<SEC-DOCUMENT>0001193805-25-000109.txt : 20250203
<SEC-HEADER>0001193805-25-000109.hdr.sgml : 20250203
<ACCEPTANCE-DATETIME>20250203172331
ACCESSION NUMBER:		0001193805-25-000109
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250203
FILED AS OF DATE:		20250203
DATE AS OF CHANGE:		20250203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SEALSQ Corp
		CENTRAL INDEX KEY:			0001951222
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41709
		FILM NUMBER:		25583838

	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>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>e664170_6k-sealsq.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SECURITIES AND
EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>WASHINGTON, DC
20549</B></FONT></P>

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

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>FORM 6-K</B></FONT></P>

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

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Pursuant to Rule 13a-16 or 15d-16 under the</B></P>

<P STYLE="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><B>Securities Exchange Act
of 1934</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of report: February 3, 2025</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Commission File
Number: 001-41709</B></FONT></P>

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

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 18pt"><B>SEALSQ
CORP</B></FONT></P>

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

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

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>N/A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Translation
of Registrant&rsquo;s name into English)</B></FONT></P>

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

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>British Virgin Islands</B></FONT></TD>
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Avenue
                           Louis-Casa&iuml; 58</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>1216 Cointrin,
Switzerland </B></FONT>&nbsp;</P></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive office)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#9746; Form
20-F&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#9744; Form 40-F</FONT></P>

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

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: black">

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 12%; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STLE="font-size: 10pt">Exhibit</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;<U>No.</U></FONT></P></TD>
    <TD STYLE="font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><U></U></FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="e664170_ex1-1.htm">Press Release of SEALSQ Corp issued on February 3, 2025.</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">2</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.95pt 0pt 0.05pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.95pt 0pt 26.95pt; text-indent: 0.5in">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Date: February 3, 2025</TD>
  <TD COLSPAN="2"><B>SEALSQ CORP</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="width: 6%">&nbsp;</TD>
  <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Carlos Moreira</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Name:&nbsp;&nbsp;Carlos Moreira</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title:&#9;&nbsp;&nbsp;&nbsp;Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ John O&rsquo;Hara</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Name: John O&rsquo;Hara</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title:&#9;&nbsp;&nbsp;Chief Financial Officer</TD></TR>
</TABLE>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>e664170_ex1-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="image1.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SEALSQ Announces
FY 2024 Preliminary Unaudited Key Operational and Financial Metrics </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>$93 Million Pipeline
Over the Next Three Years Supports Long-Term Growth</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="color: #1D2228">Geneva,
Switzerland &ndash; February 3, 2025: SEALSQ Corp (&quot;SEALSQ&quot; or &quot;Company&quot;) (NASDAQ: LAES)</FONT>, a leader in the development
and sales of semiconductors, PKI, and post-quantum technology hardware and software products, today announced full-year (FY) 2024 key
operational and financial metrics(all financial data are preliminary and unaudited).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><U>OPERATIONAL HIGHLIGHTS</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Launches SEAL Quantum
Roadmap: Pioneering the Future of Post-Quantum Security and Semiconductors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">SEALSQ has officially
embarked on its SEAL Quantum roadmap with the development of its next-generation post-quantum platform and semiconductors. In 2025, this
initiative will culminate in the launch of a full SEAL Quantum-as-a-Service platform, designed to eliminate hardware barriers and accelerate
the widespread adoption of quantum computing across multiple industries. By enabling companies to leverage diverse architectures and computing
paradigms tailored to their specific challenges, SEALSQ empowers organizations to unlock new computational possibilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our strategic partnerships
with leading quantum computing companies further enhance this vision, providing customers with access to an extensive ecosystem of cutting-edge
technologies. To support enterprises in this transition, we also offer specialized expertise and training to help them develop and implement
quantum-ready use cases.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Looking ahead, Mr. Moreira
emphasized, <I>&quot;2024 was a transformative year for SEALSQ, laying the foundation for long-term growth through strategic innovation
and investment. While the industry-wide shift toward next-generation semiconductor technologies resulted in a temporary slowdown in revenue
growth, we have positioned ourselves to capitalize on new opportunities. These include expanding revenue streams from Matter certification
adoption and implementing new Cyber Trust Mark standards, enhancing trust and interoperability across IoT ecosystems.&quot;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Advancing Quantum-Resistant
Security</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A major milestone in
2024 was SEALSQ&rsquo;s progress in <B>quantum-resistant chip technology</B>, a critical breakthrough in securing digital infrastructures
against quantum cyber threats. Our advanced <B>post-quantum chip</B> is engineered to deliver unmatched security, protecting IoT networks,
critical infrastructure, and financial systems from future quantum-enabled cyberattacks. This innovation solidifies SEALSQ&rsquo;s leadership
in quantum security while opening new market opportunities as businesses and governments prepare for the quantum era. The full-scale commercial
deployment of this technology is projected to generate substantial returns starting in <B>2025</B>.</P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Post-Quantum Security:
A Cornerstone for AI</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The rise of artificial
intelligence (AI) has amplified the need for robust post-quantum security. AI systems increasingly process sensitive data and operate
in security-critical environments, making them prime targets for quantum-powered cyber threats. Given that quantum computing could render
existing encryption obsolete, AI-driven enterprises must adopt quantum-resistant solutions to safeguard their <B>training data, decision-making
models, and confidential insights</B> from potential breaches.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">SEALSQ&rsquo;s <B>quantum-resistant
semiconductors</B> provide the necessary security foundation for AI applications, ensuring <B>trusted data exchange, intellectual property
protection, and compliance with emerging cybersecurity regulations</B>. By integrating these chips into AI infrastructure, organizations
can gain a <B>competitive edge</B>, fostering greater adoption of secure AI solutions across industries such as <B>healthcare, finance,
and autonomous systems</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Expanding IoT and
Satellite Connectivity</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Further emphasizing SEALSQ&rsquo;s
innovation, <B>Mr. Moreira</B> highlighted the company&rsquo;s role in satellite-IoT connectivity, stating, <I>&quot;The development of
the WISeSat picosatellite constellation, tailored to enhance IoT connectivity in low-bandwidth and remote regions, underscores our ability
to leverage semiconductor expertise for impactful solutions. This initiative, in partnership with WISeSat.Space, is set to generate new
revenue streams by addressing critical IoT connectivity challenges worldwide.&quot;</I></P>



