a Delaware corporation from engaging in certain business combinations with an &#8220;interested shareholder&#8221; for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15.0% or more of the corporation&#8217;s outstanding voting stock within the past three years.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">There is no similar law in the British Virgin Islands.</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center"><B>DELAWARE CORPORATE LAW</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>BVI
    CORPORATE LAW</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 48%">Unless the board of directors of a Delaware corporation approves the proposal to dissolve, dissolution must be approved by shareholders holding 100.0% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation&#8217;s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 52%">As permitted by the BVI Act and the Articles, we may be voluntarily liquidated under Part&#160;XII of the BVI Act by resolution of directors and resolution of shareholders if we have no liabilities or we are able to pay our debts as they fall due. We also may be wound up in circumstances where we are insolvent in accordance with the terms of the BVI Insolvency Act.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">A Delaware corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">Under the Articles, the rights conferred upon the holders of our shares of any class may only be varied with the consent in writing of the holders of a majority of the issued shares of that class or by a resolution approved at a meeting of the shares of that class by the affirmative vote of a majority of the votes of the shares of that class which were present at the meeting and were voted.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">A Delaware corporation&#8217;s governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">A British Virgin Islands company&#8217;s memorandum and articles of association may be amended by resolutions of the board of directors and the shareholders, subject to the BVI Act and the memorandum and articles of association.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&#160;</P>

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<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center"><B>DELAWARE CORPORATE LAW</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>BVI
    CORPORATE LAW</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 48%">Shareholders of a Delaware corporation, upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any proper purpose, and to obtain copies of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 52%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the BVI Act, members of the general public, on payment of a nominal
    fee, can obtain copies of the public records of a company available at the office of the BVI Registrar which will include the company&#8217;s
    certificate of incorporation, its memorandum and articles of association (with any amendments) and records of license fees paid to date
    and will also disclose any articles of dissolution, articles of merger and a register of charges if the company has elected to file such
    a register.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A shareholder of a company is entitled, on giving written notice to
    the company, to inspect:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;the
memorandum and articles;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;the
register of members;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;the
register of directors; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;the
    minutes of meetings and resolutions of members and of those classes of members of which he is a member; and to make copies of or take
    extracts from the documents and records referred to in above.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the memorandum and articles of association, the directors
    may, if they are satisfied that it would be contrary to the company&#8217;s interests to allow a member to inspect any document, or part
    of a document, specified above, refuse to permit the member to inspect the document or limit the inspection of the document, including
    limiting the making of copies or the taking of extracts from the records.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where a company fails or refuses to permit a member to inspect a document
    or permits a member to inspect a document subject to limitations, that member may apply to a British Virgin Islands Court for an order
    that they should be permitted to inspect the document or to inspect the document without limitation.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The board of directors may approve a dividend without shareholder approval.
    Subject to any restrictions contained in its certificate of incorporation, the board may declare and pay dividends upon the shares of
    its capital stock either:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt; text-indent: -9pt">&#8226; &#160;&#160;out of its surplus, or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt; text-indent: -9pt">&#8226; &#160;&#160;in case there is no such surplus,
    out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt; text-indent: -9pt">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stockholder approval is required to authorize capital stock in excess
    of that provided in the charter. Directors may issue authorized shares without stockholder approval.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under British Virgin Islands law, the board of directors may declare
    a dividend without shareholder approval, but a company may not declare or pay dividends if there are reasonable grounds for believing
    that:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;the
company is, or would after the payment be, unable to pay its debts as they fall due; or</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt">&#160;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&#160;</P>

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

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<P STYLE="margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center"><B>DELAWARE CORPORATE LAW</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>BVI
    CORPORATE LAW</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 48%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All creation of shares require the board of directors to adopt a resolution
    or resolutions, pursuant to authority expressly vested in the board of directors by the provisions of the company&#8217;s certificate
    of incorporation.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 52%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The number of shares that a British Virgin Islands company is authorized
    to issue is set out in the memorandum and articles of association.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Articles provide that the company is authorized to issue 210,000,000
    shares in two classes as follows:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;200,000,000
Ordinary Shares; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,000,000
    Class F Shares.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.85pt; text-indent: -16.85pt">&#160;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Under the Delaware General Corporation Law, with certain exceptions, a merger, consolidation, sale, lease or transfer of all or substantially all of the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. A shareholder of a Delaware corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction. The Delaware General Corporation Law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90.0% of each class of capital stock without a vote by the shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consolidation or merger of a British Virgin Islands company with
    another company or corporation (other than certain affiliated companies) requires the consolidation or merger to be approved by the company&#8217;s
    board of directors and by its shareholders. Unless the company&#8217;s memorandum and articles of association provide otherwise, the approval
    of a majority of the shareholders voting at a meeting of shareholders is required to approve the consolidation or merger agreement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under British Virgin Islands law, in the event of a consolidation
    or merger of a British Virgin Islands company with another company or corporation, a shareholder of the British Virgin Islands company
    who did not vote in favor of the amalgamation or merger and who is not satisfied that fair value has been offered for such shareholder&#8217;s
    shares may seek fair value for those shares in accordance with Section 179 of the BVI Act.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to keep any future
earnings to finance the expansion of our business, and we do not anticipate that any cash dividends will be paid in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Subject
to the BVI Act and our Articles, our board of directors may authorize and declare a dividend to shareholders at such time and of such
an amount as they think fit if they are satisfied, on reasonable grounds, that immediately following the dividend the value of our assets
will exceed our liabilities and we will be able to pay our debts as they become due. There is no further British Virgin Islands statutory
restriction on the amount of funds which may be distributed by us by dividend. The respective proportions of dividends which may be due
to Class F shareholders and Ordinary shareholders is set out in the Articles. Currently, the Articles state that any dividends paid on
Ordinary Shares shall be one fifth of any amount paid by the Company against each Class F Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a discussion of the material British
Virgin Islands, Swiss and United States federal income tax considerations applicable to SEALSQ and U.S. Holders and Non-U.S. Holders,
each as discussed below, of SEALSQ Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Government of the British Virgin Islands does
not, under existing legislation, impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding
tax upon our Company or our security holders who are not tax resident in the British Virgin Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Company and all distributions, interest and
other amounts paid by our Company to persons who are not tax resident in the British Virgin Islands will not be subject to any income,
withholding or capital gains taxes in the British Virgin Islands, with respect to the shares in our Company owned by them and dividends
received on such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No estate, inheritance, succession or gift tax,
rate, duty, levy or other charge is payable by persons who are not tax resident in the British Virgin Islands with respect to any shares,
debt obligations or other securities of our Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except to the extent that we have any direct or
indirect interest in real property in the British Virgin Islands, all instruments relating to transactions in respect of the shares, debt
obligations or other securities of our Company and all instruments relating to&#160;other transactions relating to the business of our
Company are exempt from the payment of stamp duty in the British Virgin Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are currently no withholding taxes or exchange
control regulations in the British Virgin Islands applicable to our Company or our security holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. Federal Income Tax Considerations<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP></SUP></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a description
of certain U.S. federal income tax consequences to U.S. Holders, as defined below, of acquiring, owning and disposing of SEALSQ Ordinary
Shares. The following discussion is intended only as a summary and does not purport to be a complete description of all the potential
tax effects of the acquisition, ownership and disposition of SEALSQ Ordinary Shares. This discussion is based on the Code, administrative
pronouncements, judicial decisions, final, temporary and proposed Treasury regulations, and the income tax treaty between Switzerland
and the United States (the &#8220;US-CH Treaty&#8221;), all as of the date hereof, any of which is subject to change or differing interpretations,
possibly with retroactive effect. The tax treatment of the transactions discussed herein to holders will vary depending upon their particular
situations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A &#8220;U.S. Holder&#8221;
is a holder who, for U.S. federal income tax purposes, is a beneficial owner of SEALSQ Ordinary Shares, as applicable, who is eligible
for the benefits of the US-CH Treaty and who is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>a citizen or individual resident of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state
therein or the District of Columbia; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion applies only
to a U.S. Holder that will hold SEALSQ Ordinary Shares as capital assets for U.S. federal income tax purposes. The discussion below does
not address any state, local or foreign or estate and gift tax laws, the Medicare contribution tax on net investment income, or the alternative
minimum tax. Furthermore, it does not address classes of U.S. Holders that may be subject to special rules, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>banks, insurance companies, and certain other financial institutions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>dealers or traders in securities who use a mark-to-market method of tax accounting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>persons holding Ordinary Shares as part of a hedging transaction, straddle, wash sale, conversion transaction or other integrated
transaction or persons entering into a constructive sale with respect to the Ordinary Shares, as applicable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>regulated investment companies or real estate investment trusts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>U.S. expatriates and certain former citizens or long-term residents of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>U.S. Holders whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>entities or arrangements classified as partnerships (or partners therein) or S corporations for U.S. federal income tax purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>tax-exempt entities, including an &#8220;individual retirement account&#8221; or &#8220;Roth IRA&#8221;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>persons that own or are deemed to own ten percent or more of SEALSQ shares by vote or value; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>persons holding Ordinary Shares in connection with a trade or business conducted outside of the United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an entity or arrangement
that is classified as a partnership for U.S. federal income tax purposes holds SEALSQ Ordinary Shares, the U.S. federal income tax treatment
of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding SEALSQ Ordinary
Shares, as applicable, and partners in such partnerships should consult their tax advisers as to the particular U.S. federal income tax
consequences of acquiring, owning and disposing of SEALSQ Ordinary Shares, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. Holders are urged to
consult with their own tax advisers concerning the U.S. federal, state, local, and other tax consequences of acquiring, owning and disposing
of SEALSQ Ordinary Shares in their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ownership of SEALSQ Ordinary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SEALSQ does not currently
expect to pay cash dividends in the foreseeable future. If SEALSQ does make distributions of cash or property with respect to SEALSQ Ordinary
Shares, subject to the passive foreign investment company rules below, such distributions will generally be treated as dividends to the
extent paid out of SEALSQ&#8217;s current or accumulated earnings and profits (as determined under U.S. federal income tax principles).
Because SEALSQ does not maintain calculations of its earnings and profits under U.S. federal income tax principles, SEALSQ expects that
distributions generally will be reported to U.S. Holders as dividends. For so long as SEALSQ Ordinary Shares are listed on Nasdaq or SEALSQ
is eligible for benefits under the US-CH Treaty, and provided that SEALSQ was not, in the year prior to the year in which the dividend
was paid, and is not, in the year in which the dividend is paid, a PFIC, dividends paid to certain non-corporate U.S. Holders will be
eligible for taxation as &#8220;qualified dividend income&#8221; and therefore, subject to applicable limitations, will be taxable at
rates not in excess of the long-term capital gain rate applicable to such U.S. Holder.&#160; U.S. Holders should consult their tax advisers
regarding the availability of the reduced tax rate on dividends in their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of a dividend will
include any amounts withheld by us in respect of Swiss income taxes. The amount of the dividend will be treated as foreign-source dividend
income to U.S. Holders and will not be eligible for the dividends-received deduction generally available to U.S. corporations under the
Code. Dividends will be included in a U.S. Holder&#8217;s income on the date of such holder&#8217;s receipt of the dividend. The amount
of any dividend income paid in foreign currency will be the U.S. dollar amount calculated by reference to the exchange rate in effect
on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S. dollars at that time.
If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize foreign currency
gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into
U.S. dollars after the date of receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to applicable limitations,
some of which vary depending upon the U.S. Holder&#8217;s particular circumstances, Swiss income taxes withheld from dividends on SEALSQ
Ordinary Shares (if any) at a rate not exceeding the rate provided by the US-CH Treaty will be creditable against the U.S. Holder&#8217;s
U.S. federal income tax liability. The rules governing foreign tax credits are complex and U.S. Holders should consult their tax advisers
regarding the creditability of foreign taxes in their particular circumstances. In lieu of claiming a foreign tax credit, U.S. Holders
may, at their election, deduct foreign taxes, including any Swiss income tax, in computing their taxable income, subject to generally
applicable limitations under U.S. law. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign
taxes paid or accrued in the taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Sale or Other Disposition
of SEALSQ Ordinary Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the passive foreign
investment company rules described below, gain or loss realized on the sale or other disposition of SEALSQ Ordinary Shares will be capital
gain or loss, and will be long-term capital gain or loss if the U.S. Holder held the SEALSQ Ordinary Shares for more than one year. The
amount of the gain or loss will equal the difference between the U.S. Holder&#8217;s tax basis in the SEALSQ Ordinary Shares disposed
of and the amount realized on the disposition, in each case as determined in U.S. dollars. This gain or loss will generally be U.S.-source
gain or loss for foreign tax credit purposes. The deductibility of capital losses is subject to various limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Passive Foreign Investment Company Rules</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SEALSQ will be classified
as a passive foreign investment company (&#8220;PFIC&#8221;) for any taxable year in which, after the application of certain &#8220;look-through&#8221;
rules with respect to subsidiaries, either (i)&#160;75% or more of its gross income for the taxable year is &#8220;passive income,&#8221;
or (ii)&#160;50% or more of the average quarterly value of its assets consist of assets that produce, or are held for the production of,
&#8220;passive income.&#8221; For purposes of the above calculations, SEALSQ will be treated as if it holds a proportionate share of the
assets of, and receives directly a proportionate share of the income of, any other corporation in which it directly or indirectly owns
at least 25%, by value, of the shares of such corporation. Passive income generally includes interest, dividends, rents, certain non-active
royalties and capital gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Based on the historic
composition of assets and income of WISeKey Semiconductors SAS and its subsidiaries, and the current and projected composition of assets
and income of SEALSQ and its subsidiaries, it is not expected that SEALSQ will be treated as a PFIC for its current taxable year or in
the foreseeable future. Actual PFIC status for any taxable year, however, will not be determinable until after the end of such taxable
year. Additionally, the determination of SEALSQ&#8217;s status as a PFIC for the current year or any future year is uncertain in several
respects. For example, whether SEALSQ is a PFIC for any taxable year will depend on the composition of its income and assets and the value
of its assets from time to time (which may be determined, in part, by reference to the market price of SEALSQ Ordinary Shares, which may
fluctuate substantially over time). Also, PFIC status is determined by applying principles and methodologies that are in some circumstances
unclear. Accordingly, there can be no assurances regarding SEALSQ&#8217;s status as a PFIC for the current taxable year or any future
taxable year. If a U.S. Holder holds SEALSQ Ordinary Shares in any year in which SEALSQ is treated as a PFIC, SEALSQ generally will continue
to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which the U.S. Holder holds SEALSQ Ordinary Shares,
even if SEALSQ ceases to meet the threshold requirements for PFIC status. However, if SEALSQ ceases to be a PFIC, a U.S. Holder can avoid
the continuing impact of the PFIC rules by making a special election to recognize gain as if such U.S. Holder&#8217;s Ordinary Shares
had been sold on the last day of the last taxable year during which SEALSQ was a PFIC. U.S. Holders should consult their own tax advisor
about the advisability of making this election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If SEALSQ is classified as
a PFIC, and a U.S. Holder has not made a timely mark-to-market election, as described below, the U.S. Holder will generally be subject
to a special tax at ordinary income tax rates on &#8220;excess distributions&#8221; (generally, any distributions that are received in
a taxable year that are greater than 125&#160;percent of the average annual distributions that the holder has received in the preceding
three taxable years, or its holding period, if shorter), including any gain that a U.S. Holder recognizes on the sale of its Ordinary
Shares, which gain will be allocated ratably over the U.S. Holder&#8217;s holding period for its Ordinary Shares, as applicable. The amount
of gain from a disposition of Ordinary Shares that is allocated to the taxable year of the disposition and to any year before SEALSQ becomes
a PFIC will be taxed as ordinary income. The amount allocated to any other tax year will be subject to U.S. federal income tax at the
highest tax rate applicable to ordinary income in each such year, and an interest charge will be imposed on the tax liability for each
such year to compensate for tax deferral, calculated as if such tax liability had been due in each such year.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If SEALSQ is classified as
a PFIC, a U.S. Holder can avoid certain of the adverse rules described above by making a mark-to-market election with respect to its SEALSQ
Ordinary Shares provided that the Ordinary Shares are &#8220;marketable.&#8221; SEALSQ Ordinary Shares will be considered marketable if
they are &#8220;regularly traded&#8221; on a &#8220;qualified exchange&#8221; or other market within the meaning of applicable regulations.
If a U.S. Holder makes the mark-to-market election, generally the U.S. Holder will recognize as ordinary income any excess of the fair
market value of the SEALSQ Ordinary Shares at the end of each taxable year over their adjusted tax basis, and will recognize an ordinary
loss in respect of any excess of the adjusted tax basis of the SEALSQ Ordinary Shares over their fair market value at the end of the taxable
year (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). If a U.S. Holder
makes the election, the holder&#8217;s tax basis in the SEALSQ Ordinary Shares will be adjusted to reflect the income or loss amounts
recognized. If a U.S. Holder makes a mark-to-market election with respect to its SEALSQ Ordinary Shares in a year other than the first
year in which the U.S. Holder holds such Ordinary Shares (and no QEF election was in effect for the prior years), then special coordination
rules will apply to the first taxable year in which the mark-to-market election is effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">Although a U.S. Holder
of SEALSQ Ordinary Shares could also avoid the unfavorable PFIC rules described above by electing to treat its Ordinary Shares as interests
in a qualified electing fund (&#8220;QEF&#8221;), SEALSQ does not intend to provide the information that would allow a U.S. Holder to
make such an election. Accordingly, if SEALSQ is treated as a PFIC, a U.S. holder will not be able to make a &#8220;QEF election.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder that owns an
equity interest in a PFIC must annually file IRS Form 8621, and may be required to file other IRS forms. A failure to file one or more
of these forms as required may toll the running of the statute of limitations in respect of each of the U.S. Holder&#8217;s taxable years
for which such form is required to be filed. As a result, the taxable years with respect to which the U.S. holder fails to file the form
may remain open to assessment by the IRS indefinitely, until the form is filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. Holders should consult
their tax advisers concerning SEALSQ&#8217;s potential PFIC status and the potential application of the PFIC rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. Information Reporting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Information Reporting and Backup
Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments of dividends and
sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to
information reporting, and may be subject to backup withholding, unless (i)&#160;the U.S. Holder is a corporation or other exempt recipient
or (ii)&#160;in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it
is not subject to backup withholding. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit
against the holder&#8217;s U.S. federal income tax liability and may entitle it to a refund, provided that the required information is
timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Information With Respect to Foreign
Financial Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder who is an individual
and, in certain cases, an entity, and who holds certain specified foreign financial assets (which may include SEALSQ Ordinary Shares)
with an aggregate value in excess of certain thresholds, is generally required to report information related to such interests by attaching
a completed IRS Form 8938 (<I>Statement of Specified Foreign Financial Assets</I>) with such U.S. Holder&#8217;s tax return for each year
in which such U.S. Holder held an interest in the specified foreign financial assets, subject to certain exceptions (including an exception
for SEALSQ Ordinary Shares held in accounts maintained by U.S. financial institutions). Persons who are required to report foreign financial
assets and fail to do so may be subject to substantial penalties. U.S. Holders should consult their tax advisors regarding these information
reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Swiss Tax Considerations</B><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a description of certain Swiss income tax consequences
to &#34;Swiss Holders&#34;, as defined below, of acquiring, owning and disposing of SEALSQ Ordinary Shares. The following discussion
is intended only as a summary and does not purport to be a complete description of all the potential tax effects of the acquisition, ownership
and disposition of SEALSQ Ordinary Shares. This discussion is based on the Direct Federal Tax Act of 1990, the Federal Harmonization of
Cantonal and Communal Direct Taxes Act of 1990, the Federal Withholding Tax Act of 1965, the Federal Stamp Tax Act of 1973, as amended
(the &#34;Swiss Tax Laws&#34;), administrative pronouncements, judicial decisions, all as of the date hereof, any of which is subject
to change or differing interpretations, possibly with retroactive effect. The tax treatment of the transactions discussed herein to holders
will vary depending upon their particular situations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A &#34;Swiss Holder&#34; is a holder who, for Swiss tax purposes,
is a beneficial owner of SEALSQ Ordinary Shares who is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&#160;</TD>
    <TD STYLE="width: 24px">&#183;</TD>
    <TD>an individual resident of Switzerland or otherwise subject to Swiss taxation under article 3, 4 or 5 of the Direct Federal Tax Act of 1990, as amended, or article 3 or 4 of the Federal Harmonization of Cantonal and Communal Direct Taxes Act of 1990, as amended; or</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&#160;</TD>
    <TD STYLE="width: 24px">&#183;</TD>
    <TD>a corporation or other entity taxable as a corporation organized under the laws of Switzerland or otherwise subject to Swiss taxation under article 50 or 51 of the Direct Federal Tax Act of 1990, as amended, or article 20 or 21 of the Federal Harmonization of Cantonal and Communal Direct Taxes Act of 1990, as amended.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders who are not resident in Switzerland for tax purposes and who
do not engage in a trade or business carried on through a permanent establishment or fixed place of business situated in Switzerland for
tax purposes, and who are not subject to corporate or individual income taxation in Switzerland for any other reason, will not be subject
to any Swiss federal, cantonal or communal income tax in connection with acquiring, owning and disposing of SEALSQ Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividend distributions to individual Swiss Holders who hold their SEALSQ
Ordinary Shares as private assets will be subject to Swiss federal, cantonal and communal income tax, unless these dividends are distributed
out of qualifying capital contribution reserves recognized by the Swiss Federal Tax Administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate and individual Swiss Holders who hold their SEALSQ Ordinary Shares as part of a trade or business carried out in Switzerland
(including Swiss-resident private individuals who, for income tax purposes, are classified as &#8220;professional securities dealers&#8221;
for reasons of, inter alia, frequent dealing, or leveraged investments, in shares and other securities), as the case may be, through a
permanent establishment or fixed place of business situated in Switzerland for tax purposes (the &#8220;Commercial Swiss Holders&#8221;) are required to recognize dividend distributions
of SEALSQ in their income statement for the respective taxation period and are subject to Swiss federal, cantonal and communal individual
or corporate income tax, as the case may be, on any net taxable earnings for such taxation period. Corporate Swiss Holders may be eligible for the participation relief in respect of such dividend distributions if the SEALSQ Ordinary
Shares held by them as part of a Swiss business have an aggregate market value of at least CHF 1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Sale or other Disposal of SEALSQ Ordinary Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Individual Swiss Holders who hold their SEALSQ Ordinary Shares as private
assets will realize a tax-free capital gain or a non-deductible loss upon a sale or other disposal of the SEALSQ Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Commercial Swiss Holders are required to recognize the gain, if any,
from a sale or other disposal of the SEALSQ Ordinary Shares in their income statement for the respective taxation period and are subject
to Swiss federal, cantonal and communal individual or corporate income tax, as the case may be, on any net taxable earnings for such taxation
period. A loss, if any, is deductible for Swiss individual or corporate income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALSQ will have its place of effective management in Switzerland and
as such will be a Swiss resident for tax purposes. A Swiss resident company is subject to corporate income tax at federal, cantonal and
communal levels on its worldwide income. However, qualifying net dividend income and net capital gains on the sale of qualifying investments
in subsidiaries are effectively exempt from federal, cantonal and communal corporate income tax. Consequently, SEALSQ expects dividends
from its subsidiaries and capital gains from sales of investments in its subsidiaries to be exempt from Swiss corporate income tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Swiss issuance stamp tax of 1% is levied on the issuance of shares
and increases in or contributions to the equity of Swiss tax resident corporations. Exemptions are available in tax neutral restructuring
transactions. As a result, the issuance of shares by SEALSQ or any other increase in its equity may be subject to the issuance
stamp tax unless the equity is increased in the context of a qualifying restructuring transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividend distributions of Swiss tax resident corporations are subject
to 35% dividend withholding tax unless such dividends are distributed out of qualifying capital contribution reserves recognized by the
Swiss Federal Tax Administration. Since SEALSQ is a Swiss resident for tax purposes, its dividend distributions are generally subject to 35% withholding tax. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon request, the Swiss withholding tax, if any, will generally be
refunded to shareholders of SEALSQ who have their tax residence in Switzerland, provided that such shareholders duly declare the consideration
in the tax return or, in the case of legal entities, in the profit and loss statement. SEALSQ shareholders who are not tax residents of
Switzerland may be entitled to a full or partial refund of the Swiss withholding tax if the country of residence for tax purposes has
entered into a bilateral treaty for the avoidance of double taxation with Switzerland and the conditions of such treaty are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a British Virgin Islands
Business Company (company number 2095496) and our affairs are governed by our Articles, the BVI Act and common law of the British Virgin
Islands. Based upon the Articles, we are authorised to issue a maximum of 210,000,000 shares in two classes as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>200,000,000 Ordinary Shares; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>10,000,000 Class F Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this
prospectus, 7,509,684 Ordinary Shares are issued and outstanding and 1,499,700 Class F Shares are issued and outstanding. No
preferred shares are issued or outstanding or authorized by our Articles. The following description summarizes the material terms of
our shares as set out more particularly in our Articles. Because it is only a summary, it may not contain all the information that
is important to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Ordinary Share confers
upon the shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the right to attend any meeting of Shareholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the right to one vote per Ordinary Share on any resolution of shareholders as against each other Ordinary Share but, as a class, the
Ordinary Shares shall retain 50.01% of the Company&#8217;s voting power;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the right to an equal share in any dividend paid by the Company against each other Ordinary Share, which shall be one fifth of any
amount paid by the Company against each Class F Share but which shall not rank in preference to any other share;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the right to an equal share in the distribution of the surplus assets of the Company against each other Ordinary Share, which shall
be one fifth of any amount paid by the Company against each Class F Share but which shall not rank in preference to any other share; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>such other rights and entitlements as may be specified in the Articles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Ordinary Shareholders have no conversion,
pre-emptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Class F Share confers upon the shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the right to attend any meeting of shareholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>a number of votes per Class F Share, on any matter that is submitted to a vote of shareholders, that would cause the total votes of
all Class F Shares to equal 49.99% of the voting power of all shares (or, if the applicable voting standard is &#8220;a majority of the
shares present in person or represented by proxy and entitled to vote on such matter&#8221;, 49.999999% of the voting power of Shares
present in person or represented by proxy and entitled to vote on such matter);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the right to an equal share in any dividend paid by the Company against each other Class F Shares, and which shall be five times greater
than any amount paid by the Company against each Ordinary Share but which shall not rank in preference to any other share; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the right to an equal share in the distribution of the surplus assets of the Company against each other Class F Shares, and which
shall be five times greater than any amount paid by the Company against each Ordinary Share but which shall not rank in preference to
any other share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Class F Shares are subject to mandatory and automatic redemption,
in the event of a change of control (being the acquisition by any person or entity, alone or jointly, of more than 50% of the voting rights
of any Class F Shareholder which is a corporate entity), as determined by SEALSQ&#8217;s board of directors, in exchange for the issuance
of new Ordinary Shares at a ratio of five (5) Ordinary Shares for each one (1) Class F Share redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Class F Shares are non-transferable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the holders
of the Class F Shares have entered into a Class F Shareholders&#8217; Agreement that provides, among other things, that the holders of
Class F Shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>will vote the Class F Shares held by them as one and in accordance with the majority (by the number of shares held) view of the holders
of the Class F Shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>agree to be bound by the redemption provisions set out in the Articles and that they will take all necessary action to comply with
them.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the BVI Act, the shares
are deemed to be issued when the name of the shareholder is entered in the register of members. Our register of members will be maintained
by our transfer agent, Computershare Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>information that is required to be entered in the register of members is omitted from the register or is inaccurately entered in the
register; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>there is unreasonable delay in entering information in the register, a shareholder of the company, or any person who is aggrieved
by the omission, inaccuracy or delay, may apply to the British Virgin Islands Courts for an order that the register be rectified, and
the court may either refuse the application or order the rectification of the register, and may direct the Company to pay all costs of
the application and any damages the applicant may have sustained.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not paid any cash
dividends on our shares to date. The payment of cash dividends in the future will be dependent upon our revenues and earnings. Under the
laws of the British Virgin Islands and our Articles, we may only pay a dividend or make a distribution to our shareholders if, following
such dividend or distribution, the value of our assets will exceed our liabilities and we will be able to pay our debts as they fall due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;We are registering the resale by the Selling
Shareholders of 8,000,000 Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will not receive any of the proceeds from the sale of the securities
by the Selling Shareholders. However, we may receive proceeds from the cash exercise of the Warrants, which, if exercised in cash at the
current $30.00 exercise price with respect to all of the 245,816 Ordinary Shares, would result in gross proceeds to us of approximately
$7,374,480. The aggregate proceeds to the Selling Shareholders will be the purchase price of the securities less any discounts and commissions
borne by the Selling Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Ordinary Shares beneficially owned by the Selling
Shareholders covered by this prospectus may be offered and sold from time to time by the Selling Shareholders. The term
&#8220;Selling Shareholders&#8221; includes donees, pledgees, transferees or other successors in interest selling securities
received after the date of this prospectus from a Selling Shareholder as a gift, pledge, partnership distribution or other transfer.
The Selling Shareholders will act independently of us in making decisions with respect to the timing, manner and size of each sale
by the Selling Shareholders. Such sales may be made on one or more exchanges or in the over-the-counter market or otherwise, at
prices and under terms then prevailing or at prices related to the then current market price or in negotiated transactions. The
Selling Shareholders may sell their Ordinary Shares by one or more of, or a combination of, the following methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; text-align: justify">&#8226;</TD>
    <TD>purchases by a broker-dealer as principal and resale by such broker-dealer for its own account pursuant to this prospectus;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; text-align: justify">&#8226;</TD>
    <TD STYLE="text-align: justify">ordinary brokerage transactions and transactions in which the broker solicits purchasers;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; text-align: justify">&#8226;</TD>
    <TD>block trades in which the broker-dealer so engaged will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; text-align: justify">&#8226;</TD>
    <TD STYLE="text-align: justify">an over-the-counter distribution in accordance with the rules of the Nasdaq Stock Market LLC;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; text-align: justify">&#8226;</TD>
    <TD STYLE="text-align: justify">to or through underwriters or broker-dealers;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; text-align: justify">&#8226;</TD>
    <TD STYLE="text-align: justify">in privately negotiated transactions;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; text-align: justify">&#8226;</TD>
    <TD STYLE="text-align: justify">in options transactions;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; text-align: justify">&#8226;</TD>
    <TD STYLE="text-align: justify">through a combination of any of the above methods of sale; or</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px; text-align: justify">&#8226;</TD>
    <TD STYLE="text-align: justify">any other method permitted pursuant to applicable law.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, any shares that qualify for sale pursuant to Rule 144
may be sold under Rule 144 rather than pursuant to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also have agreed to indemnify the Selling Shareholders and certain
other persons against certain liabilities in connection with the offering of Ordinary Shares offered hereby, including liabilities arising
under the Securities Act or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities.
The Selling Shareholders have agreed to indemnify us against liabilities under the Securities Act that may arise from certain written information
furnished to us by the Selling Shareholders specifically for use in this prospectus or, if such indemnity is unavailable, to contribute
amounts required to be paid in respect of such liabilities. Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to our directors, officers, and controlling persons, we have been advised that in the opinion of the SEC this 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">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent required, this prospectus may be amended or supplemented
from time to time to describe a specific plan of distribution. In connection with distributions of the shares or otherwise, the Selling
Shareholders may enter into hedging transactions with broker-dealers or other financial institutions. In connection with such transactions,
broker-dealers or other financial institutions may engage in short sales of Ordinary Shares in the course of hedging transactions, and
broker-dealers or other financial institutions may engage in short sales of Ordinary Shares in the course of hedging the positions they
assume with Selling Shareholders. The Selling Shareholders may also sell Ordinary Shares short and redeliver the shares to close out such
short positions. The Selling Shareholders may also enter into option or other transactions with broker-dealers or other financial institutions
which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such
broker- dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The Selling Shareholders may also pledge shares to a broker-dealer or other financial institution, and, upon a default, such broker-dealer
or other financial institution may effect sales of the pledged shares pursuant to this prospectus (as supplemented or amended to reflect
such transaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In effecting sales, broker-dealers or agents engaged by the Selling
Shareholders may arrange for other broker-dealers to participate. Broker-dealers or agents may receive commissions, discounts or concessions
from the Selling Shareholders in amounts to be negotiated immediately prior to the sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Selling Shareholders and any broker-dealers or agents that are
involved in selling the shares offered under this prospectus may be deemed to be &#8220;underwriters&#8221; within the meaning of the
Securities Act in connection with these sales. Commissions received by these broker-dealers or agents and any profit on the resale of
the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Any broker-dealers or
agents that are deemed to be underwriters may not sell common shares offered under this prospectus unless and until we set forth the names
of the underwriters and the material details of their underwriting arrangements in a supplement to this prospectus or, if required, in
a replacement prospectus included in a post-effective amendment to the registration statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Selling Shareholders and any other persons participating in the
sale or distribution of the shares offered under this prospectus will be subject to applicable provisions of the Exchange Act, and the
rules and regulations under that act, including Regulation M. These provisions may restrict activities of, and limit the timing of purchases
and sales of any of the shares by, the Selling Shareholders or any other person. Furthermore, under Regulation M, persons engaged in a
distribution of securities are prohibited from simultaneously engaging in market making and other activities with respect to those securities
for a specified period of time prior to the commencement of such distributions, subject to specified exceptions or exemptions. All of
these limitations may affect the marketability of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of the shares offered for sale pursuant to this prospectus are
transferred other than pursuant to a sale under this prospectus, then subsequent holders could not use this prospectus until a post-effective
amendment or prospectus supplement is filed, naming such holders. We offer no assurance as to whether the Selling Shareholders will sell
all or any portion of the shares offered under this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We agreed to use commercially reasonable efforts to keep the registration
statement of which this prospectus is a part effective at all times until the Selling Shareholders no longer own any Warrants or Ordinary
Shares issuable upon the exercise thereof. The shares will be sold only through registered or licensed brokers or dealers if required
under applicable state securities laws. In addition, in certain states, the Ordinary Shares of common stock covered hereby may not be
sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification
requirement is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to comply with the securities laws of certain states, if applicable,
the shares must be sold in such jurisdictions only through registered or licensed brokers or dealers. In addition, in certain states the
shares may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration
or qualification requirement is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have advised the Selling Shareholders that the anti-manipulation
rules of Regulation M under the Exchange Act may apply to sales of shares in the market and to the activities of the Selling Shareholders
and its affiliates. In addition, we will make copies of this prospectus available to the Selling Shareholders for the purpose of satisfying
the prospectus delivery requirements of the Securities Act. The Selling Shareholders may indemnify any broker-dealer that participates
in transactions involving the sale of the shares against certain liabilities, including liabilities arising under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the time a particular offer of shares is made, if required, a prospectus
supplement will be distributed that will set forth the number of shares being offered and the terms of the offering, including the name
of any underwriter, dealer or agent, the purchase price paid by any underwriter, any discount, commission and other item constituting
compensation, any discount, commission or concession allowed or reallowed or paid to any dealer, and the proposed selling price to the
public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We know of no existing arrangements between the Selling Shareholders
or any other shareholder, broker, dealer, underwriter or agent relating to the sale or distribution of the Ordinary Shares offered by
this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL
LIABILITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a British Virgin Islands business company
limited by shares and our registered office is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands and our executive
office is located outside of the United States in Cointrin, Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Most of our directors and officers and those of
our subsidiaries are residents of countries other than the United States. Substantially all of our and our subsidiaries&#8217; assets
and a substantial portion of the assets of our directors and officers are located outside the United States. As a result, it may be difficult
or impossible for United States investors to effect service of process within the United States upon us, our directors or officers, our
subsidiaries or to realize against us or them judgments obtained in United States courts, including judgments predicated upon the civil
liability provisions of the securities laws of the United States or any state in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, there is uncertainty as to whether
the courts of the British Virgin Islands would (1) recognize or enforce against us, or our directors or our officers, judgments of courts
of the United States based on civil liability provisions of applicable U.S. federal and state securities laws; or (2) impose liabilities
against us or our directors and officers in original actions brought in the British Virgin Islands, based on these laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain legal matters with respect to British Virgin
Islands law in connection with this offering are being passed upon for us by Harney Westwood &amp; Riegels LP. Certain matters of U.S.
federal and New York law are being passed upon for us by Patterson Belknap Webb &amp; Tyler LLP, New York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The financial statements of SEALSQ Corp Predecessor
as of and for the years ended December 31, 2020 and 2021, and the balance sheet of SEALQ Corp as of December 31, 2022, in each case included
in this prospectus have been audited by BDO AG, an independent registered public accounting firm, as stated in their report appearing
herein and elsewhere in this registration statement. Such financial statements are included in reliance upon the report of such firm given
upon their authority as experts in accounting and auditing. The current address of BDO AG is Route de Meyrin 123, 1219 Ch&#226;telaine,
Switzerland, phone number 011 41 22 322 24 24. The financial statements of SEALSQ Corp Predecessor as of and for the years ended December
31, 2021 and 2022, in each case included in this prospectus have been audited by BDO Rh&#0244;ne-Alpes, an independent registered public accounting
firm, as stated in their report appearing herein and elsewhere in this registration statement. Such financial statements are included
in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. The current address of BDO
Rh&#0244;ne-Alpes is 28 rue de la R&#233;publique, 69002 Lyon, France, phone number 011 33 4 72 61 05 76.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>CHANGE IN REGISTRANT&#8217;S
CERTIFYING ACCOUNTANT</B>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDO Rh&#244;ne-Alpes SAS (&#8220;BDO France&#8221;) has been the auditor
of WISeKey Semiconductors SAS (&#8220;SEALSQ Corp Predecessor&#8221;) statutory accounts since 2016. BDO AG (&#8220;BDO Switzerland&#8221;)
has been the auditor for WISeKey International Holding AG (&#8220;WISeKey&#8221;) since 2015 and for SEALSQ as of December 2022. BDO France
and BDO Switzerland are affiliated entities in that they are members of the BDO Network of independent audit firms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the partial spin-off of SEALSQ to WISeKey shareholders
(&#8220;Spin-off&#8221;), BDO Switzerland audited the consolidated financial statements of SEALSQ Corp Predecessor (balance sheets as
of December 31, 2021 and 2020, and the related consolidated statements of comprehensive income/loss, changes in shareholders&#8217; equity,
and cash flows for each of the two years in the period ended December 31, 2021) attached to the Registration Statement on Form F-1 (Reg.
No. 333-269710 &#8211; the &#8220;Spin-off F-1 Registration Statement&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Initially, the Company had asked BDO France to perform the audit of
the referenced consolidated financial statements as at December 31, 2021 and 2020 of SEALSQ Corp Predecessor because they were the auditor
of the largest company in that group and because the parent of that group, WISeKey Semiconductors SAS, is a French-registered company.
However, BDO France was not able to provide the audit services required due to lack of available resources in the required time frame.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result, BDO Switzerland, the historical auditors of WISeKey since
2015, was asked and agreed to audit the referenced consolidated financial statements as of December 31, 2021 and 2020 of SEALSQ Corp Predecessor
attached to the Spin-off F-1 Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2023, BDO France had the necessary resources to audit the consolidated
financial statements as at December 31, 2022 of SEALSQ Corp Predecessor so the Company did not need to ask BDO Switzerland to step in.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Therefore, for this resale registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>BDO Switzerland has audited the consolidated financial statements of SEALSQ Corp Predecessor as at December 31, 2021 and 2020,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>BDO France has audited the consolidated financial statements of SEALSQ Corp Predecessor as at December 31, 2022 (which includes comparatives
in the consolidated balance sheets as at December 31, 2021, and comparatives in the consolidated statements of comprehensive income/(loss),
changes in shareholders&#8217; equity and cash flows for the years ended December 31, 2021 and 2020), and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>BDO Switzerland has audited the balance sheet of SEALSQ as at December 31, 2022.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neither BDO France nor BDO AG have resigned, declined to stand for
re-election, or was dismissed, as independent auditor for SEALSQ Corp Predecessor or SEALSQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The reason for the bifurcation of audit services for SEALSQ Corp Predecessor
as between BDO France and BDO Switzerland is due to the lack of resources of BDO France in the required time frame and by mutual agreement
of BDO France and BDO Switzerland. The bifurcation of audit services is not due to any disagreement(s) among SEALSQ, SEALSQ Corp Predecessor,
BDO France and BDO Switzerland on any matter of accounting principles or practices, financial statement disclosure, or auditing scope
or procedure, which disagreement(s), if not resolved to the satisfaction of BDO France and BDO Switzerland, would have caused BDO France
or BDO Switzerland to make reference to the subject matter of the disagreement(s) in connection with their respective reports and there
were no &#8220;reportable events&#8221; as that term is defined in Item 16F(a)(1)(v) of Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDO France&#8217;s report on the consolidated financial statements
of SEALSQ Corp Predecessor as at December 31, 2022 did not contain an adverse opinion or disclaimer of opinion, nor was any report qualified
or modified as to uncertainty, audit scope or accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDO Switzerland&#8217;s reports on the consolidated financial statements
of SEALSQ Corp Predecessor as at December 31, 2021 and 2020 did not contain an adverse opinion or disclaimer of opinion, nor was any report
qualified or modified as to uncertainty, audit scope or accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BDO Switzerland being the appointed auditor of SEALSQ, by mutual agreement
of BDO France and BDO Switzerland, it will remain the auditor of SEALSQ in the future and, as such, will audit both the statutory financial
statements of SEALSQ as well as the consolidated financial statements of SEALSQ in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have provided each of BDO France and BDO Switzerland a copy of
the foregoing disclosure and SEALSQ has requested each of BDO France and BDO Switzerland to provide SEALSQ with a letter addressed to
the SEC confirming its agreement with the above statements regarding the bifurcation of audit services (or alternatively, statements
in which it does not agree with above statements regarding the bifurcation of audit services). SEALSQ has attached the confirmation letters
as an exhibit to this resale registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have filed with the SEC a registration statement
on Form F-1 regarding the SEALSQ Ordinary Shares being offered pursuant to this prospectus. This prospectus does not contain all of the
information found in the registration statement. For further information regarding us and the Ordinary Shares being offered pursuant to
this prospectus, you may wish to review the full registration statement, including its exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to the information requirements
of the Securities Exchange Act, and, in accordance therewith, we are required to file with the SEC annual reports on Form 20-F within
four months of our fiscal year-end, and provide to the SEC other material information on Form 6-K. These reports and other information
may be inspected and copied at the public reference facilities maintained by the SEC or obtained from the SEC&#8217;s website here: www.sec.gov.
We expect to make our periodic reports and other information filed with or furnished to the SEC available, free of charge, through our
website as soon as reasonably practicable after those reports and other information 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">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a foreign private issuer, we are exempt under
the Securities Exchange Act from, among other things, certain rules prescribing the furnishing and content of proxy statements, and our
executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained
in Section 16 of the Securities Exchange Act. In addition, we will not be required under the Securities Exchange Act to file periodic
reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the
Securities Exchange Act, including the filing of quarterly reports or current reports on Form 8-K. However, we intend to furnish or make
available to our shareholders annual reports containing our audited financial statements prepared in accordance with U.S. GAAP. Our annual
report will contain a detailed statement of any transactions between us and our related parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WISEKEY SEMICONDUCTORS SAS, SEALSQ CORP PREDECESSOR</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%"><B>Audited Consolidated Financial Statements of SEALSQ Corp Predecessor as at December 31, 2022</B></TD>
    <TD STYLE="text-align: right; width: 10%"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Report of the Statutory Auditor</TD>
    <TD STYLE="text-align: right">F-2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Report of the Statutory Auditor</TD>
    <TD STYLE="text-align: right">&#160;F-3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Consolidated Statements of Comprehensive Income/(Loss) for the years ended December 31, 2022, 2021 and 2020</TD>
    <TD STYLE="text-align: right">F-4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Consolidated Balance Sheets as of December 31, 2022 and 2021</TD>
    <TD STYLE="text-align: right">F-5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Consolidated Statements of Changes in Shareholders&#8217; Equity for the years ended December 31, 2022 and 2021</TD>
    <TD STYLE="text-align: right">F-6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020</TD>
    <TD STYLE="text-align: right">F-7</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Notes to the Consolidated Financial Statements</TD>
    <TD STYLE="text-align: right">F-8</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
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  <TD STYLE="width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">T&#233;l. : 04 72
61 05 76</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">www.bdo.fr</P></TD>
  <TD STYLE="width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">28 rue de la R&#233;publique</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">69002 LYON</P></TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: left">Report of the Independent Registered Public Accounting Firm</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Report of Independent Registered
Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Shareholders and Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><FONT STYLE="text-decoration: underline">WISeKey Semiconductors
SAS -</FONT> </B>Arteparc de Bachasson, B&#226;timent A, rue de la Carri&#232;re de Bachasson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">13590 Meyreuil
- <B>FRANCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Opinion
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have audited
the accompanying consolidated balance sheets of WISeKey Semiconductors SAS Group (the &#8220;Company&#8221;) as of December 31, 2022
and 2021, the related consolidated statements of comprehensive income/loss, stockholders&#8217; equity, and cash flows for each of the
years then ended, and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). In our opinion,
the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31,
2022 and 2021, and the results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles
generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">These consolidated
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: fuchsia">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our audits
included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: fuchsia">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lyon (France), April 20, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BDO Rh&#244;ne-Alpes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Represented by Justine GAIRAUD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have served as the Company's auditor since 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #78685F">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #78685F">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #78685F"></P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 90%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #78685F"><FONT STYLE="font-size: 9pt">Si&#232;ge
                         social : BDO Rh&#244;ne-Alpes &#8211; Le Pixel &#8211; 10bis avenue des FTPF - 38130 Echirolles</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #78685F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #78685F"><FONT STYLE="font-size: 9pt">SAS
au capital de 3 000 000 Euros - SIREN 061 500 542 RCS Grenoble - N&#176;TVA Intracommunautaire FR 720 615 00542&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #78685F"><FONT STYLE="font-size: 9pt">Soci&#233;t&#233;
d&#8217;Expertise Comptable inscrite au Tableau de l&#8217;Ordre de la R&#233;gion AURA</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #78685F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #78685F"><FONT STYLE="font-size: 9pt">Soci&#233;t&#233;
de Commissaires aux Comptes Compagnie R&#233;gionale Dauphin&#233; Savoie</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #78685F"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