<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>SEALSQ's Strategic
Pillars for Sustained Growth</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>1. Investing in Next-Generation
Semiconductor Technology</B></P>

<UL STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0pt 0; background-color: white">Developing <B>Quasar Post-Quantum semiconductors</B> to lead the
market in cryptographic security.</LI>

<LI STYLE="text-align: justify; margin: 0pt 0; background-color: white">Integrating <B>Matter PAA</B> to enhance IoT security.</LI>

<LI STYLE="text-align: justify; margin: 0pt 0; background-color: white">Achieved <B>CSA approval</B> for Matter device attestation, solidifying
SEALSQ&rsquo;s industry leadership.</LI>

</UL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>2. Expanding Presence
in the U.S. Market</B></P>

<UL STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0pt 0; background-color: white">Strengthened <B>local sales teams</B> for a deeper market presence.</LI>

<LI STYLE="text-align: justify; margin: 0pt 0; background-color: white">Secured <B>four major sales distribution agreements</B>, accelerating
market penetration.</LI>

</UL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>3. Enhancing Production
and Supply Chain Efficiency</B></P>

<UL STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0pt 0; background-color: white">Expanded <B>production capacity</B> to meet surging demand.</LI>

<LI STYLE="text-align: justify; margin: 0pt 0; background-color: white">Streamlined <B>supply chain processes</B>, ensuring efficient
and timely delivery.</LI>

</UL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>4. Securing New Business
Opportunities</B></P>

<UL STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0pt 0; background-color: white">The <B>MS600X secure platform</B> has enabled new ventures, particularly
in <B>remote logical access control</B>, reinforcing market dominance.</LI>

</UL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>5. Developing Trust
Services</B></P>

<UL STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0pt 0; background-color: white"><B>Trust Services division</B> continues to grow, focusing on
semiconductor provisioning and <B>managed PKI</B>, establishing a stable source of <B>recurring revenue</B>.</LI>

</UL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>6. Post-Quantum Cryptography
Leadership</B></P>

<UL STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0pt 0; background-color: white">Recognized by <B>NIST</B> for pioneering contributions to post-quantum
cryptography.</LI>

</UL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>7. International Certifications
&amp; Compliance</B></P>

<UL STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0pt 0; background-color: white">Achieved <B>ISO 27001</B> and <B>ISO 9001</B> certifications,
underscoring SEALSQ&rsquo;s commitment to <B>security and quality</B>.</LI>

</UL STYLE="font-family: Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>8. Sustainability
and Corporate Social Responsibility</B></P>

<UL STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0in; list-style-type: disc">

<LI STYLE="text-align: justify; margin: 0pt 0; background-color: white">Implemented <B>energy-efficient manufacturing</B> processes aligned
with global sustainability goals.</LI>

<LI STYLE="text-align: justify; margin: 0pt 0; background-color: white">Launched initiatives to support <B>education in emerging technologies
and cybersecurity</B> for underserved communities.</LI>

</UL STYLE="font-family: Times New Roman, Times, Serif">

</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As SEALSQ continues to
<B>pioneer post-quantum security and semiconductor innovation</B>, we remain committed to <B>driving trust, security, and sustainability</B>
across the digital landscape.</P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B><U>Financial highlights</U></B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By the end of 2024, SEALSQ had built an <B>unprecedented cash reserve
of $85 million</B>, which subsequently rose above $90 million in early 2025. This cash reserve provides the Company with a strong financial
foundation to support ongoing innovation, operational scalability, localization and deployment in USA and global expansion initiatives.
Additionally, this financial strength enables the company to pursue strategic investments that align with its long-term growth objectives.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The strong performance of the SEALSQ Ordinary Shares in December 2024
and into January 2025 enabled the Company to completely clean its balance sheet of all of its convertible debt balances as well as all
of the warrants that had been issued in conjunction with the convertible debt. This is particularly beneficial to the Company&rsquo;s
financial standing as these warrants contained anti-dilution clauses that limited the Company&rsquo;s ability to attract investment. Through
the process of cleaning its balance sheet, the Company also removed any commitment to arranging an additional convertible loan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FY 2024 Revenue </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALSQ FY 2024 unaudited revenue will be approximately <B>$11 million</B>
reflecting the Company&rsquo;s transition towards post-quantum semiconductor technologies. This represents a decline from $30 million
reported in FY 2023, as customers gradually shifted from traditional microcontrollers to next-generation quantum-resistant solutions and
delayed building inventory until release of the new chip. SEALSQ&rsquo;s current revenue is comparable to those of its Quantum-focused