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

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  <TD STYLE="width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Phone +41 44 444 35 55</P>
                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">www.bdo.ch</P>
                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">zurich@bdo.ch</P></TD>
  <TD STYLE="width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BDO Ltd</P>
                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Schiffbaustrasse 2</P>
                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8031 Zurich</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Opinion on the Consolidated
Financial Statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have audited the accompanying
consolidated statements of operations and comprehensive loss, stockholders&#8217; equity, and cash flows of WISeKey Semiconductors SAS
(the &#8220;Company&#8221;) for the year ended December 31, 2020 and the related notes (collectively referred to as the &#8220;consolidated
financial statements&#8221;). In our opinion, the consolidated financial statements for the year ended December 31, 2020 present fairly,
in all material respects, the results of its operations and its cash flows for the year then ended, in conformity with accounting principles
generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Basis for Opinion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">These consolidated financial
statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We conducted our audit
in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not
required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we
are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our audit included performing procedures to
assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides
a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Zurich, Switzerland,
December 9, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">BDO AG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

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    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Philipp
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    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sascha Gasser</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#160;</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ppa. Sascha Gasser</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We served as the Company&#8217;s
auditor since 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;&#160;</P>

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

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

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


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: left">Consolidated Statements of Comprehensive Income/(Loss)</TD></TR></TABLE>

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    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
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    <TD COLSPAN="11" STYLE="font-size: 10pt; font-weight: bold; text-align: center">12 months ended December 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&#160;</TD></TR>
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    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">14,317</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="width: 2%; font-size: 10pt; font-style: italic">&#160;</TD>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(13,267</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(9,547</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(8,147</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Depreciation of production assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(132</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; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(301</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(736</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">7,147</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">5,434</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">91</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">24</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,308</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,050</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,128</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Selling &amp; marketing expenses</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,824</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,245</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,103</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">General &amp; administrative expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(3,091</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; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,984</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; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,788</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total operating expenses</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(7,216</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(12,188</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(14,019</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Operating income / (loss)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,583</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(5,041</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(8,585</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Non-operating income</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">935</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">483</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">146</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">25</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Interest and amortization of debt discount</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(355</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(167</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(8</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-style: italic">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">25</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-operating expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(638</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; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(96</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; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(749</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-style: italic; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: right">26</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Income / (loss) before income tax expense</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,525</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(4,821</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(9,196</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes are an integral part of
these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: left">Consolidated Balance Sheets</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">9</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">12</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">5</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">13</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">14</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">82</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">15</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,596</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">11,844</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">16</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">3,374</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">18</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">320</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">14</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">47</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">3</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">180</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">17</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">10,628</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">7,759</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Noncurrent liabilities</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">1,489</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">33</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">988</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">1,456</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">14</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">15,617</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">18</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Employee benefit plan obligation</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">396</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">575</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">19</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">10,819</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">17,648</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL LIABILITIES</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">21,447</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">25,407</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Commitments and contingent liabilities</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">20</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">SHAREHOLDERS' EQUITY</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Common stock</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">1,955</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">1,772</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">21</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;EUR 1 par value</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized - 1,473,162 and 1,298,162 shares</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Issued and outstanding - 1,473,162 and 1,298,162 shares</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Additional paid-in capital</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">14,926</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">7,258</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">621</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">22</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes are an integral part of
these consolidated financial statements.<B><BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: left">Consolidated Statements of Changes in Shareholders&#8217; Equity</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Common Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Additional Paid-In Capital</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Accumulated Deficit</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Accumulated Other Comprehensive Income/(Loss)</FONT>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Recapitalization by WISeKey International
Holding Ltd that occurred in 2022 is further detailed in Note 18.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes are an integral part of
these consolidated financial statements.<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: left">Consolidated Statements of Cash Flows</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
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    <TD COLSPAN="8" STYLE="font-size: 10pt; font-weight: bold; text-align: center">12 months ended December 31,</TD></TR>
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    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: right">604</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: right">355</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">167</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">8</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: right">554</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
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    <TD STYLE="font-size: 10pt; text-align: right">(457</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: right">(3,250</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">6</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">5</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(52</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: right">882</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
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    <TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">616</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(120</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; text-align: right">387</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(400</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,539</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 10pt">Decrease (increase) in inventories</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(5,354</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(236</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">313</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: right">(778</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">172</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">198</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: right">154</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">464</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1,330</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: right">5</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">4</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">63</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 10pt">Increase (decrease) in accounts payable</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(521</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">522</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(457</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(150</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">143</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: right">44</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">3</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(10</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 10pt">Increase (decrease) in other current liabilities</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(31</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(413</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">169</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Increase (decrease) in defined benefit pension liability</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(179</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; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(440</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; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">43</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net cash provided by (used in) operating activities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(1,554</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(3,591</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(3,023</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: right">(299</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(36</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">(52</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">215</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net cash provided by (used in) investing activities</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(299</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(36</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">163</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The accompanying notes are an integral part of these
consolidated financial statements.<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

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

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

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

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: left">Notes to the Consolidated Financial Statements</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>The Semiconductors Group</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WISeKey Semiconductors SAS, together with its
consolidated subsidiaries (the &#8220;Group&#8221; or the &#8220;Semiconductors Group&#8221;), has its headquarters in France. WISeKey
Semiconductors SAS, the parent of the Semiconductors Group, was incorporated in July 2010 and is a private joint stock company (French
Simplified Joint Stock Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2020, the Group acquired WISeCoin France R&amp;D
Lab SAS, a private French company which was spun off from the Group in 2019. The primary activity of WISeCoin France R&amp;D Lab SAS
is to carry out research and development on hardware and software components of semiconductors and integrated circuits with a focus on
authentication and security solutions. On January 1, 2021, WISeCoin France R&amp;D Lab SAS&#8217; assets and liabilities were transferred
to WISeKey Semiconductors SAS and WISeCoin France R&amp;D Lab SAS was dissolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group designs, develops and markets secure
semiconductors worldwide as a fabless manufacturer. It provides added security and authentication layers on its semiconductors which
can be tailored to customers&#8217; needs. As an advanced chip designer, the Group holds the intellectual property (&#8220;IP&#8221;)
for the semiconductors it sells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group anticipates being able to generate profits
in the near future thanks to the increased focus on the security and authentication of IT components and networks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Future operations and going concern</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group recorded an income from operations in
this reporting period and the accompanying consolidated financial statements have been prepared assuming that the Group will continue
as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group recorded a net operating income of USD&#160;2.6
million in the year ended December 31, 2022 and a net operating loss of USD&#160;5.0&#160;million in the year ended December 31, 2021,
and had positive working capital of, respectively, USD&#160;6.2 million and USD&#160;0.5&#160;million as at December&#160;31,&#160;2022
and 2021, both calculated as the difference between current assets and current liabilities. Based on the Group&#8217;s cash projections
up to April 30, 2024, it has sufficient liquidity to fund operations. Historically, the Group has been dependent on financing from its
parent, WISeKey International Holding Ltd, to augment the operating cash flow to cover its cash requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the foregoing, Management believe it
is correct to present these figures on a going concern basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Basis of presentation</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements are prepared
in accordance with the Generally Accepted Accounting Principles in the United States of America (&#8220;US GAAP&#8221;) as set forth
in the Financial Accounting Standards Board&#8217;s (FASB) Accounting Standards Codification (ASC). All amounts are in United States
dollars (&#8220;USD&#8221;) unless otherwise stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Summary of significant accounting policies</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s fiscal year ends on December
31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include
the accounts of WISeKey Semiconductors SAS and its wholly-owned subsidiaries over which the Group has control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intercompany income and expenses, including unrealized
gross profits from internal group transactions and intercompany receivables, payables and loans have been eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of consolidated financial statements
in conformity with US GAAP requires management to make certain estimates, judgments and assumptions. We believe these estimates, judgements
and assumptions are reasonable, based upon information available at the time they were made. These estimates, judgments and assumptions
can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of
revenues and expenses during the periods presented. To the extent there are differences between these estimates, judgments or assumptions
and the actual results, our consolidated financial statements will be affected. In many cases, the accounting treatment of a particular
transaction is specifically dictated by US GAAP and does not require management&#8217;s judgment in its application. There are also areas
in which management&#8217;s judgment in selecting from available alternatives would not produce a materially different result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The functional currency of WISeKey Semiconductors
SAS is USD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, the functional currency of a foreign
operation is the local currency. Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance
sheet date. Revenue and expenses are translated at average rates of exchange prevailing during the year. The effects of foreign currency
translation adjustments are included in stockholders&#8217; equity as a component of accumulated other comprehensive income/loss. The
Group's reporting currency is USD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash consists of deposits held at major banks
that are readily available. Cash equivalents consist of highly liquid investments that are readily convertible to cash and with original
maturity dates of three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities
of these instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Receivables represent rights to consideration
that are unconditional and consist of amounts billed and currently due from customers, and revenues that have been recognized for accounting
purposes but not yet billed to customers. The Group extends credit to customers in the normal course of business and in line with industry
practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We recognize an allowance for credit losses to
present the net amount of receivables expected to be collected as of the balance sheet date. The allowance is based on the credit losses
expected to arise over the asset&#8217;s contractual term taking into account historical loss experience, customer-specific data as well
as forward looking estimates. Expected credit losses are estimated individually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivables are written off when deemed
uncollectible and are recognized as a deduction from the allowance for credit losses. Expected recoveries, which are not to exceed the
amount previously written off, are considered in determining the allowance balance at the balance sheet date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are stated at the lower of cost or
net realizable value. Costs are calculated using standard costs, approximating average costs. Finished goods and work-in-progress inventories
include material, labor and manufacturing overhead costs. The Group records write-downs on inventory based on an analysis of obsolescence
or a comparison to the anticipated demand or market value based on a consideration of marketability and product maturity, demand forecasts,
historical trends and assumptions about future demand and market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Property, Plant and Equipment</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Minimum</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Maximum</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant and equipment are stated at cost,
net of accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives which range from
1 to 10 years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the improvements or the lease terms,
as appropriate. Property, plant and equipment are periodically reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Intangible Assets</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Those intangible assets that are considered to
have a finite useful life are amortized over their useful lives, which generally range from 1 to 10 years. Each period we evaluate the
estimated remaining useful lives of intangible assets and whether events or changes in circumstances require a revision to the remaining
periods of amortization or that an impairment review be carried out.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In line with ASC 842, the Group, as a lessee,
recognizes right-of-use assets and related lease liabilities on its balance sheet for all arrangements with terms longer than twelve
months, and reviews its leases for classification between operating and finance leases. Obligations recorded under operating and finance
leases are identified separately on the balance sheet. Assets under finance leases and their accumulated amortization are disclosed separately
in the notes. Operating and finance lease assets and operating and finance lease liabilities are measured initially at an amount equal
to the present value of minimum lease payments during the lease term, as at the beginning of the lease term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Group has elected the short-term lease practical
expedient whereby we do not present short-term leases on the consolidated balance sheet as these leases have a lease term of 12 months
or less at lease inception and do not contain purchase options or renewal terms that we are reasonably certain to exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have also elected the practical expedients related
to lease classification of leases that commenced before the effective date of ASC&#160;842.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s policy is to recognize revenue
to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects
to be entitled in exchange for those goods or services. To achieve that core principle, the Group applies the following steps:</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Step 1: Identify the contract(s) with a customer.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Step 2: Identify the performance obligations in the contract.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Step 3: Determine the transaction price.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Step 4: Allocate the transaction price to the performance obligations in the contract.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue is measured based on the consideration
specified in a contract with a customer and excludes amounts collected on behalf of third parties. We typically allocate the transaction
price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised
in the contract. If a standalone price is not observable, we use estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group recognizes revenue when it satisfies
a performance obligation by transferring control over goods or services to a customer. The transfer may be done at a point in time (typically
for goods) or over time (typically for services). The amount of revenue recognized is the amount allocated to the satisfied performance
obligation. For performance obligations satisfied over time, the revenue is recognized over time, most frequently on a <I>prorata temporis
</I>basis as most of the services provided by the Group relate to a set performance period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Group determines that the performance
obligation is not satisfied, it will defer recognition of revenue until it is satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We present revenue net of sales taxes and any
similar assessments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group delivers products and records revenue
pursuant to commercial agreements with its customers, generally in the form of an approved purchase order or sales contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where products are sold under warranty, the customer
is granted a right of return which, when exercised, may result in either a full or partial refund of any consideration received, or a
credit that can be applied against amounts owed, or that will be owed, to the Group. For any amount received or receivable for which we
do not expect to be entitled to because the customer has exercised its right of return, we recognize those amounts as a refund liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract assets consists of accrued revenue where
the Group has fulfilled its performance obligation towards the customer but the corresponding invoice has not yet been issued. Upon invoicing,
the asset is reclassified to trade accounts receivable until payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred revenue consists of amounts that have
been invoiced and paid but have not been recognized as revenue. Deferred revenue that will be realized during the succeeding 12-month
period is recorded as current and the remaining deferred revenue recorded as non-current. This would relate to multi-year certificates
or licenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract liability consists of either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">amounts that have been invoiced and not yet paid, nor recognized as revenue. Upon payment, the liability
is reclassified to deferred revenue if the amounts still have not been recognized as revenue. Contract liability that will be realized
during the succeeding 12-month period is recorded as current and the remaining contract liability recorded as non-current. This would
relate to multi-year certificates or licenses.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">advances from customers not supported by invoices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sales Commissions</I></B>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales commission expenses where revenue is recognized
are recorded in the period of revenue recognition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cost of Sales and Depreciation of Production
Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our cost of sales consists primarily of expenses
associated with the delivery and distribution of products. These include expenses related to the license to the Global Cryptographic ROOT
Key, the global Certification authorities as well as the digital certificates for people, servers and objects, expenses related to the
preparation of our secure elements and the technical support provided on the Group's ongoing production and on the ramp-up phase, including
materials, labor, test and assembly suppliers, and subcontractors, freights costs, as well as the amortization of probes, wafers and other
items that are used in the production process. This amortization is disclosed separately under depreciation of production assets on the
face of the income statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Research and Development and Software Development
Costs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All research and development costs and software
development costs are expensed as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All advertising costs are expensed as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2022, the Group maintained one defined benefit
post retirement plans covering the employees of WISeKey Semiconductors SAS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC 715-30, <I>Defined Benefit
Plans &#8211; Pension, </I>the Group recognizes the funded status of the plan in the balance sheet. Actuarial gains and losses are recorded
in accumulated other comprehensive income / (loss).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Taxes on income are accrued in the same period
as the revenues and expenses to which they relate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred taxes are calculated on the temporary
differences that arise between the tax base of an asset or liability and its carrying value in the balance sheet of our companies prepared
for consolidation purposes, with the exception of temporary differences arising on investments in foreign subsidiaries where the Group
has plans to permanently reinvest profits into the foreign subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets on tax loss carry-forwards
are only recognized to the extent that it is &#8220;more likely than not&#8221; that future profits will be available and the tax loss
carry-forward can be utilized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes to tax laws or tax rates enacted at the
balance sheet date are taken into account in the determination of the applicable tax rate provided that they are likely to be applicable
in the period when the deferred tax assets or tax liabilities are realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group is required to pay income taxes in a
number of countries. The Group recognizes the benefit of uncertain tax positions in the financial statements when it is more likely than
not that the position will be sustained on examination by the tax authorities. The benefit recognized is the largest amount of tax benefit
that is greater than 50 percent likely of being realized on settlement with the tax authority, assuming full knowledge of the position
and all relevant facts. The Group adjusts its recognition of these uncertain tax benefits in the period in which new information is available
impacting either the recognition or measurement of its uncertain tax positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research tax credits are provided by the French
government to give incentives for companies to perform technical and scientific research. WISeKey Semiconductors SAS is eligible to receive
such tax credits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These research tax credits are presented as a
reduction of Research &amp; development expenses in the income statement when companies that have qualifying expenses can receive such
grants in the form of a tax credit irrespective of taxes ever paid or ever to be paid, the corresponding research and development efforts
have been completed and the supporting documentation is available. The credit is deductible from the entity&#8217;s income tax charge
for the year or payable in cash the following year, whichever event occurs first. The tax credits are included in noncurrent deferred
tax credits in the balance sheet in line with ASU&#160;2015-17.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings per share are calculated using
WISeKey Semiconductors SAS&#8217; weighted-average outstanding common shares. When the effects are not antidilutive, diluted earnings
per share is calculated using the weighted-average outstanding common shares and the dilutive effect of stock options as determined under
the treasury stock method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our chief operating decision maker, who is also
our Chief Executive Officer, regularly reviews information related to one operating segment, secure microcontrollers, for purposes of
allocating resources and assessing budgets and performance. We report our financial performance based on this segment structure described
in Note 32.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Adoption of new FASB Accounting Standard in
the current year &#8211; Prior-Year Financial Statements not restated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of January 1, 2022, the Group adopted Accounting
Standards Update (ASU) 2020-06, 'Debt&#8212;Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging&#8212;
Contracts in Entity&#8217;s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity&#8217;s Own
Equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASU 2020-06 simplifies accounting for convertible
instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will
be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting
for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for
the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted earnings
per share (EPS) calculation in certain areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There was no material impact on the Group's results
upon adoption of the standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of January 1, 2022, the Group also adopted
ASU 2021-04,&#160;Issuer&#8217;s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options&#160;&#8212;
a consensus of the FASB Emerging Issues Task Force.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ASU provides a principles-based framework
to determine whether an issuer should recognize the modification or exchange as an adjustment to equity or an expense. The ASU is to
clarify and reduce diversity in an issuer&#8217;s accounting for modifications or exchanges of freestanding equity-classified written
call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in the ASU affect all
entities that issue freestanding written call options that are classified in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There was no material impact on the Group's results
upon adoption of the standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of January 1, 2022, the Group also adopted
ASU 2021-10,&#160;Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ASU provides an update to increase the transparency
of government assistance including the disclosure of the types of assistance, an entity&#8217;s accounting for the assistance, and the
effect of the assistance on an entity&#8217;s financial statements. ASC 832 requires the following disclosures in the notes: information
about the nature of the transactions, the accounting policies used to account for the transactions, and balance sheet and income statement
affected by the transactions. The duration, commitments, provisions, and other contingencies are required to be disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There was no material impact on the Group's results
upon adoption of the standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">New FASB Accounting Standard to be adopted
in the future:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2021, The FASB issued ASU No. 2021-08,&#160;Business
Combinations (topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summary: The ASU amends ASC 805&#160;to &#8220;require
acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination.&#8221;
Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. ASU 2021-08 requires contract
assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date
in accordance with ASC 606 (meaning the acquirer should assume it has entered the original contract at the same date and using the same
terms as the acquiree). This new ASU applies to contract assets and contract liabilities acquired in a business combination and to other
contracts that directly/indirectly apply the requirements of ASC 606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective Date: ASU 2021-08 is effective for
public business entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. An
entity should apply the amendments prospectively to business combinations occurring on or after the effective dates. Early adoption is
permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group expects to adopt all the aforementioned
guidance when effective. Management is assessing the impact of the aforementioned guidance on its consolidated financial statements but
does not expect it to have a material impact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Concentration of credit risks</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that are potentially subject
to credit risk consist primarily of cash and cash equivalents and trade accounts receivable. Our cash is held with large financial institutions.
Management believes that the financial institutions that hold our investments are financially sound and accordingly, are subject to minimal
credit risk. Deposits held with banks may exceed the amount of insurance provided on such deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group sells to large, international customers
and, as a result, may maintain individually significant trade accounts receivable balances with such customers during the year. We generally
do not require collateral on trade accounts receivable. Summarized below are the clients whose revenue were 10% or higher than the respective
total consolidated net sales for fiscal years 2022, 2021 or 2020, and the clients whose trade accounts receivable balances were 10% or
higher than the respective total consolidated trade accounts receivable balance for fiscal years 2022 and 2021. In addition, we note that
some of our clients are contract manufacturers for the same companies; should these companies reduce their operations or change contract
manufacturers, this would cause a decrease in our customer orders which would adversely affect our operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Revenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Receivables</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Fair value measurements</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC 820 establishes a three-tier fair value hierarchy
for measuring financial instruments, which prioritizes the inputs used in measuring fair value. These tiers include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: left; text-indent: -7.1pt"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;
Level 1, defined as observable inputs such as quoted prices in active markets;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: left; text-indent: -7.1pt"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: left; text-indent: -7.1pt"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="display: none">Level 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="display: none">Accounts
Receivable</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="display: none">Accounts Payable</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="display: none">Indebtedness
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the methods and assumptions we
use to record the fair value of financial instruments as discussed in the Fair Value Measurements section above, we used the following
methods and assumptions to estimate the fair value of our financial instruments:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify">Accounts receivable &#8211; carrying amount approximated fair value due to their short-term nature.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify">Indebtedness to related parties, noncurrent - carrying amount approximated fair value.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Cash and cash equivalents</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash consists of deposits held at major banks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Accounts receivable &#160;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The breakdown of the accounts receivable balance
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Accounts Receivable - Schedule of Accounts
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Inventories - Schedule of Inventories, Current</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the years ended December 31, 2022, 2021 and
2020, the Group recorded inventory obsolescence charges in the income statement of respectively USD 204,211, USD 57,302 and USD&#160;156,188
on raw materials, and USD 349,623, USD&#160;404,509 and USD&#160;301,215 on work in progress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Raw Materials</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Work in Progress</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">The Semiconductors Group</FONT>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The inventory obsolescence provisions as at December
31, 2022, and 2021 are, respectively, USD&#160;44,290 and USD&#160;79,846 for raw materials, and USD&#160;270,552 and USD&#160;507,090
for work in progress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Other current assets</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other current assets consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Other Current Assets - Schedule of
Other Current Assets</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">USD'000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Deferred tax credits</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WISeKey Semiconductors SAS is eligible for research
tax credits provided by the French government (see Note 4 Summary of significant accounting policies). As at December 31, 2022 and 2021,
the receivable balances in respect of these research tax credits owed to the Group were respectively USD&#160;692,314 and USD&#160;846,808.
The credit is deductible from the entity&#8217;s income tax charge for the year or payable in cash the following year, whichever event
occurs first.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Property, plant and equipment</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant and equipment, net consisted of
the following.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Property, Plant and Equipment - Schedule
of Property, Plant and Equipment</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">USD'000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(493</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; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2022 and 2021, WISeKey Semiconductors SAS did
not identify any events or changes in circumstances indicating that the carrying amount of any asset may not be recoverable. As a result,
the Group did not record any impairment charge on Property, plant and equipment in the years 2022 and 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Software</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Production Tools</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The useful economic life of property plant and
equipment is as follow:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Office equipment and furniture:&#9;2 to 5 years</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Production masks&#9;5 years</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Production tools&#9;3 years</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Licenses&#9;3 years</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Software&#9;1 year</TD></TR></TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Intangible assets &#160;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets and future amortization expenses
consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Intangible Assets - Schedule of Finite-Lived
Intangible Assets</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: right">As at December 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: right">As at December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">USD'000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-bottom: 1pt">Other intangibles</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">923</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">923</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-bottom: 1pt">Total intangible assets gross</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,903</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,903</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Accumulated amortization for:</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,281</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,281</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">License agreements <FONT STYLE="display: none">License Agreements</FONT></TD><TD STYLE="font-size: 10pt">&#160;</TD>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,694</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-bottom: 1pt">Other intangibles <FONT STYLE="display: none">Other Intangibles</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(923</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; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(923</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-bottom: 1pt">Total accumulated amortization</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,898</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-bottom: 1pt">Total intangible assets subject
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">Total intangible assets, net</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">1</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">5</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-bottom: 1pt">Amortization charge for the year to December 31,</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The useful economic life of intangible assets
is as follow:&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Patents:&#9;5 to 10 years</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">License agreements: &#9;1 to 3 years</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Other intangibles:&#9;5 years</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future amortization charges are detailed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Intangible Assets - Schedule of Intangible
Asset Future Amortization Expense</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 72%; text-align: left"><B>Future estimated aggregate amortization expense</B></TD>
    <TD STYLE="white-space: nowrap; width: 28%; text-align: center">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>Year</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>USD'000</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: middle; white-space: nowrap; text-align: right">2023</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Total intangible assets subject to amortization, net</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>1</B></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 14. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Leases</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has historically entered into a number
of lease arrangements under which it is the lessee. As at December 31, 2022, the Semiconductors Group holds five operating leases. The
operating leases relate to premises. We do not sublease. All of our operating leases include multiple optional renewal periods which are
not reasonably certain to be exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the years 2022, 2021 and 2020 we recognized
rent expenses associated with our leases as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Leases - Schedule of Lease Costs</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 53%; text-align: left">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: white">
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;378 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;339 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Net lease cost </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;332 </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;381 </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;354 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;- </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;-&#160;&#160;&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Lease cost - General &amp; administrative expenses     <FONT STYLE="display: none">General &amp; Administrative Expenses</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;332 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;381 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;354 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Net lease cost </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;332 </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;381 </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;354 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the years 2022 and 2021, we had the following
cash and non-cash activities associated with our leases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Leases - Schedule of Cash and Non-Cash
Activities Associated with Leases</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 63%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>As at December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>As at December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B>USD'000</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B><I>Cash paid for amounts included in the measurement of lease liabilities:</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Operating cash flows from operating leases</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;328 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;380 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><B><I>Non-cash investing and financing activities :</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">Net lease cost</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;332 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;381 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black"><I>Additions to ROU assets obtained from:</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt; color: black">New operating lease liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;56 </FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt; color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;33 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides the details of right-of-use
assets and lease liabilities as of December 31, 2022:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Leases - Schedule of Right-Of-Use Assets and
Lease Liabilities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 77%; text-align: left">&#160;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; width: 23%; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>As at December 31,</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>USD'000</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Right-of-use assets:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Operating leases</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,379 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total right-of-use assets</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,379&#8239; </B></FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Lease liabilities:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Operating leases</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,312 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total lease liabilities</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,312 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at December 31, 2022, future minimum annual
lease payments were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Leases - Schedule of Future Minimum
Lease Payments</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Other Liabilities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: right">USD'000</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: right">USD'000</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: right">USD'000</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: right">USD'000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">Year</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">Operating</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">Short-term</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">Finance</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In line with ASU&#160;2018-11, future minimum lease
payments under legacy ASC&#160;840 are disclosed in the table below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="display: none">Leases - Schedule of Minimum Lease Payments
under Legacy ASC 840</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left; width: 77%"><FONT STYLE="font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right; width: 23%"><FONT STYLE="font-size: 10pt"><B>USD'000</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">2023</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;313 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;293 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;442 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total future minimum operating and short-term lease payments</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,618 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Less effects of discounting</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(306)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Lease liabilities recognized</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,312 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the weighted-average
remaining lease term was 5.92 years for operating leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For our operating leases, we calculated an estimate
rate based upon the estimated incremental borrowing rate of the entity holding the lease. The weighted average discount rate associated
with operating leases as of December 31, 2022 was 3.02%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Other noncurrent assets</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other noncurrent assets consisted of noncurrent
deposits. Deposits are primarily made up of rental deposits on the premises rented by the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Accounts payable</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounts payable balance consisted of the
following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Accounts Payable - Schedule of Accounts
Payable</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 62%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD>
    <TD STYLE="white-space: nowrap; width: 6%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2021</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">5,001 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">5,680 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Factors or other financial institutions for borrowings</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">27 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">1,071 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">792 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Other accounts payable</TD>
    <TD STYLE="white-space: nowrap; text-align: right">663 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">757 </TD></TR>
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts payable to underwriters, promoters and
employees consist primarily of payable balances to employees in relation to holidays, bonus and 13th month accruals across the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other accounts payable are mostly accruals of
social charges in relation to the accrued liability to employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Other current liabilities</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other current liabilities consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Other Current Liabilities - Schedule of
Other Current Liabilities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 62%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD>
    <TD STYLE="white-space: nowrap; width: 6%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2021</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">22 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">111 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">36 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">47 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
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  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Indebtedness to related parties</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;<FONT STYLE="display: none">WISeKey International Holding AG</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 1, 2016, the Group entered into a
Revolving Credit Agreement (the &#8220;Revolving Credit&#8221;) with its parent WISeKey International Holding AG (&#8220;WISeKey&#8221;)
to borrow funds within a credit period starting on October 1, 2016 and ending on December 31, 2017 when all outstanding funds would become
immediately due and payable. Outstanding loan amounts bear an interest rate of 3% per annum. Repayments before the end of the credit
period are permitted. On November 1, 2017, the Group and WISeKey entered into the First Amendment to the Revolving Credit Agreement extending
the credit period by 2 years to December 31, 2019. On March 16, 2021, the Group and WISeKey entered into the Second Amendment to the
Revolving Credit Agreement extending the credit period by another 2 years to December 31, 2022. On November 1, 2022, the Group and WISeKey
entered into the Third Amendment to the Revolving Credit Agreement pursuant to which the interest rate was amended to 2.5% per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 12, 2020, WISeKey provided a Funding
Commitment to extend shareholder loans (each the &#8220;Shareholder Loan&#8221;) to the Group for a maximum aggregate amount of USD 4
million to
be drawn down over six months from the date of the commitment, in instalments of between USD 1 million and USD 1.5 million. The
Shareholder Loans bare interest of 3%
per annum. There are not set repayment dates for the Shareholder Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All entities in the Semiconductors Group are subject
to management fees from WISeKey and WISeKey&#8217;s affiliates. There is no set payment date for these fees, as a result they have been
classified as noncurrent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 1, 2021, the Group entered into a Debt
Remission Agreement (the &#8220;Debt Remission&#8221;) with WISeKey pursuant to which an outstanding amount of EUR&#160;5&#160;million
(USD 5,871,714)
owed to WISeKey was remitted without any compensation from the Group. Per the terms of the Debt Remission, WISeKey will have the right
to reinstate the debt and ask for repayment in fiscal years when WISeKey Semiconductors SAS achieves a positive income before income
tax expense, in an amount calculated based on the income before income tax expense. As such, because of the repayment clause, the loan
amounts covered by the Debt Remission continue to be shown as noncurrent liabilities under the line Indebtedness to related parties,
noncurrent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 28, 2021, the Group entered into a Debt
Transfer Agreement with its parent WISeKey International Holding AG (&#8220;WISeKey&#8221;) and an affiliate of WISeKey, WISeKey SA,
pursuant to which WISeKey extended a loan of USD 1,463,664
to the Group to repay an overdue creditor balance in that same amount owed to WISeKey SA. The loan bears interest at the rate
of 3%
per annum and is repayable by December
31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 31, 2021, the Group entered into a
Debt Transfer Agreement with WISeKey pursuant to which WISeKey extended a loan of USD 1,910,754 to the Group with an interest rate of
3% per annum, repayable on December 31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 30, 2022, the Group entered into a Debt
Transfer Agreement with WISeKey pursuant to which WISeKey extended a loan of USD&#160;444,542 to the Group with an interest rate of 3%
per annum, repayable on December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 31, 2022, the Group entered into a Debt
Transfer Agreement with WISeKey and WISeKey SA pursuant to which WISeKey extended a loan of USD&#160;381,879 to the Group with an interest
rate of 3% per annum, repayable on December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 15, 2022, and in view of the negative
equity position of the Group, WISeKey as sole shareholder of the Semiconductors Group resolved to recapitalize the Group by forfeiting
EUR&#160;7&#160;million (USD&#160;7,348,397) out of the loans outstanding in exchange for the issuance of 175,000 new shares in WISeKey
Semiconductors SAS, par value EUR&#160;1. Under French law, such a recapitalization is only possible if the loans to be forfeited are
immediately repayable. Therefore, respectively on November 1, 2022 and November 3, 2022, the Group entered into a First Amendment to
the Debt Transfer Agreements and into the Fourth Amendment to the Revolving Credit Agreement pursuant to which the loans owed under the
Debt Transfer Agreements dated June 28, 2021, December 31, 2021, June 30, 2022 and August 31, 2022 as well as all amounts due under the
Revolving Credit became due and payable on November 30, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of the requirement under French law, we
analyzed the amendment of the maturity of the loans and Revolving Credit as being part of the substance of the recapitalization transaction.
We assessed the recapitalization as a capital transaction between related parties in line with ASC&#160;470-50 and, therefore, recorded
a credit entry of USD&#160;183,710 in share capital corresponding to the new issue of 175,000 shares and a credit of USD&#160;7,164,687
to additional paid-in capital, with a total debit entry of USD&#160;7,348,397 to Indebtedness to related parties, noncurrent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 31, 2022, the Group entered into a
Debt Transfer Agreement with WISeKey pursuant to which WISeKey extended a loan of USD&#160;283,754 to the Group with an interest rate
of 3% per annum, repayable on December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at December 31, 2022, the Semiconductors Group
owed WISeKey and WISeKey&#8217;s affiliates a total of USD&#160;11,354,925 and the unamortized debt discount balance was USD&#160;35,340,
hence a carrying value of USD&#160;11,319,585 as at December&#160;31,&#160;2022, made up of Shareholder Loans and unpaid management fees.
In 2021, an aggregate debt discount charge of USD&#160;355,327 was amortized to the income statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Employee benefit plans</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Defined benefit post-retirement plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2022, the Group maintained one defined benefit
post retirement plan for the employees of WISeKey Semiconductors SAS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The plans are and were considered defined benefit
plans and accounted for in accordance with ASC&#160;715 Compensation &#8211; Retirement Benefits. This model allocates pension costs
over the service period of employees in the plan. The underlying principle is that employees render services ratably over this period,
and therefore, the income statement effects of pensions should follow a similar pattern. ASC&#160;715 requires recognition of the funded
status or difference between the fair value of plan assets and the projected benefit obligations of the pension plan on the balance sheet,
with a corresponding adjustment recorded in the net loss. If the projected benefit obligation exceeds the fair value of the plan assets,
then that difference or unfunded status represents the pension liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group records net service cost as an operating
expense and other components of defined benefit plans as a non-operating expense in the statement of comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The liabilities and annual income or expense
of the pension plan are determined using methodologies that involve several actuarial assumptions, the most significant of which are
the discount rate and the long-term rate of asset return (based on the market-related value of assets). The fair value of plan assets
is determined based on prevailing market prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The defined benefit pension plan maintained by
WISeKey Semiconductors SAS, and their obligations to employees in terms of retirement benefits, is limited to a lump sum payment based
on remuneration and length of service, determined for each employee. The plan is not funded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pension liability calculated as at December
31, 2022 is based on annual personnel costs and assumptions as of December 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 55%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Personnel Costs</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>As at December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; text-align: center"><FONT STYLE="font-size: 10pt"><B>As at December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; text-align: center"><FONT STYLE="font-size: 10pt"><B>As at December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>USD'000</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Wages and Salaries</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">4,286</FONT></TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">4,345</FONT></TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">4,955</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Social security contributions</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">1,940</FONT></TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">2,049</FONT></TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">2,250</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Net service costs</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">42</FONT></TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">68</FONT></TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>6,268</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap">&#160;</TD>
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap">&#160;</TD>
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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
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    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>As at December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 43%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Assumptions</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: white">
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    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>France</B></FONT></TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">3%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">3%</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As at December 31, 2022 the Group&#8217;s accumulated
benefit obligation amounted to USD&#160;395,786.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>