peer group due to the early-stage adoption of the technology.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The revenue comparison also highlights the impact of market normalization
following the semiconductor supply chain disruptions caused by the COVID-19 pandemic. The excess inventory accumulation by customers in
2023 resulted in lower 2024 order volumes as clients utilized existing stock before making new purchasing commitments.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company increased its Research and Development (R&amp;D) costs
by $1.4 million year on year, demonstrating the strategic importance of the development of its next-generation cutting-edge Quantum Resistant
technology. The Company spent in excess of $5 million on R&amp;D in 2024 and expects to increase investment in this area in the year ahead
and expects to generate the first revenues from the new technology in 2026. These investments included the high costs associated with
certifications, which are treated as R&amp;D expenses, emphasizing SEALSQ&rsquo;s commitment to staying at the forefront of post-quantum
innovation.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALSQ is in advanced negotiations regarding the establishment of Open
Semiconductor Assembly and Test facilities across Europe, the Middle East, Asia and America. The Company expects be able to announce the
signing of a binding agreement to commence the construction of the first OSAT in the near future and anticipates that additional agreements
will be signed during the course of the year. With recent events serving to further emphasize the need to increase supply chain resilience,
SEALSQ&rsquo;s initiative aims to empower countries to establish local semiconductor personalization centers, ensuring uninterrupted access
to these critical components.</P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Global Market Expansion &amp; Customer Acquisition</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2024, SEALSQ significantly expanded its global footprint, securing
over 10 strategic channel partnerships across key markets, including the USA, India, Japan, Israel, and Europe. These partnerships include
leading multi-billion-dollar electronic distributors such as OKAYA in Japan and DIGIKEY for online sales, reinforcing SEALSQ&rsquo;s market
recognition and unlocking substantial growth opportunities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the hardware front, SEALSQ secured major deals for its microcontroller
products with leading device manufacturers across the US, UK, India, Taiwan, and France. Notably, SEALSQ chips have been selected to protect
24 million smart metering devices from two major manufacturers in the UK over the next decade.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In software, SEALSQ&rsquo;s strategic focus on Public Key Infrastructure
(PKI) for the Matter smart home ecosystem continues to gain traction, with over ten new customers onboarded in 2024, including major players
like D-Link and Hager.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By securing strategic clients across both government and enterprise