<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">575</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">1,015</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">(170</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&#160;</TD>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">575</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">575</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 1pt">&#160;</TD>
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    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
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    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: right">575</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="width: 2%; font-size: 10pt; font-weight: bold">&#160;</TD>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">71</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">3</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(8</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; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">78</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD></TR>
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    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; text-align: right">&#160;</TD><TD STYLE="font-size: 10pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(142</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; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(105</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(205</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&#160;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(68</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below shows the breakdown of expected
future contributions payable to the plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Employee Benefit Plans - Schedule of
Future Contributions Payable</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 55%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; width: 73%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Period<BR>
USD'000</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 27%; text-align: center"><FONT STYLE="font-size: 10pt"><B>France</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">2023</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;26 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;29 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">2026</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;50 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">2027</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;49 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;331 </FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group expects to make contributions of approximately
$26,000 in 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Commitments and contingencies</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lease commitments</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The future payments due under leases are shown
in Note 14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our software and hardware product sales agreements
generally include certain provisions for indemnifying customers against liabilities if our products infringe a third party&#8217;s intellectual
property rights. Certain of our product sales agreements also include provisions indemnifying customers against liabilities in the event
we breach confidentiality or service level requirements. It is not possible to determine the maximum potential amount under these indemnification
agreements due to our lack of history of prior indemnification claims and the unique facts and circumstances involved in each particular
agreement. To date, we have not incurred any costs as a result of such indemnifications and have not accrued any liabilities related to
such obligations in our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Stockholders&#8217; equity</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stockholders&#8217; equity consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Stockholders' Equity - Schedule of Stock by Class</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; width: 54%; text-align: left"><B>WISeKey Semiconductors SAS</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 23%; text-align: right"><B>As at December 31, 2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 23%; text-align: right"><B>As at December 31, 2021</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Share Capital</B></TD>
    <TD STYLE="text-align: right"><I>Common stock</I></TD>
    <TD STYLE="text-align: right"><I>Common stock</I></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Par value per share (in EUR)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1.00 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">1.00 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Share capital (in USD)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,955,441 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,771,732 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><I><FONT STYLE="text-decoration: underline">&#160;</FONT></I></TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right">1,473,162</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,298,162</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">1,473,162</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,298,162</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Total number of fully paid-in outstanding shares</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,473,162</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,298,162</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 22.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Accumulated other comprehensive income, net of tax</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
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    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>487 </B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 64%; text-align: left">Total net foreign currency translation adjustments</TD>
    <TD STYLE="white-space: nowrap; width: 17%; text-align: right">(8)</TD>
    <TD STYLE="white-space: nowrap; width: 18%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">142&#8239; </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">134 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>621</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">Total net foreign currency translation adjustments <SUP>(1)</SUP></TD>
    <TD STYLE="white-space: nowrap; text-align: right">(16)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">170&#8239; </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">Total other comprehensive income/(loss), net</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">154 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Accumulated other comprehensive income as at December 31, 2022</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>775</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">(1) Adjusted for rounding </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no income tax expense or benefit allocated
to other comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 23.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Revenue</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nature of goods and services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a description of the principal
activities from which the Group generates its revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group recognizes revenue when a customer takes
possession of the chips, which usually occurs when the goods are delivered. Customers typically pay once goods are delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disaggregation of revenue</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the Group&#8217;s revenues
disaggregated by product or service type:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Revenue - Schedule of Disaggregation of Revenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Disaggregation of revenue</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Typical payment</B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>At one point in time </B></FONT></TD>
    <TD>&#160;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: black 1pt solid; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>USD'000</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 49%; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 3%; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Secure Microcontrollers Segment</B></FONT></TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&#160;</TD></TR>
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secure chips</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon delivery</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,336</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,850</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,289</FONT></TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,336</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,850</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,289</FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Secure Microcontrollers Segment</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18,336</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14,850</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11,289</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">&#160;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18,336</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14,850</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11,289</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>All Other Segment</B></FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secure chips</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon delivery</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;4,862 </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;2,145 </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;3,028 </FONT></TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;4,862 </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;2,145 </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;3,028 </FONT></TD></TR>
  <TR STYLE="background-color: white">
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    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2,145</B></FONT></TD>
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    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">&#160;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4,862</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2,145</B></FONT></TD>
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  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Revenue </B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23,198</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16,995</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14,317</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double">&#160;</TD>
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    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16,995</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14,317</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2022, 2021 and
2020 the Group recorded no revenues related to performance obligations satisfied in prior periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">At One Point in Time</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the Group&#8217;s revenues
disaggregated by geography, based on our customers&#8217; billing addresses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Revenue - Schedule of Disaggregation
of Revenue by Geographic Areas</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="display: none">Rest of EMEA</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="display: none">North America</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="display: none">Asia Pacific</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="display: none">Latin America</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">France</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Net sales by region</B></TD>
    <TD COLSPAN="5" STYLE="text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 47%; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 17%; text-align: right"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 17%; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 17%; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: left"><B>Secure Microcontrollers Segment</B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
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  <TR STYLE="background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>



<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract assets, deferred revenue
and contract liability</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our contract assets, deferred revenue and contract
liability consist of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Revenue - Schedule of Contract Assets,
Deferred Revenue and Contract Liability</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 62%; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 16%; text-align: right"><FONT STYLE="color: black"><B>As at December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="color: black"><B>Trade accounts receivables </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,321 </FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: right"><FONT STYLE="color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;335 </FONT></TD></TR>
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  <TR STYLE="background-color: rgb(204,238,255)">
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  <TR STYLE="background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Increases or decreases in trade accounts receivable,
contract assets, deferred revenue and contract liability were primarily due to normal timing differences between our performance and customer
payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Remaining performance obligations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, approximately USD&#160;83,589
is expected to be recognized from remaining performance obligations for contracts. We expect to recognize revenue for these remaining
performance obligations during the next year approximately as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; width: 77%; text-align: left"><FONT STYLE="color: black"><B>Estimated revenue from remaining performance obligations<BR>
as at December 31, 2022 (USD'000)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 23%; text-align: right"><FONT STYLE="color: black"><B>&#160;Total</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="color: black">2023</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: black">84</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: justify"><FONT STYLE="color: black"><B>Total remaining performance obligation <BR>
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="color: black"><B>84</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 24.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Other operating income</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD COLSPAN="5" STYLE="text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 60%; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 14%; text-align: right"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: right">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: center">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Other operating income - other</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Total other operating income</B></TD>
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>91</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>-</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounts payable write-off relates to a liability
recorded in 2013 by WISeKey Semiconductors SAS which the creditor in insolvency can no longer claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 25. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Non-operating income</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-operating income consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Non-Operating Income - Schedule of
Non-Operating Income</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD COLSPAN="5" STYLE="text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 59%; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 13%; text-align: right"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 13%; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 13%; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Foreign exchange gain</TD>
    <TD STYLE="white-space: nowrap; text-align: right">926 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">482 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">117 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Financial income</TD>
    <TD STYLE="white-space: nowrap; text-align: right">9 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">8 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Other</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">21 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Total non-operating income</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>935</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>483</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>146</B></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 26.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Non-operating expenses</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-operating expenses consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Non-Operating
Expenses - Schedule of Non-Operating Expenses</FONT>&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD COLSPAN="5" STYLE="text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 59%; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 13%; text-align: right"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 13%; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 13%; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Foreign exchange losses</TD>
    <TD STYLE="white-space: nowrap; text-align: right">383 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">728 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Financial charges</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Interest expense</TD>
    <TD STYLE="white-space: nowrap; text-align: right">250 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Other</TD>
    <TD STYLE="white-space: nowrap; text-align: right">4 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">95 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">20 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Total non-operating expenses</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>638</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>96</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>749</B></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 27.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Income taxes</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of income before income taxes are
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Income Taxes - Schedule of Components
of Income before Income Taxes</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Income / (Loss)</B></TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 53%; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right"><B>2022</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right"><B>2021</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: left">France <FONT STYLE="display: none">France</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: right">2,879</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: right">(4,429)</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: right">(8,806)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">Foreign <FONT STYLE="display: none">Foreign</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#8239;&#8239;&#8239; (354)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">(392)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">(390)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: left"><B>Income/(loss) before income tax </B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>2,525</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>(4,821)</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>(9,196)</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of income taxes relating to the
Group are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Income Taxes - Schedule of Income Tax
Expense</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><B>Income taxes </B></TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; width: 53%; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 15%; text-align: right"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 15%; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 15%; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">France</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(3,250)</TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">Foreign</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">5&#8239; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">6</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Income tax expense / (income)</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>(3,245)</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>6</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>5</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The difference between the income tax recovery
(expense) at the local statutory rate compared to the Group&#8217;s income tax recovery (expense) as reported is reconciled below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Income Taxes - Schedule of Income Tax
Expense at the Swiss Statutory Rate</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">&#160;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; width: 62%; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 12%; text-align: right"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 12%; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 12%; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Net income/(loss) before income tax</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,525</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(4,821)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(9,196)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Statutory tax rate</TD>
    <TD STYLE="white-space: nowrap; text-align: right">25%</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">26.5%</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">28%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Expected income tax (expense)/recovery</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(631)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,278</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,575</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Change in valuation allowance</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,185</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">660</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(382)</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(1,562)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>(6)</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>(5)</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group assesses the recoverability of its deferred
tax assets and, to the extent recoverability does not satisfy the &#8220;more likely than not&#8221; recognition criterion under ASC&#160;740,
records a valuation allowance against its deferred tax assets. The Group considered its recent operating results and anticipated future
taxable income in assessing the need for its valuation allowance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the years up until and including 2021, the
Group recorded a valuation allowance for the full amount of its deferred tax assets. However, in view of the Group&#8217;s income before
income tax in the year ended December 31, 2022, and of the anticipated future taxable income per management&#8217;s forecast, the Group
assessed that the recoverability of its deferred tax assets partially satisfied the &#8220;more likely than not&#8221; recognition criterion
under ASC&#160;740 as at December 31, 2022 and, therefore, partially reversed the valuation allowance previously recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s deferred tax assets and liabilities
consist of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Income Taxes - Schedule of Deferred
Tax Assets and Liabilities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
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    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD>
    <TD STYLE="white-space: nowrap; width: 5%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2021</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,296 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;- </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;- </TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;- </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,296 </B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
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  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 63%; text-align: left"><B>Deferred tax assets and liabilities</B></TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD>
    <TD STYLE="white-space: nowrap; width: 5%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2021</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Defined benefit accrual</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(29)</TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">161</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tax loss carryforwards</TD>
    <TD STYLE="white-space: nowrap; text-align: right">3,599</TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">3,640</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Add back loss carryforwards used for the debt remission</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,342</TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Valuation allowance</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(1,616)</TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(3,801)</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: left"><B>Deferred tax assets / (liabilities)</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>3,296</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; vertical-align: bottom">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><B>-</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the Group&#8217;s operating
cumulated loss carry-forwards of all jurisdictions are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Income Taxes - Schedule of Operating Loss Carryforward</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">France</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
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    <TD STYLE="vertical-align: top; text-align: left">&#160;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 38%; text-align: left"><FONT STYLE="font-size: 10pt"><B>USD'000</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 16%; text-align: right"><FONT STYLE="font-size: 10pt"><B>France</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 16%; text-align: right"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 30%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Expiration date</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">As of December 31, 2022</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">14,396</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&#160;14,396</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In France, operating losses may be carried forward
indefinitely, but may be offset against the taxable profits of a given fiscal year only up to an amount of &#8364;1 million, plus 50% of
the taxable result in excess of that threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tax years remain subject to examination:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Income Taxes - Summary of Income Tax&#160;Examinations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 67%; text-align: left"><B>Significant jurisdictions</B></TD>
    <TD STYLE="white-space: nowrap; width: 33%; text-align: right"><B>Open years</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">France</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2020 - 2022</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Japan <FONT STYLE="display: none">Japan</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">2022</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Taiwan <FONT STYLE="display: none">Taiwan</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">2022</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at December 31, 2020, the Group had a tax provision
of USD 118,294, initially recorded in 2019 following a tax audit started in 2018 in relation to prior years, which was neither utilized
nor released. There was no additional accrual in the year 2020. In 2021, the Group had decrease its tax provision to USD 47,368.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at December 31, 2022, the Group had decrease
its tax provision to USD 39,901. Although the final conclusions have not yet been communicated formally, management believes that it is
more probable than not that the entity will have to pay additional taxes and has calculated the provision based on preliminary discussions
with the tax authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has no unrecognized tax benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 28.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Earnings/(Loss) per share</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The computation of basic and diluted net earnings/(loss)
per share for the Group is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Earnings/(Loss) Per Share - Schedule
of&#160;Earnings Per Shares, Basic and Diluted</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD COLSPAN="5" STYLE="background-color: white; text-align: center"><FONT STYLE="font-size: 10pt"><B>12 months ended December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 62%; text-align: left"><FONT STYLE="font-size: 10pt"><B>Earnings / (loss) per share</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 12%; text-align: right"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Net income (USD'000)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,770 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(4,827)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(9,201)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Effect of potentially dilutive instruments on net gain (USD'000)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Net income / (loss) after effect of potentially dilutive instruments (USD'000)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">5,770 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(4,827)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(9,201)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Shares used in net earnings / (loss) per share computation:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years 2020, 2021 and 2022, the group had
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 29.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Legal proceedings</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are currently not party to any legal proceedings
and claims that are not provided for in our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 30.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Related parties disclosure</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at December 31, 2022, the consolidated financial
statements of the Group include the entities listed in the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Related Parties Disclosure - Schedule
of Subsidiary/Parent Ownership Interest</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Related party transactions and balances</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The Semiconductors group is wholly owned by
WISeKey International Holding AG, which provides financing and management services, including, but not limited to, sales and marketing,
accounting, finance, legal, taxation, business and strategy consulting, public relations, marketing, risk management, information technology
and general management. The expenses in relation to WISeKey International Holding AG in 2022, 2021 and 2020 relate to interest on the
outstanding loans and the recharge of management services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. WISeKey SA is a subsidiary of the group headed
by WISeKey International Holding AG (the &#8220;WISeKey Group&#8221;) and provides management services to the Semiconductors Group, including,
but not limited to, sales and marketing, accounting, business and strategy consulting, public relations, marketing, risk management and
information technology. The expenses in relation to WISeKey SA in 2022, 2021 and 2020 relate to interest on the outstanding loans and
the recharge of management services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. WISeKey USA Inc is part of the WISeKey Group
and employs sales employees who work for the Semiconductors Group. The expenses in relation to WISeKey USA Inc. in 2022 and 2021 relate
to the recharge of employee costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. WISeKey Semiconductors GmbH is part of the
WISeKey Group and employs sales employees who work for the Semiconductors Group. The expenses in relation to WISeKey Semiconductors GmbH
in 2022, 2021 and 2020 relate to the recharge of employee costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. WISeCoin AG was the parent of WISeCoin France
R&amp;D Lab SAS until it was acquired by the Semiconductors Group. WISeCoin AG is part of the WISeKey Group. The expenses recorded in
2020 relate to interest on the outstanding loans and the recharge of management services. The expenses recorded in 2022 and 2021 relate
to interest on the outstanding loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 31.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Subsequent events</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 1, 2023, the Semiconductors Group was
sold by WISeKey International Holding Ltd to its wholly owned subsidiary SEALSQ&#160;Corp. in exchange for a consideration of 1,499,700
SEALSQ Class F shares, par value USD&#160;0.05 and 7,501,400 SEALSQ ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The acquisition by SEALSQ Corp. of the Semiconductors
Group is a transaction under common control in line with ASC&#160;805-50 because both entities were wholly owned by WISeKey. The combination
will be accounted for as a reverse acquisition from January 1, 2023, in line with ASC&#160;805-40 &#8220;Reverse Acquisitions&#8221; because
SEALSQ Corp., then a so-called empty shell private company with no operating activities that was not considered a business under US GAAP
standards, acquired the Semiconductors Group, a private operating company and its affiliates. This transaction being a capital transaction
in substance, it qualifies as a reverse acquisition that is considered a recapitalization under common control whereby SEALSQ is the legal
acquirer and accounting acquiree, whereas the Semiconductors Group is the legal acquiree and accounting acquirer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Indebtedness to related parties</I></B>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 1, 2023, the Group entered into a
Loan Agreement (the &#8220;New Loan Agreement&#8221;) with WISeKey pursuant to which all loans outstanding are replaced with the New
Loan Agreement, meaning that all outstanding loan amounts are governed by the terms and conditions of the New Loan Agreement. Under the
New Loan Agreement, the Group may borrow funds up to an aggregate amount of USD&#160;5&#160;million
in instalments
of no more than USD&#160;1&#160;million each. The New Loan Agreement loan bears interest at the rate of 2.5%
per annum and is repayable by December
31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Line of Credit</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Subsequent Event</FONT>&#160;</P>

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 32.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Segment reporting</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has one operating segment that meets
the criteria set in ASC&#160;280-10-50: Secure Microcontrollers. The Group&#8217;s chief operating decision maker, who is its Chief Executive
Officer, reviews financial performance of this operating segment for purposes of allocating resources and assessing budgets and performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The remaining non-reportable operating segments
and other business activities that are not identified as operating segments are combined and disclosed in an &#8220;all other&#8221; standalone
category.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Secure Microcontrollers segment encompasses
the design, manufacturing, sales and distribution of high-end, Common Criteria EAL5+ &amp; FIPS 140-3-certified secure microprocessors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
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    <TD STYLE="font-size: 8pt; text-align: left">&#160;</TD><TD STYLE="font-size: 8pt; text-align: right">&#8212;</TD><TD STYLE="font-size: 8pt; text-align: left">&#160;</TD><TD STYLE="font-size: 8pt">&#160;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&#160;</TD><TD STYLE="font-size: 8pt; text-align: right">(5</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&#160;</TD>
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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 5%; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 13%; text-align: right"><FONT STYLE="font-size: 10pt"><B>USD'000</B></FONT></TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 15%; text-align: right"><FONT STYLE="font-size: 10pt"><B>USD'000</B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 30%; text-align: left"><FONT STYLE="font-size: 10pt"><B>As at December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 28%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 19%; text-align: right"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  </TABLE>
<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>



<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue and property, plant and equipment
by geography</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables summarize geographic information
for net sales based on the billing address of the customer, and for property, plant and equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Segment Reporting - Schedule of &#160;Revenue and Property, Plant and Equipment by Geography</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Net sales by region</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 61%; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 11%; text-align: right"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 3%; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 12%; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 12%; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">France</TD>
    <TD STYLE="white-space: nowrap; text-align: right">211 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">457 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,614 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Rest of EMEA*</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">3,798 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,892 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">North America</TD>
    <TD STYLE="white-space: nowrap; text-align: right">13,609 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">10,631 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">8,217 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Asia Pacific</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,745 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,062 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,526 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Latin America</TD>
    <TD STYLE="white-space: nowrap; text-align: right">67 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">47 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">68 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Total net sales</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>23,198 </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>16,995 </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>14,317 </B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">* EMEA means Europe, Middle East and Africa</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 63%; text-align: left"><B>Property, plant and equipment, net of depreciation, by region</B></TD>
    <TD STYLE="width: 16%; text-align: right"><B>As at December 31,</B></TD>
    <TD STYLE="width: 5%; text-align: right">&#160;</TD>
    <TD STYLE="width: 16%; text-align: right"><B>As at December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2022</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2021</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">France</TD>
    <TD STYLE="white-space: nowrap; text-align: right">782 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">886 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Total Property, plant and equipment, net of depreciation</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>782 </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>886 </B></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 33.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Bonds, mortgages and other long-term debt</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Production Capacity Investment Loan Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2022, WISeKey Semiconductors SAS entered
into a loan agreement with a third party client to borrow funds for the purpose of increasing their production capacity.&#160; Under the
terms of the Agreement, the client has lent to WISeKey Semiconductors SAS a total of USD&#160;2,000,000. The loan will be reimbursed by
way of a volume rebate against future sales volumes from the Semiconductors Group to the client during the period from July 1, 2023, through
to December 31, 2025.&#160; The volume rebate is based upon quarterly sales volumes in excess of a base limit on a yearly projected basis.
Any amount still outstanding as at December 31, 2025 falls due for repayment on this date.&#160; The loan does not bear any interest and
there were no fees or costs attributed to the loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An unamortized debt discount totaling USD&#160;511,128
was calculated and booked to APIC in 2022.&#160; WISeKey Semiconductors SAS has not repaid any amount as at December 31, 2022, and no
debt discount charge was recorded to the income statement in 2022. The amortization of the debt will start in 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Therefore, as at December&#160;31, 2022, the loan
balance was USD 2,000,000 and the unamortized debt discount balance was USD 511,128, leaving a carrying value of USD 1,488,872.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 34.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Business Update Related to COVID-19</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2020, the World Health Organization declared
the Coronavirus (COVID-19) a pandemic. The outbreak spread quickly around the world, including in every geography in which the Group operates.
The pandemic has created uncertainty around the impact of the global economy and has resulted in impacts to the financial markets and
asset values. Governments implemented various restrictions around the world, including closure of non-essential businesses, travel, shelter-in-place
requirements for citizens and other restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group took a number of precautionary steps
to safeguard its businesses and colleagues from COVID-19, including implementing travel restrictions, working from home arrangements and
flexible work policies. The Group started to return to offices around the world, in line with the guidelines and orders issued by national,
state and local governments, implementing a phased approach in its main office in France. We continue to prioritize the safety and well-being
of our colleagues during this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s major production centers, located
in Taiwan and Vietnam, were quick to implement controls and safeguards around their processes that enabled us to continue delivering products
with minimal interruption to our clients. In 2022, the impact upon the Group has been limited and we remain confident that we are able
to fulfil all current client orders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group retains a strong liquidity position
and believes that it has sufficient cash reserves to support the entity for the foreseeable future (see note 2 for further details.) The
Group continues to review its costs and suspended its share buy-back programs in order to reduce the cash burn. The Group has applied
for, and received, support under the schemes announced by the Swiss government. Currently the Group remains able to meet its commitments
and does not foresee any significant challenges in the near future. The Group currently does not anticipate any material impact on its
liquidity position and outlook.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At this stage it remains impossible to predict
the extent of the impact of the COVID-19 pandemic as this will depend on numerous evolving factors and future developments that the Group
is not able to predict.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note &#160; 35.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </FONT>Impacts of the war in Ukraine</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the outbreak of the war in Ukraine in
late February 2022, several countries imposed sanctions on Russia, Belarus and certain regions in Ukraine. There has been an abrupt change
in the geopolitical situation, with significant uncertainty about the duration of the conflict, changing scope of sanctions and retaliation
actions including new laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Semiconductors Group does not have any operation
or customer in Russia, Belarus or Ukraine, and, as such, does not foresee any direct impact of the war on its operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, the war has also contributed to an increase
in volatility in currency markets, energy prices, raw material and other input costs, which may impact the Group&#8217;s supply chain
in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at December 31, 2022, the Semiconductors Group
has assessed the consequences of the war for its financial disclosures and considered the impacts on key judgements and significant estimates,
and has concluded that no changes were required. The Semiconductors Group will continue to monitor these areas of increased risk for material
changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