sectors, SEALSQ strengthens its position as a trusted provider of cybersecurity-driven semiconductor solutions.&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B><U>2025 Bookings &amp; Growth
Outlook</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Demand for our quantum-resistant technologies continues to rise ahead
of their commercial rollout in 2026.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Confirmed 2025 bookings</B> currently stand at <B>$6.4 million</B>, marking an <B>80% increase</B> compared to the same period in 2024.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">SEALSQ&rsquo;s pipeline includes <B>$93 million in potential contracts</B> over the next three years, reflecting a <B>27% growth</B> versus 2024. This includes <B>40 active and engaged opportunities</B> for the new <B>Post-Quantum TPM products</B>, with a goal of reaching <B>100 TPM leads</B> by end of 2025, while securing at least <B>30 new PKI customers</B>.</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While revenue is not expected to fully return to 2023 levels within
the year, SEALSQ remains on track for sustained long-term growth, driven by continued product innovation, expanded customer relationships,
and increasing market demand.</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Strategic Priorities for 2025</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEALSQ remains committed to advancing excellence in <B>quantum-resilient
technologies</B> with a focus on:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><B>Scaling production capacity</B> for two new quantum-resistant chips launching in 2025.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt"><B>Developing a new business line</B> of post-quantum ASICs and IPs, building on advanced commercial discussions with major tech companies initiated in 2024.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expanding partnerships </B>with governments and enterprises to fortify
    digital ecosystems.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Continuing research and development</B> in advanced cryptographic
    algorithms.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><B>Expanding its SSL/TLS and GSMA certificate offerings</B> to further strengthen its cybersecurity ecosystem.</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Mr. Moreira concluded,
&quot;Our unwavering focus is on driving innovation, securing and nurturing valuable business opportunities, and delivering exceptional
products and services to our clients. We are committed to strengthening our market position and ensuring sustainable growth.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #1D2228"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #1D2228"><B>About
SEALSQ:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #1D2228">SEALSQ
focuses on selling integrated solutions based on Semiconductors, PKI and Provisioning services, while developing Post-Quantum technology
hardware and software products. Our solutions can be used in a variety of applications, from Multi-Factor Authentication tokens, Smart
Energy, Smart Home Appliances, and IT Network Infrastructure, to Automotive, Industrial Automation and Control Systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #1D2228">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #1D2228">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 RSA and Elliptic Curve Cryptography (ECC). PQC aims to develop new cryptographic methods that are secure against quantum attacks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #1D2228"><BR>
For more information please visit www.sealsq.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #1D2228"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #1D2228"><B>Forward-Looking
Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #1D2228">This
communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking
statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments
that we expect 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. Important factors that, in our view, could cause
actual results to differ materially from those discussed in the forward-looking statements include SEALSQ's ability to implement its growth
strategies; SEALSQ&rsquo;s ability to generate revenue from emerging new semiconductors; SEALSQ&rsquo;s ability to generate revenue from
Matter certification and the new cyber trust mark standards; the successful introduction of the WISeSat picosatellite constellation; the
success of SEALCOIN; the development of the Trust Services division; SEALSQ's ability to continue beneficial transactions with material
parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed
in SEALSQ's filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #1D2228">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #1D2228">SEALSQ
Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein
as a result of new information, future events or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #1D2228">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <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">SEALSQ Corp.<BR>
    Carlos Moreira<BR>
    Chairman &amp; CEO<BR>
    Tel: +41 22 594 3000<BR>
    info@sealsq.com</P></TD>
    <TD STYLE="width: 50%">
    <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">SEALSQ Investor Relations (US)<BR>
    The Equity Group Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lena Cati<BR>
    Tel: +1 212 836-9611</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">lcati@equityny.com</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image1.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" !G 2P# 2(  A$! Q$!_\0
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M5N*Q4.7FVU37X%4<32Q%_9N]B:BBBO(.H**** "BBB@ HHHH **** "BBB@
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M;Q_'[R7Q-X'UKP-K!L-:T^:QN%/ D7AAGJIZ$>XK]&/AG_R3GPO_ -@RV_\
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M_&4GQ%OM?OKF&]@6T;7A)N52C;@F\9QG&<5]E5#T*"BOE?\ X* ?M02?L_\
MPO33=!O!!XTU_=#9LA&^UA'^LG]CSM7W.?X:^5_^">_[:&OV/Q,7P1X_\17F
MKZ1KS".QO-3G:5K6[)^5=[$G;)]W'][;ZFGRZ7%<_5"BBLCQA<2V?A/6IX)&
MBGBLIGCD4X*L(V((]\U(S7HK\F/V$OVAOB9X\_:B\-:)XA\=:YK.D3I=F6RO
M+QY(GVV\C+E2>Q /X5^L]-JPD[A1112&%%> ?MG?M.+^S'\,(]4LK:.^\1ZI
M,;33+>;_ %:L%RTKCNJC''<L*_+FX_:R_:'^(VI7-Y8>+_$UPP.7BT17CBCS
MT&R)<"J4;BN?N+17X<_\+J_:9_Z&/X@_^3/^%.B^-7[3/F)GQ'\0<9'_ #\_