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

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<TR STYLE="vertical-align: top; text-align: left">
  <TD><IMG SRC="image_008.jpg" ALT="">&#160;</TD>
  <TD STYLE="width: 25%"><P STYLE="margin-top: 0; margin-bottom: 0">Phone +41 22 322 24 24</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">Fax +41 22 322 24 00</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">www.bdo.ch</P></TD>
  <TD STYLE="width: 25%"><P STYLE="margin-top: 0; margin-bottom: 0">BDO AG</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">Schiffbaustrasse 2</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">8031 Zurich</P></TD></TR>
</TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: left">Report of the Statutory Auditor</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Report of Independent Registered
Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: fuchsia">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WISeKey International Holding AG, (sole Shareholder
of WISeKey Semiconductors SAS)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">6300 Zug</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: fuchsia">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Opinion on
the Consolidated Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: fuchsia">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have audited
the accompanying consolidated balance sheets of WISeKey Semiconductors SAS (the &#8220;Company&#8221;) as of December&#160;31, 2021 and
2020, the related consolidated statements of comprehensive income /loss, changes in shareholders&#8217; equity, and cash flows for each
of the two years in the period ended December 31, 2021, and the related notes (collectively referred to as the &#8220;consolidated financial
statements&#8221;). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position
of the Company at December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the two years in the period
ended December 31, 2021<B>,</B> in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: fuchsia">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: fuchsia">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">These consolidated
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: fuchsia">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness
of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: fuchsia">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. <FONT>We believe
that our audits provide a reasonable basis for our opinion.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zurich, Switzerland, December 9, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: fuchsia">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: fuchsia">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: fuchsia">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Philipp Kegele</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ i.V. Sarah Schrauwen</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="font-size: 10pt">&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Philipp Kegele</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt">i.V. Sarah Schrauwen</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: fuchsia">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company's auditor since 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; text-align: justify; font-size: 10pt">BDO Ltd, a limited company under Swiss law, incorporated in Zurich, forms part of the international BDO Network of independent member firms.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="font-size: 7pt; width: 50%">WISeKey Semiconductors SAS, SEALSQ Corp Predecessor</TD><TD STYLE="font-size: 7pt; text-align: right; width: 50%">Consolidated Financial Statements as at June 30, 2022</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: left">Consolidated Statements of Comprehensive Income/(Loss)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; width: 13%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 4%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; text-align: left">&#160;</TD>
    <TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 6%; text-align: center">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(3,050)</FONT></TD>
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(4,245)</FONT></TD>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(6,788)</FONT></TD>
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    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD>&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(96)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(749)</FONT></TD>
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    <TD>&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes are an integral part of
these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: left">Consolidated Balance Sheets</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <TD STYLE="white-space: nowrap; width: 13%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 4%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 6%; text-align: center">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes are an integral part of
these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: left">Consolidated Statements of Changes in Shareholders&#8217; Equity</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</TD>
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>(9,373)</B></TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: right">503</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
    <TD>&#160;</TD>
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  <TR STYLE="background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>1,298,162</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>1,772</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>7,258</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>(23,214)</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>621</B></TD>
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  </TABLE>
<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: justify"><FONT STYLE="display: none">Common Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Additional Paid-In Capital</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Accumulated Deficit</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Accumulated Other Comprehensive Income/(Loss)</FONT>&#160;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* Adjusted for rounding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying notes are an integral part of
these consolidated financial statements<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: left">Consolidated Statements of Cash Flows</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>12 months ended December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 7%; text-align: left"><FONT STYLE="font-size: 10pt"><B>USD'000</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 60%; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 16%; text-align: right"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: right">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(9,201)</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">604 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(457)</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(52)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(440)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">616 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 20pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(120)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Changes in operating assets and liabilities, net of effects of businesses acquired</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
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    <TD COLSPAN="2" STYLE="text-indent: 20pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Decrease (increase) in accounts receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(400)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,539 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(236)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">313 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">172 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">198 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">1,330 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">4 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">63 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">522 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(457)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">143 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(10)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(413)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">169 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Net cash provided by (used in) operating activities</B></FONT></TD>
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    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Cash Flows from investing activities:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(36)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">(52)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">215 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Net cash provided by (used in) investing activities</B></FONT></TD>
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    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>163 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT>T</FONT>he accompanying
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: left">Notes to the Consolidated Financial Statements</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 1. &#160;&#160;&#160;&#160;&#160;The Semiconductors Group</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WISeKey Semiconductors SAS, together with its
consolidated subsidiaries (the &#8220;<B>Group</B>&#8221; or the &#8220;<B>Semiconductors Group</B>&#8221;), has its headquarters in France.
WISeKey Semiconductors SAS, the parent of the Semiconductors Group, was incorporated in July 2010 and is a private joint stock company
(French Simplified Joint Stock Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group designs, develops and markets secure
semiconductors worldwide as a fabless manufacturer. It provides added security and authentication layers on its semiconductors which can
be tailored to customers&#8217; needs. As an advanced chip designer, the Group holds the intellectual property (&#8220;<B>IP</B>&#8221;)
for the semiconductors it sells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group anticipates being able to generate profits
in the near future thanks to the increased focus on the security and authentication of IT components and networks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 2. &#160;&#160;&#160;&#160;&#160;Future operations and going concern</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group experienced a loss from operations in
this reporting period. Although the Semiconductors Group does anticipate being able to generate profits in the near future, this cannot
be predicted with any certainty. The accompanying consolidated financial statements have been prepared assuming that the Group will continue
as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group incurred a net operating loss of, respectively,
USD&#160;5.0 million and USD&#160;8.6&#160;million in the years ended December 31, 2021 and 2020, and had positive working capital of
USD&#160;0.5 million as at December&#160;31,&#160;2021 and negative working capital of USD&#160;-0.3 million as at December&#160;31,&#160;2020,
both calculated as the difference between current assets and current liabilities. Based on the Group&#8217;s cash projections up to December
31, 2023, it has sufficient liquidity to fund operations. Historically, the Group has been dependent on financing from its parent, WISeKey
International Holding Ltd, to augment the operating cash flow to cover its cash requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the foregoing, Management believe it
is correct to present these figures on a going concern basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 3. &#160;&#160;&#160;&#160;&#160;Basis of presentation</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements are prepared
in accordance with the Generally Accepted Accounting Principles in the United States of America (&#8220;<B>US GAAP</B>&#8221;) as set
forth in the Financial Accounting Standards Board&#8217;s (FASB) Accounting Standards Codification (ASC). All amounts are in United States
dollars (&#8220;<B>USD</B>&#8221;) unless otherwise stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acquisition of WISeCoin France R&amp;D
Lab SAS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 15, 2020, the Group acquired WISeCoin
France R&amp;D Lab SAS, a private French company which was spun off from the Group in&#160;2019. The primary activity of WISeCoin France
R&amp;D Lab SAS is to carry out research and development on hardware and software components of semiconductors and integrated circuits
with a focus on authentication and security solutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Both the Semiconductors Group and WISeCoin France
R&amp;D Lab SAS being controlled by ultimate parent WISeKey International Holding AG, the acquisition qualified as a transaction under
common control in line with ASC&#160;805-50. In application of ASC&#160;805-50-45, the assets, liabilities and results of WISeCoin France
R&amp;D Lab SAS have been consolidated in the Group&#8217;s financial statements as of the beginning of the period, i.e., from January
1, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dissolution of WISeCoin France R&amp;D
Lab SAS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 1, 2021, WISeCoin France R&amp;D Lab
SAS&#8217; assets and liabilities were transferred to WISeKey Semiconductors SAS and WISeCoin France R&amp;D Lab SAS was dissolved. As
a fully owned subsidiary, the net assets of WISeCoin France R&amp;D Lab SAS in the Semiconductors Group as at January 1, 2021 were transferred
at carrying value to WISeKey Semiconductors SAS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 4.&#160;&#160;&#160;&#160;&#160; Summary of significant accounting policies</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s fiscal year ends on December
31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include
the accounts of WISeKey Semiconductors SAS and its wholly-owned subsidiaries over which the Group has control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intercompany income and expenses, including unrealized
gross profits from internal group transactions and intercompany receivables, payables and loans have been eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General Principles of Business Combinations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group uses the acquisition method to account
for business combination, in line with ASC Topic 805-10 Business Combinations. Subsidiaries acquired or divested in the course of the
year are included in the consolidated financial statements respectively as of the date of purchase, and up to the date of sale. The consideration
for the acquisition is measured as the fair value of the assets transferred, the liabilities incurred and the equity interests issued
by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of consolidated financial statements
in conformity with US GAAP requires management to make certain estimates, judgments and assumptions. We believe these estimates, judgements
and assumptions are reasonable, based upon information available at the time they were made. These estimates, judgments and assumptions
can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of
revenues and expenses during the periods presented. To the extent there are differences between these estimates, judgments or assumptions
and the actual results, our consolidated financial statements will be affected. In many cases, the accounting treatment of a particular
transaction is specifically dictated by US GAAP and does not require management&#8217;s judgment in its application. There are also areas
in which management&#8217;s judgment in selecting from available alternatives would not produce a materially different result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The functional currency of WISeKey Semiconductors
SAS is USD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, the functional currency of a foreign
operation is the local currency. Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance
sheet date. Revenue and expenses are translated at average rates of exchange prevailing during the year. The effects of foreign currency
translation adjustments are included in stockholders&#8217; equity as a component of accumulated other comprehensive income/loss. The
Group's reporting currency is USD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash consists of deposits held at major banks
that are readily available. Cash equivalents consist of highly liquid investments that are readily convertible to cash and with original
maturity dates of three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities
of these instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Receivables represent rights to consideration
that are unconditional and consist of amounts billed and currently due from customers, and revenues that have been recognized for accounting
purposes but not yet billed to customers. The Group extends credit to customers in the normal course of business and in line with industry
practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We recognize an allowance for credit losses to
present the net amount of receivables expected to be collected as of the balance sheet date. The allowance is based on the credit losses
expected to arise over the asset&#8217;s contractual term taking into account historical loss experience, customer-specific data as well
as forward looking estimates. Expected credit losses are estimated individually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable are written off when deemed
uncollectible and are recognized as a deduction from the allowance for credit losses. Expected recoveries, which are not to exceed the
amount previously written off, are considered in determining the allowance balance at the balance sheet date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are stated at the lower of cost or
net realizable value. Costs are calculated using standard costs, approximating average costs. Finished goods and work-in-progress inventories
include material, labor and manufacturing overhead costs. The Group records write-downs on inventory based on an analysis of obsolescence
or a comparison to the anticipated demand or market value based on a consideration of marketability and product maturity, demand forecasts,
historical trends and assumptions about future demand and market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Property, Plant and Equipment</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Minimum</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Maximum</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant and equipment are stated at cost,
net of accumulated depreciation. Depreciation is computed using the straight-line method based on estimated useful lives which range from
1 to 10 years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the improvements or the lease terms,
as appropriate. Property, plant and equipment are periodically reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Intangible Assets</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Those intangible assets that are considered to
have a finite useful life are amortized over their useful lives, which generally range from 1 to 10 years. Each period we evaluate the
estimated remaining useful lives of intangible assets and whether events or changes in circumstances require a revision to the remaining
periods of amortization or that an impairment review be carried out.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In line with ASC 842, the Group, as a lessee,
recognizes right-of-use assets and related lease liabilities on its balance sheet for all arrangements with terms longer than twelve months,
and reviews its leases for classification between operating and finance leases. Obligations recorded under operating and finance leases
are identified separately on the balance sheet. Assets under finance leases and their accumulated amortization are disclosed separately
in the notes. Operating and finance lease assets and operating and finance lease liabilities are measured initially at an amount equal
to the present value of minimum lease payments during the lease term, as at the beginning of the lease term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has elected the short-term lease practical
expedient whereby we do not present short-term leases on the consolidated balance sheet as these leases have a lease term of 12 months
or less at lease inception and do not contain purchase options or renewal terms that we are reasonably certain to exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have also elected the practical expedients related
to lease classification of leases that commenced before the effective date of ASC&#160;842.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s policy is to recognize revenue
to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects
to be entitled in exchange for those goods or services. To achieve that core principle, WISeKey applies the following steps:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Step 1: Identify the contract(s) with a customer.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Step 2: Identify the performance obligations in the contract.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Step 3: Determine the transaction price.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Step 4: Allocate the transaction price to the performance obligations in the contract.</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue is measured based on the consideration
specified in a contract with a customer and excludes amounts collected on behalf of third parties. We typically allocate the transaction
price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised
in the contract. If a standalone price is not observable, we use estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group recognizes revenue when it satisfies
a performance obligation by transferring control over goods or services to a customer. The transfer may be done at a point in time (typically
for goods) or over time (typically for services). The amount of revenue recognized is the amount allocated to the satisfied performance
obligation. For performance obligations satisfied over time, the revenue is recognized over time, most frequently on a <I>prorata temporis</I>
basis as most of the services provided by the Group relate to a set performance period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Group determines that the performance obligation
is not satisfied, it will defer recognition of revenue until it is satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We present revenue net of sales taxes and any
similar assessments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group delivers products and records revenue
pursuant to commercial agreements with its customers, generally in the form of an approved purchase order or sales contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where products are sold under warranty, the customer
is granted a right of return which, when exercised, may result in either a full or partial refund of any consideration received, or a
credit that can be applied against amounts owed, or that will be owed, to the Group. For any amount received or receivable for which we
do not expect to be entitled to because the customer has exercised its right of return, we recognize those amounts as a refund liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract assets consists of accrued revenue where
the Group has fulfilled its performance obligation towards the customer but the corresponding invoice has not yet been issued. Upon invoicing,
the asset is reclassified to trade accounts receivable until payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred revenue consists of amounts that have
been invoiced and paid but have not been recognized as revenue. Deferred revenue that will be realized during the succeeding 12-month
period is recorded as current and the remaining deferred revenue recorded as non-current. This would relate to multi-year certificates
or licenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract liability consists of either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">amounts that have been invoiced and not yet paid, nor recognized as revenue. Upon payment, the liability
is reclassified to deferred revenue if the amounts still have not been recognized as revenue. Contract liability that will be realized
during the succeeding 12-month period is recorded as current and the remaining contract liability recorded as non-current. This would
relate to multi-year certificates or licenses.</TD></TR></TABLE>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">advances from customers not supported by invoices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales commission expenses where revenue is recognized
are recorded in the period of revenue recognition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cost of Sales and Depreciation of Production
Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our cost of sales consists primarily of expenses
associated with the delivery and distribution of products. These include expenses related to the license to the Global Cryptographic ROOT
Key, the global Certification authorities as well as the digital certificates for people, servers and objects, expenses related to the
preparation of our secure elements and the technical support provided on the Group's ongoing production and on the ramp-up phase, including
materials, labor, test and assembly suppliers, and subcontractors, freights costs, as well as the amortization of probes, wafers and other
items that are used in the production process. This amortization is disclosed separately under depreciation of production assets on the
face of the income statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Research and Development and Software Development
Costs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All research and development costs and software
development costs are expensed as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All advertising costs are expensed as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2020, the Group maintained two defined benefit
post retirement plans:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">one for the employees of WISeKey Semiconductors SAS, and</TD></TR></TABLE>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">. one for the employees of WISeCoin France R&amp;D Lab SAS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2021, following the transfer of WISeCoin France
R&amp;D Lab SAS&#8217; assets and liabilities to WISeKey Semiconductors SAS and the dissolution of WISeCoin France R&amp;D Lab SAS, the
Group only maintained one defined benefit post retirement plan for the employees of WISeKey Semiconductors SAS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC 715-30, <I>Defined Benefit
Plans &#8211; Pension, </I>the Group recognizes the funded status of the plan in the balance sheet. Actuarial gains and losses are recorded
in accumulated other comprehensive income / (loss).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Taxes on income are accrued in the same period
as the revenues and expenses to which they relate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred taxes are calculated on the temporary
differences that arise between the tax base of an asset or liability and its carrying value in the balance sheet of our companies prepared
for consolidation purposes, with the exception of temporary differences arising on investments in foreign subsidiaries where the Group
has plans to permanently reinvest profits into the foreign subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets on tax loss carry-forwards
are only recognized to the extent that it is &#8220;more likely than not&#8221; that future profits will be available and the tax loss
carry-forward can be utilized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes to tax laws or tax rates enacted at the
balance sheet date are taken into account in the determination of the applicable tax rate provided that they are likely to be applicable
in the period when the deferred tax assets or tax liabilities are realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group is required to pay income taxes in a
number of countries. The Group recognizes the benefit of uncertain tax positions in the financial statements when it is more likely than
not that the position will be sustained on examination by the tax authorities. The benefit recognized is the largest amount of tax benefit
that is greater than 50 percent likely of being realized on settlement with the tax authority, assuming full knowledge of the position
and all relevant facts. The Group adjusts its recognition of these uncertain tax benefits in the period in which new information is available
impacting either the recognition or measurement of its uncertain tax positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research tax credits are provided by the French
government to give incentives for companies to perform technical and scientific research. WISeKey Semiconductors SAS is eligible to receive
such tax credits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These research tax credits are presented as a
reduction of Research &amp; development expenses in the income statement when companies that have qualifying expenses can receive such
grants in the form of a tax credit irrespective of taxes ever paid or ever to be paid, the corresponding research and development efforts
have been completed and the supporting documentation is available. The credit is deductible from the entity&#8217;s income tax charge
for the year or payable in cash the following year, whichever event occurs first. The tax credits are included in noncurrent deferred
tax credits in the balance sheet in line with ASU&#160;2015-17.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings per share are calculated using
WISeKey Semiconductors SAS&#8217; weighted-average outstanding common shares. When the effects are not antidilutive, diluted earnings
per share is calculated using the weighted-average outstanding common shares and the dilutive effect of stock options as determined under
the treasury stock method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our chief operating decision maker, who is also
our Chief Executive Officer, regularly reviews information related to one operating segment, secure microcontrollers, for purposes of
allocating resources and assessing budgets and performance. We report our financial performance based on this segment structure described
in Note 34.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Adoption of new FASB Accounting Standard in
the current year &#8211; Prior-Year Financial Statements not restated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2020, the Group adopted ASU 2018-13, <I>Fair
Value Measurement (Topic 820): Disclosure Framework&#8212;Changes to the Disclosure Requirements for Fair Value Measurement</I>, which
modifies the disclosure requirements on fair value measurements in Topic 820 as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following disclosure requirements were removed
from Topic 820:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following disclosure requirements were added
to Topic 820:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">The changes in unrealized gains and losses for the period included in other comprehensive income for recurring
Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable
inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information
(such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information
would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements.
There was no material impact on the Group&#8217;s disclosures in 2020 upon adoption of the new standard.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of January 1, 2020, the Group adopted Accounting
Standards Update ASU 2016-13, Financial Instruments - Credit Losses, which requires the measurement of expected lifetime credit losses,
rather than incurred losses, for financial instruments held at the reporting date based on historical experience, current conditions and
reasonable forecasts. There was no material impact on the Group's results upon adoption of the standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group also adopted ASU 2019-04, Codification
Improvements to Topic 326, Financial Instruments&#8212;Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,
Codification improvements, which clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging,
and recognition and measurement of financial instruments to ASU 2016-01, 2016-13 &amp; 2017-12. Since issuance of these standards, the
FASB has identified areas that need clarification and correction, resulting in changes similar to those issues under its ongoing Codification
improvements. There was no material impact on the Group&#8217;s results of operations in 2020 upon adoption of the new standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of January 1, 2021, the Group adopted ASU 2018-14,
Compensation&#8212;Retirement Benefits&#8212;Defined Benefit Plans&#8212;General (Subtopic 715-20): <I>Disclosure Framework&#8212;Changes
to the Disclosure Requirements for Defined Benefit Plans, which </I>modifies the disclosure requirements for employers that sponsor defined
benefit pension or other postretirement plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASU 2018-14 deletes the following disclosure requirements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts in accumulated other comprehensive
income expected to be recognized as components of net periodic benefit cost over the next fiscal year; the amount and timing of plan assets
expected to be returned to the employer; related party disclosures about the amount of future annual benefits covered by insurance and
annuity contracts and significant transactions between the employer or related parties and the plan. The effects of a one-percentage-point
change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit
costs and (b) benefit obligation for postretirement health care benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASU 2018-14 adds/clarifies disclosure requirements
related to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The weighted-average interest crediting rates
for cash balance plans and other plans with promised interest crediting rates; An explanation of the reasons for significant gains and
losses related to changes in the benefit obligation for the period; The projected benefit obligation (PBO) and fair value of plan assets
for plans with PBOs in excess of plan assets; The accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs
in excess of plan assets. There was no material impact on the Group's results upon adoption of the standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of January 1, 2021, the Group also adopted
ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (the ASU), as part of its overall simplification initiative
to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided
to users of financial statements, which amendments primarily impact ASC 740, Income Taxes, and may impact both interim and annual reporting
periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It eliminates the need for an organization to
analyze whether the following apply in a given period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">Exception to the incremental approach for intraperiod tax allocation; Exceptions to accounting for basis
differences when there are ownership changes in foreign investments; Exception in interim period income tax accounting for year-to-date
losses that exceed anticipated losses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ASU also improves financial statement preparers&#8217;
application of income tax-related guidance and simplifies GAAP for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">Franchise taxes that are partially based on income; Transactions with a government that result in a step
up in the tax basis of goodwill; Separate financial statements of legal entities that are not subject to tax; Enacted changes in tax laws
in interim periods.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There was no material impact on the Group's results
upon adoption of the standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of January 1, 2021, the Group also adopted
ASU 2020-10, Codification improvements, which further clarify and improve the Codification by codifying all guidance that requires or
provides the option for an entity to disclose information within the footnotes. This clarification is meant to reduce the likelihood of
a preparer missing required disclosure requirements. While the amendments do not introduce new topics or subtopics or change existing
GAAP, all entities should review the changes found in the ASU to assess the impact it may have on their financial reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There was no material impact on the Group's results
upon adoption of the standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">New FASB Accounting Standard to be adopted
in the future:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2021, The FASB has issued Accounting
Standards Update (ASU) No. 2021-08,&#160;Business Combinations (topic 805): Accounting for Contract Assets and Contract Liabilities from
Contracts with Customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summary: The ASU amends ASC 805&#160;to &#8220;require
acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination.&#8221;
Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. ASU 2021-08 requires contract assets
and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance
with ASC 606 (meaning the acquirer should assume it has entered the original contract at the same date and using the same terms as the
acquiree). This new ASU applies to contract assets and contract liabilities acquired in a business combination and to other contracts
that directly/indirectly apply the requirements of ASC 606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective Date: ASU No. 2021-08 is effective for
public business entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. An entity
should apply the amendments prospectively to business combinations occurring on or after the effective dates. Early adoption is permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group expects to adopt all the aforementioned
guidance when effective. Management is assessing the impact of the aforementioned guidance on its consolidated financial statements but
does not expect it to have a material impact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2021, The FASB has issued Accounting
Standards Update (ASU) No. 2021-10,&#160;Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summary: The ASU provides an update to increase
the transparency of government assistance including the disclosure of the types of assistance, an entity&#8217;s accounting for the assistance,
and the effect of the assistance on an entity&#8217;s financial statements. ASC 832 requires the following disclosures in the notes, information
about the nature of the transactions, the accounting policies used to account for the transactions, and balance sheet and income statement
affected by the transactions. The duration, commitments, provisions, and other contingencies are required to disclose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective Date: ASU No. 2021-10 is effective for
fiscal years beginning after December 15, 2021. Early adoption is permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group expects to adopt all the aforementioned
guidance when effective. Management is assessing the impact of the aforementioned guidance on its consolidated financial statements but
does not expect it to have a material impact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group reviewed the Accounting Standards Updates
(ASU) issued up until the date of release of these financial statements and did not identify further ASUs relevant to the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 5. &#160;&#160;&#160;&#160;&#160;Concentration of credit risks</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that are potentially subject
to credit risk consist primarily of cash and cash equivalents and trade accounts receivable. Our cash is held with large financial institutions.
Management believes that the financial institutions that hold our investments are financially sound and accordingly, are subject to minimal
credit risk. Deposits held with banks may exceed the amount of insurance provided on such deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group sells to large, international customers
and, as a result, may maintain individually significant trade accounts receivable balances with such customers during the year. We generally
do not require collateral on trade accounts receivable. Summarized below are the clients whose revenue were 10% or higher than the respective
total consolidated net sales, and the clients whose trade accounts receivable balances were 10% or higher than the respective total consolidated
trade accounts receivable balance for fiscal years 2021 and 2020. In addition, we note that some of our clients are contract manufacturers
for the same companies; should these companies reduce their operations or change contract manufacturers, this would cause a decrease in
our customer orders which would adversely affect our operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Revenue concentration<BR>
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    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Receivables concentration<BR>
&#160;(% of total accounts receivable)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
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    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>As at December 31,</B></FONT></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 15%"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 15%"><FONT STYLE="font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; width: 2%">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 15%"><FONT STYLE="font-size: 10pt"><B>2021</B></FONT></TD>
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    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">9%</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt">11%</FONT></TD>
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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 6. &#160;&#160;&#160;&#160;&#160;Fair value measurements</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC 820 establishes a three-tier fair value hierarchy
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: left; text-indent: -7.1pt"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;
Level 1, defined as observable inputs such as quoted prices in active markets;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: left; text-indent: -7.1pt"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: left; text-indent: -7.1pt"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: left; text-indent: -7.1pt">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>USD'000</B></FONT></TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>Fair value</B></FONT></TD>
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    <TD STYLE="white-space: nowrap; text-align: right; width: 12%">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; width: 1%">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; width: 12%">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; width: 12%">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; width: 10%">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; width: 10%">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">8 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">7,256 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">6,734 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">18 </FONT></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">15,617</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">12,263 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">3 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">20 </FONT></TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the methods and assumptions we
use to record the fair value of financial instruments as discussed in the Fair Value Measurements section above, we used the following
methods and assumptions to estimate the fair value of our financial instruments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify">Accounts receivable &#8211; carrying amount approximated fair value due to their short-term nature.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify">Accounts payable &#8211; carrying amount approximated fair value due to their short-term nature.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify">Indebtedness to related parties, noncurrent - carrying amount approximated fair value.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 7. &#160;&#160;&#160;&#160;&#160;Cash and cash equivalents</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash consists of deposits held at major banks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 8. &#160;&#160;&#160;&#160;&#160;Accounts receivable</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The breakdown of the accounts receivable balance
is detailed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Accounts Receivable - Schedule of Accounts
Receivable</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 61%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD>
    <TD STYLE="white-space: nowrap; width: 7%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Trade accounts receivable</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,656 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,227 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Allowance for doubtful accounts</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(50)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(21)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>2,606 </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
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  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 9. &#160;&#160;&#160;&#160;&#160;Inventories</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Inventories - Schedule of Inventories, Current</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 61%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD>
    <TD STYLE="white-space: nowrap; width: 7%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Raw materials</TD>
    <TD STYLE="white-space: nowrap; text-align: right">950 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">543 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Work in progress</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,760 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,931 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Total inventories</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>2,710 </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>2,474 </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the years ended December 31, 2021, and 2020,
the Group recorded inventory obsolescence charges in the income statement of respectively USD&#160;57,302 and USD&#160;156,188 on raw
materials, and USD&#160;404,509 and USD&#160;301,215 on work in progress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Raw Materials</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Work in Progress</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">The Semiconductors Group</FONT>&#160;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The inventory obsolescence provisions as at December
31, 2021, and 2020 are, respectively, USD&#160;79,846 and USD&#160;97,730 for raw materials, and USD&#160;507,090 and USD&#160;499,617
for work in progress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 10. &#160;&#160;&#160;&#160;&#160;&#160;Other current assets</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other current assets consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Other Current Assets - Schedule of
Other Current Assets</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 61%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><FONT STYLE="color: black"><B>As at December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><FONT STYLE="color: black"><B>As at December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="color: black"><B>USD'000</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="color: black"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="color: black"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="color: black">Value-Added Tax Receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">188 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">575 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">220 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">43 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">5 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">5 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">4 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><FONT STYLE="color: black"><B>Total other current assets</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="color: black"><B>414 </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
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  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 11. &#160;&#160;&#160;&#160;&#160;&#160;Acquisition under common control</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acquisition of WISeCoin France R&amp;D
Lab SAS</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 15, 2020, the Group acquired WISeCoin
France R&amp;D Lab SAS, a private French company which was spun off from the Group in 2019. The primary activity of WISeCoin France R&amp;D
Lab SAS is to carry out research and development on hardware and software components of semiconductors and integrated circuits with a
focus on authentication and security solutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the acquisition date, WISeKey Semiconductors
SAS and WISeCoin France R&amp;D Lab SAS were both businesses controlled by WISeKey International Holding AG. Therefore, in line with ASC&#160;805-50,
the transfer of ownership to WISeKey Semiconductors SAS was assessed as a common control transaction and WISeKey Semiconductors SAS initially
measured the recognized assets and liabilities transferred at their carrying amounts in the account of WISeKey International Holding AG.
The amount of consideration paid in excess of the carrying amount of the assets and liabilities transferred was recognized as an equity
transaction (deemed dividend).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<!-- Field: Page; Sequence: 202; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence -->&#160;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In application of ASC&#160;805-50-45, the assets,
liabilities and results of WISeCoin France R&amp;D Lab SAS have been consolidated in the Group&#8217;s financial statements as of the
beginning of the period, i.e., from January 1, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The major classes of assets and liabilities acquired
by the Group at carrying amounts on the date of acquisition and as of January 1, 2020 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Acquisition Under Common Control - Schedule
of Assets and Liabilities Acquired</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; text-align: right"><FONT STYLE="color: black"><B>As at March 15,</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: right"><FONT STYLE="color: black"><B>As at January 1,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="color: black"><B>USD'000</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="color: black"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: black"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="color: black"><B>ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&#160;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="color: black"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&#160;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="color: black">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black">215 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="color: black">312</FONT></TD></TR>
  <TR STYLE="background-color: White">
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black">923 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="color: black">1,473</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black">18 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="color: black">4</FONT></TD></TR>
  <TR STYLE="background-color: White">
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black">34 </FONT></TD>
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  <TR STYLE="background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&#160;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black">699 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="color: black">552</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black"><B>699</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="color: black"><B>552</B></FONT></TD></TR>
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    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="color: black"><B>2,441</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&#160;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: White">
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&#160;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&#160;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black">361 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="color: black">803</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black">3,780 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="color: black">3,895</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black">229 </FONT></TD>
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  <TR STYLE="background-color: rgb(204,238,255)">
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  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&#160;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&#160;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: White">
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black">352 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="color: black">361</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black"><B>352 </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="color: black"><B>361</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
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    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="color: black"><B>5,303</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&#160;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="color: black"><B>TOTAL NET ASSETS</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black"><B>(2,833)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="color: black"><B>(2,862)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The consideration for the acquisition was USD&#160;1.10,
hence a deemed dividend at the date of acquisition and as of January 1, 2020 in an amount of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 20%; text-align: right"><B>USD</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: right"><B>USD</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Total consideration paid</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1.10 </TD>
    <TD STYLE="text-align: right">1.10 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Net assets acquired</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(2,832,894.83)</TD>
    <TD STYLE="text-align: right">(2,861,632.76)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>Deemed dividend at acquisition</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2,832,895.93 </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>2,861,633.86 </B></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the period started on the date of acquisition
of March 15, 2020 until the end of the reporting period on December 31, 2020, the revenue of WISeCoin France R&amp;D Lab SAS recorded
in the consolidated income statement was USD&#160;nil because WISeCoin France R&amp;D Lab SAS generates revenue exclusively from transactions
with WISeKey Semiconductors SAS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the period started on the date of acquisition
of March 15, 2020 until the end of the reporting period on December 31, 2020, WISeCoin France R&amp;D Lab SAS&#8217; net income was USD&#160;40,730.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dissolution of WISeCoin France R&amp;D
Lab SAS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 1, 2021, WISeCoin France R&amp;D Lab
SAS&#8217; assets and liabilities were transferred to WISeKey Semiconductors SAS and WISeCoin France R&amp;D Lab SAS was dissolved. As
a fully owned subsidiary, the net assets of WISeCoin France R&amp;D Lab SAS in the Semiconductors Group as at January 1, 2021 were transferred
at carrying value to WISeKey Semiconductors SAS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 12. &#160;&#160;&#160;&#160;&#160;Deferred tax credits</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WISeKey Semiconductors SAS is eligible for research
tax credits provided by the French government (see Note 4 Summary of significant accounting policies). As at December 31, 2021 and 2020,
the receivable balances in respect of these research tax credits owed to the Group were respectively USD&#160;846,808 and USD&#160;1,310,685.
The credit is deductible from the entity&#8217;s income tax charge for the year or payable in cash the following year, whichever event
occurs first.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 13. &#160;&#160;&#160;&#160;&#160;Property, plant and equipment</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant and equipment, net consisted of
the following.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Property, Plant and Equipment - Schedule
of Property, Plant and Equipment</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 53%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; text-align: right"><B>As at December 31,</B></TD>
    <TD STYLE="white-space: nowrap; width: 7%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; text-align: right"><B>As at December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">10,203 </TD></TR>
  <TR STYLE="background-color: White">
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    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">2,320 </TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: left">Computer equipment and
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right">488 </TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right">472 </TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: left">Total property, plant and equipment gross</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right">12,988 </TD>
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  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&#160;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><I>Accumulated depreciation for:</I></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&#160;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">Machinery &amp; equipment</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">(9,928)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">(8,733)</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">Office equipment and furniture</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">(1,706)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">(1,382)</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: left">Computer equipment and licences</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">(468)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">(454)</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">Total accumulated depreciation</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right">(12,102)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right">(10,569)</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: left"><B>Total property, plant and equipment, net</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; vertical-align: top; text-align: right"><B>886 </B></TD>
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    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; vertical-align: top; text-align: right"><B>2,426 </B></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: left">Depreciation charge for the year</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top">&#160;</TD>
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2021 and 2020, WISeKey Semiconductors SAS did
not identify any events or changes in circumstances indicating that the carrying amount of any asset may not be recoverable. As a result,
the Group did not record any impairment charge on Property, plant and equipment in the years 2021 and 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Software</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Production Tools</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The useful economic life of property plant and
equipment is as follow:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 40%">Office equipment and furniture:&#9;</TD>
                                                                                                               <TD STYLE="text-align: justify">2 to 5 years</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 40%">Production masks&#9;</TD>
                                                                                                               <TD STYLE="text-align: justify">5 years</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 40%">Production tools&#9;</TD>
                                                                                                               <TD STYLE="text-align: justify">3 years</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 40%">Licenses&#9;</TD>
                                                                                                               <TD STYLE="text-align: justify">3 years</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 40%">Software&#9;</TD>
                                                                                                               <TD STYLE="text-align: justify">1 year</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 14. &#160;&#160;&#160;&#160;&#160;Intangible assets</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets and future amortization expenses
consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Intangible Assets - Schedule of Finite-Lived
Intangible Assets</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 63%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right"><B>As at December 31,</B></TD>
    <TD STYLE="white-space: nowrap; width: 7%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right"><B>As at December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><I>Intangible assets subject to amortization:</I></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Patents</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,281 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,281 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">License agreements</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,699 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,699 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">Other intangibles</TD>
    <TD STYLE="white-space: nowrap; text-align: right">923 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">923 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">Total intangible assets gross</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">4,903 </TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">4,903 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><I>Accumulated amortization for:</I></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Patents <FONT STYLE="display: none">Patents</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">(2,281)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(2,281)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">License agreements <FONT STYLE="display: none">License Agreements</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">(1,694)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(1,690)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">Other intangibles <FONT STYLE="display: none">Other Intangibles</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">(923)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(923)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">Total accumulated amortization</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">(4,898)</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">(4,894)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total intangible assets subject to amortization, net <FONT STYLE="display: none">Total Intangible Assets Subject to Amortization, Net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">5 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">9 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Total intangible assets, net</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>5 </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>9 </B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">Amortization charge for the year to December 31,</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">5 </TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">604 </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The useful economic life of intangible assets
is as follow:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 40%">Patents:&#9;</TD>
                                                                                                               <TD STYLE="text-align: justify">5 to 10 years</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 40%">License agreements: &#9;</TD>
                                                                                                               <TD STYLE="text-align: justify">1 to 3 years</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 40%">Other intangibles:&#9;</TD>
                                                                                                               <TD STYLE="text-align: justify">5 years</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future amortization charges are detailed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Intangible Assets - Schedule of Intangible
Asset Future Amortization Expense</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Future estimated aggregate amortization expense</B></TD>
    <TD STYLE="white-space: nowrap; width: 35%; text-align: center">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>Year</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>USD'000</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: right">2022</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: right">2023</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Total intangible assets subject to amortization, net</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: center"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5 </B></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 15. &#160;&#160;&#160;&#160;&#160;Leases</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has historically entered into a number
of lease arrangements under which it is the lessee. As at December 31, 2021, the Semiconductors Group holds five operating leases. The
short-term leases and operating leases relate to premises. We do not sublease. All of our operating leases include multiple optional renewal
periods which are not reasonably certain to be exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the years 2021 and 2020 we recognized rent
expenses associated with our leases as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Leases - Schedule
of Lease Costs</FONT>&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 126px; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 128px; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><I>Operating lease cost:</I></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Fixed rent expense</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;378 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;339 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Short-term lease cost</TD>
    <TD STYLE="white-space: nowrap; text-align: right">3 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">15 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>Net lease cost </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>&#160;381</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>354</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Lease cost - Cost of sales <FONT STYLE="display: none">Cost of Sales</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">-&#160;&#160;&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-&#160;&#160;&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Lease cost - General &amp; administrative expenses <FONT STYLE="display: none">General &amp; Administrative Expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;381 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;354 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Net lease cost </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>381</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>354</B></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

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

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    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence -->&#160;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font-size: 8pt">&#160;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the years 2021 and 2020, we had the following
cash and non-cash activities associated with our leases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Leases - Schedule of Cash and Non-Cash
Activities Associated with Leases</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>As at December 31,</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>As at December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Cash paid for amounts included in the measurement of lease liabilities:</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Operating cash flows from operating leases</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;380 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;367 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Non-cash investing and financing activities:</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Net lease cost</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;381 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;354 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><I>Additions to ROU assets obtained from:</I></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;&#160;&#160;&#160;New operating lease liabilities</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;33 </TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;90 </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at December 31, 2021, future minimum annual
lease payments were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Leases - Schedule of Future Minimum
Lease Payments</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Other Liabilities</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>USD'000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>USD'000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>USD'000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>USD'000</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>Operating</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>Short-term</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>Finance</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">2022</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#160;348</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#8212;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#8212;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>348</B> </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">2023</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">304 </TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#8212;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#8212;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>304</B> </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">302 </TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#8212;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#8212;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>302</B> </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">2025</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">302 </TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#8212;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#8212;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>302 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">2026 and beyond</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">771 </TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#8212;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#8212;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>771</B> </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total future minimum operating and short-term lease payments</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;2,027 </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#8212;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;&#8212;</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;2,027 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">Less effects of discounting</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;(251)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;&#8212;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;&#8212;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt">&#160;(251)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt"><B>Lease liabilities recognized </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;1,776 </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;&#8212;</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;&#8212;</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#160;1,776 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In line with ASU&#160;2018-11, future minimum lease
payments under legacy ASC&#160;840 are disclosed in the table below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="display: none">Leases - Schedule of Minimum Lease Payments
under Legacy ASC 840</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 77%; text-align: left"><B>Year</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 23%; text-align: right"><B>USD'000</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">2022</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;348 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">2023</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;304 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">2024</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;302 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">2025</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;302 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">2026 and beyond</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;771 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>Total future minimum operating and short-term lease payments</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,027 </B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">Less effects of discounting</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(251)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>Lease liabilities recognized</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,776 </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, the weighted-average
remaining lease term was 6.40 years for operating leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For our operating leases, we calculated an estimate
rate based upon the estimated incremental borrowing rate of the entity holding the lease. The weighted average discount rate associated
with operating leases as of December 31, 2021 was 3%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 16. &#160;&#160;&#160;&#160;&#160;Other noncurrent assets</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other noncurrent assets consisted of noncurrent
deposits. Deposits are primarily made up of rental deposits on the premises rented by the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 17. &#160;&#160;&#160;&#160;&#160;Accounts payable</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounts payable balance consisted of the
following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Accounts Payable - Schedule of Accounts
Payable</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 61%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD>
    <TD STYLE="white-space: nowrap; width: 7%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Trade creditors</TD>
    <TD STYLE="white-space: nowrap; text-align: right">5,680 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">4,467 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Factors or other financial institutions for borrowings</TD>
    <TD STYLE="white-space: nowrap; text-align: right">27 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">178 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Accounts payable to underwriters, promoters, and employees</TD>
    <TD STYLE="white-space: nowrap; text-align: right">792 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">945 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Other accounts payable</TD>
    <TD STYLE="white-space: nowrap; text-align: right">757 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,144 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Total accounts payable</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>7,256 </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>6,734 </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts payable to underwriters, promoters and
employees consist primarily of payable balances to employees in relation to holidays, bonus and 13th month accruals across the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other accounts payable are mostly accruals of
social charges in relation to the accrued liability to employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 18. &#160;&#160;&#160;&#160;Other current liabilities</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other current liabilities consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Other Current Liabilities - Schedule of
Other Current Liabilities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 61%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD>
    <TD STYLE="white-space: nowrap; width: 7%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: right"><B>As at December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Value-Added Tax payable</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right">22 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">147 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right">47 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">130 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Total other current liabilities</B></TD>
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
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  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 19. &#160;&#160;&#160;&#160;&#160;Indebtedness to related parties, noncurrent</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 1, 2016, the Group entered into a Revolving
Credit Agreement (the &#8220;<B>Revolving Credit</B>&#8221;) with its parent WISeKey International Holding AG (&#8220;<B>WISeKey</B>&#8221;)
to borrow funds within a credit period starting on October 1, 2016 and ending on December 31, 2017 when all outstanding funds would become
immediately due and payable. Outstanding loan amounts bear an interest rate of 3% per annum. Repayments before the end of the credit period
are permitted. On November 1, 2017, the Group and WISeKey entered into the First Amendment to the Revolving Credit Agreement extending
the credit period by 2 years to December 31, 2019. On March 16, 2021, the Group and WISeKey entered into the Second Amendment to the Revolving
Credit Agreement extending the credit period by another 2 years to December 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 12, 2020, WISeKey provided a Funding
Commitment to extend shareholder loans (each the &#8220;<B>Shareholder Loan</B>&#8221;) to the Group for a maximum aggregate amount of
USD 4 million to be drawn down over six months from the date of the commitment, in instalments of between USD 1 million and USD 1.5 million.
The Shareholder Loans bare interest of 3% per annum. There are not set repayment dates for the Shareholder Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All entities in the Semiconductors Group are subject
to management fees from WISeKey and WISeKey&#8217;s affiliates. There is no set payment date for these fees, as a result they have been
classified as noncurrent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at December 31, 2020, the Semiconductors Group
owed WISeKey and WISeKey&#8217;s affiliates a total of USD&#160;12,326,275 and the unamortized debt discount balance was USD&#160;63,091,
hence a carrying value of USD&#160;12,263,184 as at December&#160;31,&#160;2020, made up of Shareholder Loans and unpaid management fees.
In 2020, an aggregate debt discount charge of USD 8,278 was amortized to the income statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 1, 2021, the Group entered into a Debt
Remission Agreement (the &#8220;<B>Debt Remission&#8221;</B>) with WISeKey pursuant to which an outstanding amount of EUR&#160;5&#160;million
(USD 5,871,714) owed to WISeKey was remitted without any compensation from the Group. Per the terms of the Debt Remission, WISeKey will
have the right to reinstate the debt and ask for repayment in fiscal years when WISeKey Semiconductors SAS achieves a positive income
before income tax expense, in an amount calculated based on the income before income tax expense. As such, because of the repayment clause,
the loan amounts covered by the Debt Remission continue to be shown as noncurrent liabilities under the line Indebtedness to related parties,
noncurrent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 28, 2021, the Group entered into a Debt
Transfer Agreement with its parent WISeKey International Holding AG (&#8220;<B>WISeKey</B>&#8221;) and an affiliate of WISeKey, WISeKey
SA, pursuant to which WISeKey extended a loan of USD 1,463,664 to the Group to repay an overdue creditor balance in that same amount
owed to WISeKey SA. The loan bears interest at the rate of 3% per annum and is repayable by December 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 31, 2021, the Group entered into a
Debt Transfer Agreement with WISeKey pursuant to which WISeKey extended a loan of USD 1,910,754 to the Group with an interest rate of
3% per annum, repayable on December 31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at December 31, 2021, the Semiconductors Group
owed WISeKey and WISeKey&#8217;s affiliates a total of USD&#160;16,017,114 and the unamortized debt discount balance was USD&#160;399,762,
hence a carrying value of USD&#160;15,617,352 as at December&#160;31,&#160;2021, made up of Shareholder Loans and unpaid management fees.
In 2021, an aggregate debt discount charge of USD 166,919 was amortized to the income statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 20. &#160;&#160;&#160;&#160;&#160;Employee benefit plans</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Defined benefit post-retirement plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2020, the Group maintained two defined benefit
post retirement plans:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">one for the employees of WISeKey Semiconductors SAS, and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">one for the employees of WISeCoin France R&amp;D Lab SAS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2021, following the transfer of WISeCoin France
R&amp;D Lab SAS&#8217; assets and liabilities to WISeKey Semiconductors SAS and the dissolution of WISeCoin France R&amp;D Lab SAS, the
Group only maintained one defined benefit post retirement plan for the employees of WISeKey Semiconductors SAS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The plans are and were considered defined benefit
plans and accounted for in accordance with ASC&#160;715 Compensation &#8211; Retirement Benefits. This model allocates pension costs over
the service period of employees in the plan. The underlying principle is that employees render services ratably over this period, and
therefore, the income statement effects of pensions should follow a similar pattern. ASC&#160;715 requires recognition of the funded status
or difference between the fair value of plan assets and the projected benefit obligations of the pension plan on the balance sheet, with
a corresponding adjustment recorded in the net loss. If the projected benefit obligation exceeds the fair value of the plan assets, then
that difference or unfunded status represents the pension liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group records net service cost as an operating
expense and other components of defined benefit plans as a non-operating expense in the statement of comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The liabilities and annual income or expense of
the pension plan are determined using methodologies that involve several actuarial assumptions, the most significant of which are the
discount rate and the long-term rate of asset return (based on the market-related value of assets). The fair value of plan assets is determined
based on prevailing market prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The defined benefit pension plan maintained by
WISeKey Semiconductors SAS, and their obligations to employees in terms of retirement benefits, is limited to a lump sum payment based
on remuneration and length of service, determined for each employee. The plan is not funded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pension liability calculated as at December
31, 2021 is based on annual personnel costs and assumptions as of December 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><B>Personnel Costs</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>As at December 31,</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>As at December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Wages and salaries</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,345 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,955 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Social security contributions</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,049 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,250 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Net service costs</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;68 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;75 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Total </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6,462 </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,280 </B></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="vertical-align: middle; white-space: nowrap; text-align: left">&#160;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><B>As at December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>Assumptions</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>France</B></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>France</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Discount rate</TD>
    <TD STYLE="white-space: nowrap; text-align: center">0.75%</TD>
    <TD STYLE="white-space: nowrap; text-align: center">0.30%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Expected rate of return on plan assets</TD>
    <TD STYLE="white-space: nowrap; text-align: center">n/a</TD>
    <TD STYLE="white-space: nowrap; text-align: center">n/a</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">Salary increases</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: center">3%</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: center">3%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As at December 31, 2021 the Group&#8217;s accumulated
benefit obligation amounted to USD&#160;574,927.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 63%; text-align: left"><B>Reconciliation to Balance Sheet start of year</B></TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 5%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left"><B>Fiscal year</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">1,015</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>981</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Opening balance sheet asset / provision (funded status)</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>1,015</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>981</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Reconciliation of benefit obligation during the year</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Projected benefit obligation at start of year</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,015</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">981</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Net service cost</TD>
    <TD STYLE="white-space: nowrap; text-align: right">71</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: right">3</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Net benefits paid to participants</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(116)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(30)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right">(141)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(106)</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left">Curtailment &amp; settlement</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(187)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">Currency translation adjustment</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">(70)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">91</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Projected benefit obligation at end of year</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>575</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>1,015</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Reconcilation to balance sheet end of year</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">575</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">1,015</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left"><B>Surplus/deficit</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>575</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>1,015</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Closing balance sheet asset / provision (funded status)</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>575</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>1,015</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Amounts recognized in accumulated OCI</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left">Net loss (gain)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(205)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(68)</TD></TR>
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    <TD STYLE="white-space: nowrap; text-align: left"><B>Deficit</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>(205)</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>(68)</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><B>Estimated amount to be amortized from accumulated OCI into NPBC over next fiscal year</B></TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Net loss (gain)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">51</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 63%; text-align: left"><B>Movement in Funded Status</B></TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 5%; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Opening balance sheet liability (funded status)</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>1,015</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>981</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Net service cost</TD>
    <TD STYLE="white-space: nowrap; text-align: right">71</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">72</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Interest cost / (credit)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">3</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Settlement / curtailment cost / (credit)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(187)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">Currency translation adjustment </TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">(8)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Total Net Periodic Benefit Cost/(credit)</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>(121)</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>78</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Actuarial (gain) / loss on liabilities due to experience</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(142)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(105)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Total gain/loss recognized via OCI</B></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: right"><B>(142)</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: right"><B>(105)</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Employer contributions paid in the year + Cashflow required to pay benefit payments</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">(116)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">(30)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: left"><B>Total cashflow</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>(116)</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>(30)</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Currency translation adjustment</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right">(61)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">91</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Closing balance sheet liability (funded status)</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>575</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>1,015</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Reconciliation of net gain / loss</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Amount at beginning of year</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(68)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">34</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Liability (gain) / loss</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(142)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(105)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">Currency translation adjustment</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">5</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Amount at year-end</B></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>(205)</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>(68)</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below shows the breakdown of expected
future contributions payable to the plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Employee Benefit Plans - Schedule of
Future Contributions Payable</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; width: 73%; text-align: left"><B>Period<BR>
USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 27%; text-align: center"><B>France</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">2022</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;25 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">2023</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;28 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">2024</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">2025</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;23 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">2026</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;52 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">2027 to 2031</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;420 </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group expects to make contributions of approximately
$25,000 in 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 21. &#160;&#160;&#160;&#160;&#160;Commitments and contingencies</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lease commitments</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The future payments due under leases are shown
in Note 15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our software and hardware product sales agreements
generally include certain provisions for indemnifying customers against liabilities if our products infringe a third party&#8217;s intellectual
property rights. Certain of our product sales agreements also include provisions indemnifying customers against liabilities in the event
we breach confidentiality or service level requirements. It is not possible to determine the maximum potential amount under these indemnification
agreements due to our lack of history of prior indemnification claims and the unique facts and circumstances involved in each particular
agreement. To date, we have not incurred any costs as a result of such indemnifications and have not accrued any liabilities related to
such obligations in our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 22. &#160;&#160;&#160;&#160;&#160;Stockholders&#8217; equity</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stockholders&#8217; equity consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Stockholders' Equity - Schedule of Stock by Class</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>WISeKey Semiconductors SAS</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>As at December 31, 2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>As at December 31, 2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Share Capital</B></TD>
    <TD STYLE="text-align: right"><I>Common stock</I></TD>
    <TD STYLE="text-align: right"><I>Common stock</I></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Par value per share (in EUR)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1.00 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">1.00 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Share capital (in USD)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,771,732 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,771,732 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><I><FONT STYLE="text-decoration: underline">&#160;</FONT></I></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><I><FONT STYLE="text-decoration: underline">&#160;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Total number of authorized shares </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,298,162 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,298,162 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Total number of fully paid-in issued shares</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,298,162 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,298,162 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Total number of fully paid-in outstanding shares</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,298,162 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,298,162 </TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
Note 23. &#160;&#160;&#160;&#160;&#160;Accumulated other comprehensive income</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 5%; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 60%; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 17%; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 18%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Accumulated other comprehensive income as at December 31, 2019</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>349 </B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">Total net foreign currency translation adjustments</TD>
    <TD STYLE="white-space: nowrap; text-align: right">33 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">Total defined benefit pension adjustment</TD>
    <TD STYLE="white-space: nowrap; text-align: right">105 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">Total other comprehensive income/(loss), net</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">138 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Accumulated other comprehensive income as at December 31, 2020</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>487 </B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">Total net foreign currency translation adjustments</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(8)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">Total defined benefit pension adjustment</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">142 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">Total other comprehensive income/(loss), net</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">134 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Accumulated other comprehensive income as at December 31, 2021</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>621 </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no income tax expense or benefit allocated
to other comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 24. &#160;&#160;&#160;&#160;&#160;Revenue</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nature of goods and services</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a description of the principal
activities from which the Group generates its revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group recognizes revenue when a customer takes
possession of the chips, which usually occurs when the goods are delivered. Customers typically pay once goods are delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disaggregation of revenue</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the Group&#8217;s revenues
disaggregated by product or service type:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Revenue - Schedule of Disaggregation of Revenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">At One Point in Time</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><B>Disaggregation of revenue</B></TD>
    <TD STYLE="text-align: center"><B>Typical payment</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>At one point in time </B></TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>Total</B></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 15%">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>2020</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: left"><B>Secure Microcontrollers Segment</B></TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&#160;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: left">Secure chips</TD>
    <TD STYLE="text-align: center">Upon delivery</TD>
    <TD STYLE="text-align: right">14,850</TD>
    <TD STYLE="text-align: right">11,289</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD STYLE="text-align: right">14,850</TD>
    <TD STYLE="text-align: right">11,289</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><B>Total Secure Microcontrollers Segment</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>14,850</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>11,289</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>14,850</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>11,289</B></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><B>All Other Segment</B></TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: center">Upon delivery</TD>
    <TD STYLE="text-align: right">&#160;2,145 </TD>
    <TD STYLE="text-align: right">&#160;3,028 </TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD STYLE="text-align: right">&#160;2,145 </TD>
    <TD STYLE="text-align: right">&#160;3,028 </TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><B>Total All Other Segment</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>2,145</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>3,028</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>2,145</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>3,028</B></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.25pt double; text-align: left"><B>Total Revenue </B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><B>16,995</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><B>&#160;14,317</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><B>&#160;16,995</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><B>&#160;14,317</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended December 31, 2021, and 2020
the Group recorded no revenues related to performance obligations satisfied in prior periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the Group&#8217;s revenues
disaggregated by geography, based on our customers&#8217; billing addresses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Revenue - Schedule of Disaggregation
of Revenue by Geographic Areas</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="display: none">Rest of EMEA</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="display: none">North America</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="display: none">Asia Pacific</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="display: none">Latin America</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">France</FONT>&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
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    <TD COLSPAN="3" STYLE="text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 15%"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right; width: 5%">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 15%"><B>2020</B></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: left"><B>Secure Microcontrollers segment</B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right">37 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">64 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">2,944 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,861 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">North America</TD>
    <TD STYLE="white-space: nowrap; text-align: right">10,234 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">7,922 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Asia Pacific</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,588 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,421 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Latin America</TD>
    <TD STYLE="white-space: nowrap; text-align: right">47 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">21 </TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>14,850 </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
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  <TR STYLE="background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">175 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">466 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,116 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">397 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">294 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right">474 </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">105 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Latin America</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">47 </TD></TR>
  <TR STYLE="background-color: White">
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>2,145 </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>16,995 </B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-size: 10pt">*EMEA means Europe, Middle East and Africa</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  </TABLE>
<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract assets, deferred revenue
and contract liability&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our contract assets, deferred revenue and contract
liability consist of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Revenue - Schedule of Contract Assets,
Deferred Revenue and Contract Liability</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
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    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left">&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black"><B>As at December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: black"><B>USD'000</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="color: black"><B>Trade accounts receivables </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="background-color: White">
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  <TR STYLE="background-color: rgb(204,238,255)">
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  <TR STYLE="background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: left"><FONT STYLE="color: black"><B>Total trade accounts receivables</B></FONT></TD>
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="color: black"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,227 </B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: justify">&#160;</TD>
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  <TR STYLE="background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="color: black"><B>Total contract liabilities</B></FONT></TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&#160;</TD>
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  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="color: black"><B>Deferred revenue</B></FONT></TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="color: black">Deferred revenue - Secure Microcontrollers Segment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</FONT></TD>
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  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="color: black"><B>Total deferred revenue </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: black"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&#160;</TD>
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  <TR STYLE="background-color: White">
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    <TD STYLE="border-bottom: Black 2.25pt double; text-align: justify">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160;&#160;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Increases or decreases in trade accounts receivable,
contract assets, deferred revenue and contract liability were primarily due to normal timing differences between our performance and customer
payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Remaining performance obligations</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, approximately USD&#160;111,000
is expected to be recognized from remaining performance obligations for contracts. We expect to recognize revenue for these remaining
performance obligations during the next year approximately as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>Estimated revenue from remaining performance obligations<BR>
    as at December 31, 2021 (USD'000)</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>&#160;Total</B></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right">Year 2022</TD>
    <TD STYLE="text-align: right">111</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: justify"><B>Total remaining performance obligation</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><B>111</B></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 25. &#160;&#160;&#160;&#160;&#160;Other operating income</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Other operating income consisted mainly of a release
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 26. &#160;&#160;&#160;&#160;&#160;Non-operating income</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-operating income consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Non-Operating Income - Schedule of
Non-Operating Income</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="color: black"><B>12 months ended December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 62%; text-align: left"><FONT STYLE="color: black"><B>USD'000</B></FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="color: black">Foreign exchange gain</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">482 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">117 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="color: black">Financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">8 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="color: black">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">21 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><FONT STYLE="color: black"><B>Total non-operating income</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="color: black"><B>483 </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="color: black"><B>146 </B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 27. &#160;&#160;&#160;&#160;&#160;Non-operating expenses</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-operating expenses consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Non-Operating
Expenses - Schedule of Non-Operating Expenses</FONT>&#160;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 62%; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 18%; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 3%; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 17%; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Foreign exchange losses</TD>
    <TD STYLE="white-space: nowrap; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">728 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Financial charges</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Other</TD>
    <TD STYLE="white-space: nowrap; text-align: right">95 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">20 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Total non-operating expenses</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>96 </B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>749 </B></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 28. &#160;&#160;&#160;&#160;&#160;Income taxes</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of income before income taxes are
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Income Taxes - Schedule of Components
of Income before Income Taxes</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="color: black"><B>Income / (Loss)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><FONT STYLE="color: black"><B>12 months ended December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 63%; text-align: left"><FONT STYLE="color: black"><B>USD'000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; text-align: right"><FONT STYLE="color: black"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; text-align: right"><FONT STYLE="color: black"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: left"><FONT STYLE="color: black">France <FONT STYLE="display: none">France</FONT></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,429)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(8,806)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="color: black">Foreign</FONT> <FONT STYLE="display: none">Foreign</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(392)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(390)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: left"><FONT STYLE="color: black"><B>Income/(loss) before income tax </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="color: black"><B>(4,821)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="color: black"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,196)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income taxes relating to the Group are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Income Taxes - Schedule of Income Tax
Expense</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><B>Income taxes </B></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; width: 63%; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 18%; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 18%; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">France</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;- </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;- </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Foreign</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Income tax expense / (income)</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5</B></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income tax at the local statutory rate compared
to the Group&#8217;s income tax expenses as reported are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Income Taxes - Schedule of Income Tax
Expense at the Swiss Statutory Rate</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&#160;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 65%; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 16%; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 18%; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">Net income / (loss) before income tax</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">(4,821)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">(9,196)</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">Statutory tax rate</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">26.5%</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">28%</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">Expected income tax (expense) / recovery</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">1,278</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">2,575</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">Income tax (expense) / recovery</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">(6)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">(5)</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">Change in valuation allowance</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">660</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">(1,940)</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">Permanent differences</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">(1,556)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">-</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">Change of tax loss carryforwards</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">(382)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">(635)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Income tax (expense) / recovery</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>(6)</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>(5)</B></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group assesses the recoverability of its deferred
tax assets and, to the extent recoverability does not satisfy the &#8220;more likely than not&#8221; recognition criterion under ASC&#160;740,
records a valuation allowance against its deferred tax assets. The Group considered its recent operating results and anticipated future
taxable income in assessing the need for its valuation allowance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s deferred tax assets and liabilities
consist of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Income Taxes - Schedule of Deferred
Tax Assets and Liabilities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="color: black"><B>Deferred tax assets and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 224px; text-align: right"><FONT STYLE="color: black"><B>As at December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11px; text-align: center">&#160;</TD>
    <TD STYLE="white-space: nowrap; width: 126px; text-align: right"><FONT STYLE="color: black"><B>As at December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: black"><B>USD'000</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="color: black"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><FONT STYLE="color: black"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="color: black">Defined benefit accrual</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;161 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">284</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: black">Tax loss carry-forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,640 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">4,177</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="color: black">Valuation allowance</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,801)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: left"><FONT STYLE="color: black"><B>Deferred tax assets / (liabilities)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="color: black"><B>- </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap">&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, the Group&#8217;s operating
cumulated loss carry-forwards of all jurisdictions are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Income Taxes - Schedule of Operating Loss Carryforward</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">France</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Tax Year 2020</FONT>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Tax Year 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="background-color: white">
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    <TD STYLE="vertical-align: top; text-align: left">&#160;</TD></TR>
  <TR STYLE="background-color: white">
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    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><B>France</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><B>Total</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 150px; text-align: center"><B>Expiration date</B></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">As of December 31, 2020</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">14,917</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right">14,917</TD>
    <TD STYLE="vertical-align: top; text-align: center">None</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left">As of December 31, 2021</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">13,736</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">13,736</TD>
    <TD STYLE="vertical-align: top; text-align: center">None</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In France, operating losses may be carried forward
indefinitely, but may be offset against the taxable profits of a given fiscal year only up to an amount of &#8364;1 million, plus 50% of
the taxable result in excess of that threshold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tax years remain subject to examination:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Income Taxes - Summary of Income Tax&#160;Examinations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
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    <TD STYLE="white-space: nowrap; width: 41%; text-align: right"><FONT STYLE="color: black"><B>Open years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="color: black">France</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">2019 - 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">2017 - 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="color: black">Taiwan</FONT> <FONT STYLE="display: none">Taiwan</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="color: black">2021</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at December 31, 2020, the Group had a tax provision
of USD 118,294, initially recorded in 2019 following a tax audit started in 2018 in relation to prior years, which was neither utilized
nor released. There was no additional accrual in the year 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at December 31, 2021, the Group had decrease
its tax provision to USD 47,368. Although the final conclusions have not yet been communicated formally, management believes that it is
more probable than not that the entity will have to pay additional taxes and has calculated the provision based on preliminary discussions
with the tax authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has no unrecognized tax benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 29. &#160;&#160;&#160;&#160;&#160;Earnings/(Loss) per share</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The computation of basic and diluted net earnings/(loss)
per share for the Group is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Earnings/(Loss) Per Share - Schedule
of&#160;Earnings Per Shares, Basic and Diluted</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 14%; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">Net income (USD'000)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(4,827) </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(9,201)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Effect of potentially dilutive instruments on net gain (USD'000)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">n/a</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">n/a</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: right">(4,827)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(9,201)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">1,298,162 </TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,298,162 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Effect of potentially dilutive equivalent shares</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">n/a</TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">n/a</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Weighted average shares outstanding - diluted</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,298,162</TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,298,162</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Basic weighted average loss per share (USD)</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(3.72) </TD>
    <TD STYLE="white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(7.09)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">Diluted weighted average loss per share (USD)</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">(3.72)</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">(7.09)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year 2020 and 2021, the group had no dilutive
instruments to be considered for the computation of diluted earnings per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 30. &#160;&#160;&#160;&#160;&#160;Legal proceedings</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are currently not party to any legal proceedings
and claims that are not provided for in our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 31. &#160;&#160;&#160;&#160;&#160;Related parties disclosure</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at December 31, 2020, the consolidated financial
statements of the Group include the entities listed in the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Related Parties Disclosure - Schedule
of Subsidiary/Parent Ownership Interest</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
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    <TD STYLE="border-bottom: Black 1pt solid">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid">&#160;</TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
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  <TR STYLE="vertical-align: top; background-color: White">
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at December 31, 2021, the consolidated financial
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
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    <TD STYLE="border-bottom: Black 1pt solid">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid">&#160;</TD>
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  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The Semiconductors group is wholly owned by
WISeKey International Holding AG, which provides financing and management services, including, but not limited to, sales and marketing,
accounting, finance, legal, taxation, business and strategy consulting, public relations, marketing, risk management, information technology
and general management. The expenses in relation to WISeKey International Holding AG in 2021 and 2020 relate to interest on the outstanding
loans and the recharge of management services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. WISeKey SA is a subsidiary of the group headed
by WISeKey International Holding AG (the <B>&#8220;WISeKey Group</B>&#8221;) and provides management services to the Semiconductors Group,
including, but not limited to, sales and marketing, accounting, business and strategy consulting, public relations, marketing, risk management
and information technology. The expenses in relation to WISeKey SA in 2021 and 2020 relate to interest on the outstanding loans and the
recharge of management services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. WISeKey USA Inc is part of the WISeKey Group
and employs sales employees who work for the Semiconductors Group. The expenses in relation to WISeKey USA Inc. in 2021 relate to the
recharge of employee costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. WISeKey Semiconductors GmbH is part of the
WISeKey Group and employs sales employees who work for the Semiconductors Group. The expenses in relation to WISeKey Semiconductors GmbH
in 2021 and 202 relate to the recharge of employee costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. WISeCoin AG was the parent of WISeCoin France
R&amp;D Lab SAS until it was acquired by the Semiconductors Group. WISeCoin AG is part of the WISeKey Group. The expenses recorded in
2020 relate to interest on the outstanding loans and the recharge of management services. The expenses recorded in 2021 relate to interest
on the outstanding loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 32. &#160;&#160;&#160;&#160;&#160;Subsequent events</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the outbreak of the war in Ukraine in
late February 2022, several countries imposed sanctions on Russia, Belarus and certain regions in Ukraine. There has been an abrupt change
in the geopolitical situation, with significant uncertainty about the duration of the conflict, changing scope of sanctions and retaliation
actions including new laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Semiconductors Group does not have any operation
or customer in Russia, Belarus or Ukraine, and, as such, does not foresee any direct impact of the war on its operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, the war has also contributed to an increase
in volatility in currency markets, energy prices, raw material and other input costs, which may impact the Group&#8217;s supply chain
in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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Transfer Agreement with WISeKey pursuant to which WISeKey extended a loan of USD 444,542 to the Group with an interest rate of 3% per
annum, repayable on December 31, 2024.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 31, 2022, the Group entered into a Debt
Transfer Agreement with its parent WISeKey and an affiliate of WISeKey, WISeKey SA, pursuant to which WISeKey extended a loan of USD 381,879
to the Group to repay an overdue creditor balance in that same amount owed to WISeKey SA. The loan bears interest at the rate of 3% per
annum and is repayable by December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 3, 2022, the Group entered into a
Debt Transfer Agreement with its parent WISeKey and two affiliates of WISeKey, WISeKey SA and WISeKey USA Inc., pursuant to which WISeKey
extended a loan of USD 1,286,580 to the Group to repay an overdue creditor balance in that same amount owed to WISeKey USA Inc. The loan
bears interest at the rate of 2.5% per annum and is repayable by November 30, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 3, 2022, the Group and WISeKey entered
into the Third and the Fourth Amendments to the Revolving Credit Agreement pursuant to which the interest rate of the loans issued under
the Revolving Credit Agreement is brought to 2.5% per annum and the end of the credit period is set as November 30, 2022 or any date mutually
agreed in writing. Management has assessed the effect of these changes on the going concern basis used in the financial statements. The
amendment of the credit period was required because it is planned that WISeKey and the Group will enter into a Capital Increase Agreement
whereby an amount of approximately USD 7 million owed to WISeKey by the Group will be converted into a capital contribution by way of
an offset with the outstanding debt. Under the terms of this agreement, the capital of WISeKey Semiconductors SAS will be increased by
USD 7 million and the balance owed to WISeKey will reduce by an equivalent amount. In order to effect this planned capital contribution,
French law requires that the debt to be converted be immediately repayable or overdue, which prompted the change in the end date of the
credit period to November 30, 2022. Therefore, the liquidity position and the cash projections of the Group will not be affected by the
amendment of the credit period and Management believe it remains correct to present these financial statements on a going concern basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 33. &#160;&#160;&#160;&#160;&#160;Segment reporting</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has one operating segment that meets
the criteria set in ASC&#160;280-10-50: Secure Microcontrollers. The Group&#8217;s chief operating decision maker, who is its Chief Executive
Officer, reviews financial performance of this operating segment for purposes of allocating resources and assessing budgets and performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The remaining non-reportable operating segments
and other business activities that are not identified as operating segments are combined and disclosed in an &#8220;all other&#8221; standalone
category.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Secure Microcontrollers segment encompasses
the design, manufacturing, sales and distribution of high-end, Common Criteria EAL5+ &amp; FIPS 140-3-certified secure microprocessors.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD>
       <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left"><B>12 months to December 31, </B></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><B>2021</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 38%; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; text-align: right"><B>Secure Microcontrollers</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 2%; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 7%; text-align: right"><B>All Other</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 2%; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 6%; text-align: right"><B>Total</B></TD>
    <TD STYLE="white-space: nowrap; width: 2%; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; text-align: right"><B>Secure Microcontrollers</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 2%; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 7%; text-align: right"><B>All Other</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 2%; text-align: right">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 6%; text-align: right"><B>Total</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Revenues from external customers</TD>
    <TD STYLE="text-align: right">14,850 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">2,145 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">16,995 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">11,289 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">3,028 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">14,317 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Intersegment revenues</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">415 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">415 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">4,930</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">4,930</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Interest revenue</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Interest expense</TD>
    <TD STYLE="text-align: right">150 </TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">22 </TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">171 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">72 </TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">19 </TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">91 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Depreciation and amortization</TD>
    <TD STYLE="text-align: right">1,339</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">193 </TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">1,532</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">1,769</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">474</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">2,243</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Segment income /(loss) before income taxes</TD>
    <TD STYLE="text-align: right">(2,235)</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">(2,566)</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">(4,801)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">(5,195)</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">(3,766)</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">(8,961)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">Profit / (loss) from intersegment sales</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">20 </TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">20 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">235</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">235</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Income tax recovery /(expense)</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">(6)</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">(6)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">(5)</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="text-align: right">(5)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">Segment assets</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right">10,296</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right">1,726</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right">12,022</TD>
    <TD STYLE="text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right">10,531</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right">3,225</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right">13,756</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left"><B>12 months to December 31, </B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>2021</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>USD'000</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Revenue reconciliation</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">Total revenue for reportable segment</TD>
    <TD STYLE="white-space: nowrap; text-align: right">17,410 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">19,247</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">Elimination of intersegment revenue</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(415)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(4,930)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Total consolidated revenue</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">16,995 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">14,317 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Loss reconciliation</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">Total profit / (loss) from reportable segments</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(4,801)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(8,961)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">Elimination of intersegment profits</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(20)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(235)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">Income /(Loss) before income taxes</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">(4,821) </TD>
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right">(9,196)</TD></TR>
</TABLE>