MX4^47,?N)17.6OB*W\._#VWUS7[P6=M9Z:EU?75T=OEA8PSLWZU^7?[1'_!3
MKQMXQUZ[TWX;2_\ "*^&XW,<5X(E:]N0.-Y8Y$8/8+R.YJ4FQW/UGHK\,H_B
M=^TKJZ"[AUOXC7,<WS++"UX4;W! QCZ5<T7]KK]H/X/ZQ"U_XH\01OG?]A\1
MQO*DB]QMF&<>XQ5<HN8_<&BOFK]C?]LS2OVG]%N;&]MHM&\::=&)+O3XV)CF
MCR!YT6>=N2 5/*DCDYKZ5J=BCY9_;R'_ !3?AC_KXF_]!6OC!5K[1_;N_P"1
M;\,_]?,W_H*U\9*M?T3P@_\ A&I>LO\ TIG!7J<KL;?A#P3K7CG5H].T33YK
M^Z<_=C7A1ZL>@'N:^KO O[-/A+X2Z2OB/XCZC:W$\8#BU=OW"-C[N.LK>P&/
M8]:\]_9^_:7MOAE8QZ+JFBV[::S?->V482XY/5_^>GXX/O7L?Q&^%7A_]I.Q
M7Q!X8\4,]\B!1#)*7A7C[K(?FB/T'X&O(SO,,;'$K#8ANAAG]N/O-_-?#?TO
MZHYHN,HN4/>EV_K<\Z^)7[8E_<3)I_@>W72-.@8 7,D:F20 \ +RJK[<GZ5U
M7@W]I3PE\5-+70/B)I=M!))A1<LFZ!F[-_>C/N./<5\T^./A?XB^'.H&TUO3
MI+;G"3 ;HI/=6'!_G7-HN,$=:]!9!E5;#16'5K:J<7[U^_-U_+M8^>K9E7I3
M?/\ -/;[CZ8^)7[(<L<#:QX%NUU6P=?,6S:0%]O_ $S?HX_7ZU\ZZAI5WI%Y
M+:WMO):W$3;7BE4JRGT(-=U\,?CAXG^&-PJV%V;C3RV7L+C+1-ZX'\)]QBOH
MRQ\7?#3]I*P2SUJWCTCQ"5VH78)*&_Z9R8PX_P!EORKE^MYCD^F,7MJ7\\5[
MR_Q+KZ_B<$XX7,-*$N2I_*]GZ,^-H1^\7ZU^D_PI&WX9^%1_U#+?_P!%K7R!
M\3OV8_$7@&22]L%.M:0IW>= I\R-?]M.H^HR/I7U_P#"K_DF?A;_ +!EO_Z+
M6OF>+<90QV#H5</-27,]O3KV^9VY!1K8?%5:=:+3LOS-'QIH3>*/!^N:,K^4
MVH6,UJ'_ +I>,KG]:_##X.^-KC]EO]HFQUCQ'X>-_<^';R:WO-,FPKAMK1DJ
M2"-R[MP/L*_>BO"/CM^Q[\*_V@K\:GXCT[[)K@4(=5TR<0SNHZ!^JOCMN!(K
M\NB['W31X%_P]N^'W_0E:Y_WW#_C5G3_ /@K3\-)[J-+OPEX@M8&.&E00R%?
M?;N&:O?\.I?@]_T,/B3_ ,#(/_C5<!\>/^";'PK^'?PF\2^)M.\8:KI]]I=E
M+=0G4KF!X97525B("*<L1M&#G)'6J]T6I]T?"?XN^$OC5X3B\1>#M4BU/37;
MRWV@I)#(!DI(AY5AGO\ AD5^-WC9O+_;MU1O[OCLG\KVO;O^"1WB6_M?B[XM
MT%'D;3+S1_M<D>?E$D<J*K?7$C"O$/&P#?MV:H#PI\=D'_P-H2LV)GVWJ'_!
M63P#I^H7-J_@S7&:"5HB=\/)4D>OM5?_ (>X?#__ *$O7?\ OY#_ (UNZA_P
M2Q^$.H7US=2:_P"(U>>1I65;R# +')Q^Z]Z@_P"'4OP>_P"AA\2?^!D'_P :
MI>Z/4^D_V?/C?I?[0GPWMO&&D:?<Z99SSRP"WNRI<%&P3\O&*[7Q3XFTWP7X
M;U/7M8N5L]+TZW>ZN9W/"(H))_3IWKD/@/\ !?0?@'\/K?PCX<NKN\TV">2<
M2WLBO)N<Y.2H Q^%?#__  5,_:6YM_A%H%W_ '+O7I(F_P"!16Y_1V'^Y[TK
M7>@]D?,7B?6/$_[>'[5"):I)&=7NA;6D399-/L$).3_NIECZL3ZUO_MT?LJC
M]F/Q]I.H>&EN%\):E$ALKAG+/!<QJ/,1F]2<./\ >('W:3X7?%34/V*O#^EZ
MII&C6&I?$/Q1:"[N/[3A=UT[36(,$:A64^9*1YAYX41^IJ/XV_MZ>.OCYX O
M/"7B?PSX>:QG=)8Y[>UF6:WD4Y#QL9" <9'3HQ'>M-;Z$'Z/?L._M(1_M$?!
MVUFOYU;Q7HH6RU://S.P'R3X]' S_O!A7MWCC_D2]?\ ^P?<?^BVK\/?V1_V
M@KS]G'XQZ;KS-(VAW)%GJ]JN?WENQ&6QW9#AA],=S7[<>)-4M=:^'&J:A8SQ
MW5E=Z5+/!/$<K)&T)*L#W!!!J)*S+3/QZ_X)R_\ )X'A/_KG>_\ I-+7[55^
M*G_!.=@O[7_A,L0H\N]Y)Q_R[25^TWVJ'_GM'_WT*);BCL2T5%]JA_Y[1_\
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MH7Q%TRW:.4;#>"+=$WNZ?PGW7\A4'C_]DW3]>LSKGP]U&&YMY1O6S:4.C?\
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MQE\\@@U^R-%+F=[CL?AY_P ,:_M$_P#0DZ[_ .!4?_QRC_AC7]HG_H2==_\
M J/_ ..5^X=%/F%RGP7^Q+X#^+'[/OP7^)][K/@W4[KQ+))#)H^DS3(S74@1
ME&/GP%#,"W/0&O!/@Q^PW\5/BK\?H-;^+'A^]T[19KM]4U:\O9(R;H[MWE *
MQ/SL0/9<^@K];Z*7,.QGMX?TME16TVT81HL:[H%.% P ..@%)_PCND_] NS_
M / =/\*T:*D9^?/_  4._8IUGXAZ]I?CCX;Z#]OU68"TU;3K/9&7P/W<X!(&
M0!M;_@/O7H'[$^F?%CP[\$_$7P\^(/A/4--;3K.8:+>7+QL)8W5A]GR&/*L>
M,]FQVK[&HJN;2PK=3\-%_8A^/=O=&6#X>ZM$^3AXYH@?SWU8_P"&-?VB?^A)
MUW_P*C_^.5^X=%/F8N4_#S_AC7]HCOX)UW'_ %]1_P#QROV6^$6EWVA_"KP=
MIVIQ/!J5IH]I!<Q2-N9)5A57!/<@@UUM%)NXTK'QW_P4D^$_COXL>!_"-IX$
MT>]UB[M=0DEN([*54*(8\ G+#/-? '_#&O[1/_0DZ[_X%1__ !ROW#HH4K"L
M?AY_PQK^T3_T).N_^!4?_P <KL_A;_P3=^,7Q"\2VP\5:<?">C[Q]IOM1N$E