<P STYLE="margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" SUMMARY="xdx: Disclosure - Segment Reporting - Schedule of Reconciliation of Revenue (Details)" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>As at December 31,</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>2021</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B>USD'000</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Asset reconciliation</B></TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">Total assets from reportable segments <FONT STYLE="display: none">Reportable Segments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">12,022</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">13,756</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">Elimination of intersegment receivables <FONT STYLE="display: none">Intersegment Receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">(178)</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">(323)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; text-align: left"><B>Consolidated total assets</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>11,844</B></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: left">&#160;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; text-align: right"><B>13,433</B></TD></TR>
  </TABLE>
<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue and property, plant and equipment
by geography</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables summarize geographic information
for net sales based on the billing address of the customer, and for property, plant and equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="display: none">Segment Reporting - Schedule of &#160;Revenue and Property, Plant and Equipment by Geography</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left"><B>Net sales by region</B></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><B>12 months ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 59%; text-align: left"><B>USD'000</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 19%; text-align: right"><B>2021</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 3%; text-align: left">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 19%; text-align: right"><B>2020</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; text-align: right">457 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">1,614 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Rest of EMEA*</TD>
    <TD STYLE="white-space: nowrap; text-align: right">3,798 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,892 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; text-align: left">North America</TD>
    <TD STYLE="white-space: nowrap; text-align: right">10,631 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">8,217 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Asia Pacific</TD>
    <TD STYLE="white-space: nowrap; text-align: right">2,062 </TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD>
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    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Note 34. &#160;&#160;&#160;&#160;&#160;Business Update Related to COVID-19</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2020, the World Health Organization declared
the Coronavirus (COVID-19) a pandemic. The outbreak spread quickly around the world, including in every geography in which the Group operates.
The pandemic has created uncertainty around the impact of the global economy and has resulted in impacts to the financial markets and
asset values. Governments implemented various restrictions around the world, including closure of non-essential businesses, travel, shelter-in-place
requirements for citizens and other restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the beginning of the pandemic, the Group took
a number of precautionary steps to safeguard its businesses and colleagues from COVID-19, including implementing travel restrictions,
working from home arrangements and flexible work policies. The Group started to return to offices around the world in 2020 and 2021, in
line with the guidelines and orders issued by national, state and local governments, implementing a phased approach in its main offices
in Switzerland and France. We continue to prioritize the safety and well-being of our colleagues during this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s major production centers, located
in Taiwan and Vietnam, were quick to implement controls and safeguards around their processes that enabled us to continue delivering products
with minimal interruption to our clients. At the end of the second quarter 2020, we started to see the first impact of the pandemic upon
our activities with certain clients reducing or delaying their orders. However, in 2021, as the shortage in semiconductor supplies eased
up, revenue increased by USD&#160;2.7&#160;million and the Group&#8217;s loss decreased by USD&#160;4.3&#160;million which shows the recovery
from the adverse effect of the shortage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently the Group continues to monitor the evolution
of the pandemic and the related official guidelines with its suppliers but does not foresee any significant challenges in the near future.
The Group currently does not anticipate any material impact on its liquidity position and outlook.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At this stage it remains impossible to predict
the extent of the impact of the COVID-19 pandemic as this will depend on numerous evolving factors and future developments that the Group
is not able to predict.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><IMG SRC="image_008.jpg" ALT="">&#160;</TD>
  <TD STYLE="width: 25%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt">Phone +41
                         44 444 35 55&#160;</P>
<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">www.bdo.ch</P></TD>
  <TD STYLE="width: 25%"><P STYLE="margin-top: 0; margin-bottom: 0">BDO AG</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">Schiffbaustrasse 2</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">8031 Zurich</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Report of Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WISeKey International Holding AG, (sole Shareholder
of SEALSQ Corp.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6300 Zug&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Opinion on the Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying balance sheet
of SEALSQ Corp. (the &#8220;Company&#8221;) as of December 31, 2022 and the related notes (collectively referred to as the &#8220;financial
statement&#8221;). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company
at December 31, in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This financial statement is the responsibility
of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial statement based on our
audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audit in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit included performing procedures to
assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Zurich, Switzerland, March 10, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Philipp Kegele</FONT></TD>
    <TD STYLE="text-align: justify">/s/ Sascha Gasser</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Philipp
    Kegele</FONT></TD>
    <TD STYLE="width: 80%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ppa. Sascha
    Gasser</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company's auditor since
2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Audited Balance Sheet as at December&#160;31,&#160;2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>USD'000</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 11%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    at December 31, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: center">&#160;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ASSETS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: top">&#160;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Current
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    <TD STYLE="white-space: nowrap; vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: top">&#160;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TOTAL
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    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: top">&#160;</TD></TR>
  <TR STYLE="background-color: White">
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    <TD STYLE="white-space: nowrap; vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: top">&#160;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Current
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    <TD STYLE="white-space: nowrap; vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: top">&#160;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indebtedness
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    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: White">
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    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: top">&#160;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: top">&#160;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&#160;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&#160;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&#160;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&#160;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&#160;</TD></TR>
  <TR STYLE="background-color: White">
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    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>4</I></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;USD
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  <TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>Background and Nature of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SEALSQ Corp. (the &#8220;Company&#8221;) was
incorporated on April 1, 2022 as a company limited by shares under the BVI Business Companies Act 2004 in the British Virgin Islands
under the name SEAL (BVI) Corp. On November 15, 2022 the Company&#8217;s name was changed to SEALSQ Corp. The Company was formed for
the purposes of effecting a &#8220;spin-off&#8221; transaction by WISeKey International Holding AG (&#8220;WISeKey&#34;.) Prior to the
spin-off, WISeKey will contribute to the Company the full ownership of WISeKey Semiconductors SAS and its subsidiary undertaking, WISeKey
Japan KK (the &#8220;Semiconductors Group&#8221;) As the sole shareholder of the Company, WISeKey intends to distribute 20% of the Company&#8217;s
Ordinary Shares to stockholders of WISeKey on a pro rata basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>Basis of Presentation and Accounting
Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The balance sheet is presented in accordance
with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;). Separate statements of operations,
comprehensive income, changes in stockholder&#8217;s equity, and cash flows have not been presented because there have been no operations
since the Company was formed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in
conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
at the date of the balance sheet. Actual results could differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>Indebtedness to related parties,
current</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SEALSQ is subject to management fees from
WISeKey and WISeKey&#8217;s affiliates relating to tasks carried out by these entities on behalf of SEALSQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>Stockholder&#8217;s Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the company had 100
issued and outstanding shares of common stock which were held by WISeKey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent to December 31, 2022, in order
to effectuate the &#8220;spin-off&#8221; transaction described in Note 1, the Company filed a Registration Statement on Form F-1 pursuant
to the Securities Act of 1933 with the U.S. Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Contribution of WISeKey Semiconductors
SAS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On 1 January 2023, in order to effectuate
the &#8220;spin-off&#8221; transaction, WISeKey contributed the entire issued share capital of the Semiconductor Group to SEALSQ in exchange
for 1,499,700 F Shares and 7,501,400 Ordinary Shares in SEALSQ which were issued on February 7, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Changes to the Capital Structure</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 7, 2023, SEALSQ adopted the new
Memorandum and Articles of Association of SEALSQ which replaced the current authorized share capital of 100 Ordinary shares with no par
value with an authorized share capital of 200,000,000 Ordinary shares with a par value of $0.01 and 10,000,000 class F shares with a
par value of $0.05. The Company then issued 7,501,400 Ordinary shares and 1,499,700 class F shares to WISeKey in return for the contribution
of the entire issued share capital of the Semiconductor Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Ordinary share carries the right to an
equal share in any dividend paid by the Company against each other ordinary Share and which shall be one fifth of any amount paid by
the Company against each Class F share but which shall not rank in preference to any other share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Class F share carries the right to an
equal share in any dividend paid by the Company against each other Class F share and which shall be five times greater than any amount
paid by the Company against each Ordinary share but which shall not rank in preference to any other Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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

<!-- Field: Page; Sequence: 220; Value: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="border-top: black 0.75pt solid; font-size: 1pt">&#160;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#160;</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>August 21, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.25in">&#160;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="border-top: black 0.75pt solid; font-size: 1pt">&#160;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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



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