MFV9Y$<:L26],X'O7[(44^9ARG/\ A'P+H_@OP/IGA+3[5?[%T^R2PC@E 8-$
MJ[<-ZY&<^N37YW_M*?\ !+?56UZ[U_X2SV\MC<.96\/WDOE/ 2<D0R'@KGHK
M$8]37Z845*=AV/Q.C_9/_:<TI1:P>&?$D,4?"I!J*;!],2XJ]X9_X)W_ ![\
M?ZK+-JFA+HSR9=[[7+],N<?[)=B3[BOVCHJN9BY3\[_V/X_VA?@3XD@\/^+_
M (9WVO\ A=BMB-35H&N[&(,<;)=^7A!).P\#.1CH?T0HHJ6[C/GO]L[PI>ZY
MX L-2M(VF33;DM.JC)5'&-WT! _.OB)8\=J_5V>".ZADAFC66*12KQN,JP/4
M$=Q7SM\5?V0=*U_S=0\)NFDWW+&RDSY#GT4]4_4?2OU#AGB3#X.@L#B_=2;M
M+IKT?SZGSN9X*K5?M:.OE_D?'.FZA=:3=1W-G<26UQ&=R21,593Z@CI7TE\,
MOVMIX;=-)\;VHU:Q<>6;Q5!DVGCYU/#C\C]:\'\6>!=;\#ZH]AK.GS65P.F]
M?E<>JGH1[BM[PG\*[W6M/_M?5;B/0/#R'YM0O 1O]HD^](WLOXD5]_F-#+\?
M04L39QZ-;_\ ;K6M_)7OV/BJ6*Q6'JM4;I]5T^=_S9]$>(/V;_!7Q6ABUOP1
MJT.GQRL#+'"-\0!Z_)D%#[=/85>_XMC^S/:<!=8\2!?]F2?/\HA^OUKP:\^*
MEIX-T^XT?P%%<:=#,OEW.K7#_P"EW('ICB-?9>?4UYK-<2W4S2S2-+(QRS,<
MDGUKYZCD^+Q,?98O$2=!;1>DFO[S73RW]"J^;8?#OVF'HQ]KU>\4_P"ZOZ^9
MZ=\3OVA/$WQ'>2W,W]FZ43Q96S$*1_MGJWX\>U>8\GJ<FA5/0#)KTSX9_ /Q
M+\2)$FA@^P:63\U]<@A,?[(ZM^''N*^C_P!CRK#Z6IP7R_X=_B?)3GB\SKV5
MYS?]?)?@<!H^F7.K:E;VEI"]Q<S.$2.,9+,3P!7Z1^#]'?P_X4T?3)3NDL[2
M*!B.Y5 #_*N3^&?P-\-_#.-)K6#[;JF,-?W !<9Z[1T4?3GWKT2OR#B/.Z>:
MRA2H+W(WU?5_Y'ZEP]DM3*XSJUW[\K:+HO\ ,1FVJ6ZX&>*\%^%?[2NJ_%+7
M[5K/PE#_ ,(W=W<UGYUOJB2ZCI[1LRA[VTV@PJQ0_P 1(R,]:]Y9=RD E<C&
M1U%?.VD_LY>*KCXD>'->U[7-#N&T"^:\7Q!INF&UUC5(RKJMO=.K>64PPW87
MYM@X'-?&GV!1\4?MH6N@ZUKEW;Z7IEQX.T#5/[)U&\FUF.+46D5Q'++!:%<O
M'&QP<L"VTD"ND\:?M >*=,\7>.-&\,^"+?78?"-E;:C>W5SJHMO-BEB:39&O
MEMF3:C8R0..M8J?LQZOX?\5:R?#\GA&;0=7U:35GN-<T3[5J-BTC[YHHGW!7
M4G=M+C*[N^!7='X-77_"6?%35QJ<(C\9:=;6,$7E'-L8H)(BS'/S F0' QTI
MZ <YX,_:/UKQ!K_@-M5\&#1_#'CJ-FT2^_M!9;E6$!G47$(0! Z*2-K-C@&J
MFB?'*T\*^#/&6JV^F:KJFH+XVN/#UCIMYJ7G-=WK3+&B1NPQ#%DYV\A%!ZUO
M:;\!KRQTOX*VC:O"[>  HN&$) O,6;6_R\_+RV[G/2LJ;]FF\F\&^(].37XK
M?6+GQC+XPTF_6W+):3^:)(DD0GYU&"K<C(8XQ1H!L_\ "\=8\&:#XOO_ (C>
M$Y/#H\/627XNM-N#>6E]&V0$AD*(?-# *48#[RG.#3?"GQL\1KXV\/\ AWQS
MX.C\*R>)H)9M&FMM1%V&>-/,>WG^1?+E"9;C<IP1GBFWWPA\6?$SP?XPT;XD
M>)+.>'7;-;*WL=!MFBM[#;DB93(S.\A?:W)P-H&*@\-?"+QMK/CWPQXB^(7B
M'2=37PG%,NE6^C6<D'VB>6/RFN9][M\VS< B\ L3Z4M .<TO]JCQ#>V.F>(K
MCP"MKX)NO$!\.R:D-55[E93=-;),L.SF/S  <L&&3P0,F?XQ?&CQ)JD'Q,\.
M^#O"?]K6'AO2Y(=6U>34A:O'/);&0);KL.]D1E8DE1R #FK]K^SCJ%O\&]/\
M%G6;<W-MXG77S=")MC(-1-WY>,YS@[<^M'C+X&^,SXB\=R>#?$NE:;HGCB#&
MIV^J6+SRVEQY'D&:W*NH.Y N5<'!&1Z4] U)O@S\4)+73?@]X,FMI+R76?!B
M:H^I23$L##%;J001EBWFYSGM[U(_[2N[P-)J]MX=DNM9N?%%QX4TO25N0!=7
M,<SQAVDV_NTVQLY.#@ ]:KW'P)\4>'HOAGJ?A37-+3Q#X1T0Z#,NJVLDEK>0
M-'$K, C!D8-"&'/<@U2T_P#9GUNT^&5II<GB>U/C#3O%$_BNQU>.S*VWVJ26
M1RCP[L^65E=" V<'(/%&@#OB%\8/B3I'PB^)-PWA"'P[XL\.:>UU#>?:S-I\
M\1B=O/MY3%\[QE3F)E'('.#6K)\:O$VE^&?A]I/_  CMKJ_Q%\4VC3QV$=\8
M[2**-%:2XEF\O*KAT^4(3N? Z9K0?X7^-/&W@7QUI'CCQ3:37/B:P?3X+72+
M0I9Z8AB9-R!R7D9BVYBQ[  "LB\^#7C632_ .NVNMZ-;?$'PE;36(D^RRG3;
MZUD54:-TW[U)$<;;@>&4\8-&@$.I?M03Z'\,?%^N7_A.5/%?A34K?2M2\.QW
MBMNEFDB6)HIMN&1UF5E)4=P0*L>._C]XA^'^E^#K/5_#&EZ;XK\33W$4<-]K
M(BTVS$0W 2W9C^^RE0$"\MD \5G7G[-.KZY\/O&%IJOB"UF\8>+=8LM7U+4(
M;5EMHQ;RPM'!%'N+;5CAV@DDDDD^E=S\8O /B3QG;:9_8-[HTL%OYB7NA>(K
M 75AJ", !OQAT9",J5/<@@T: ;_@/QI>>)/!::UKFBS>&+N/S!=6<\JS*FPD
M%TD7AXR!N5@!D'I7%M\=M,7X@QXUBU_X0PZ*;LW?EMG[1]H$8&<9QCC&*V_@
M3\+9_A%X!70+K4([^1[NXO#';QF.VM1*Y?[/ C$E8DSM4$GBM5O *-\2D\4>
M;%]G72CIWV/RNYE\S?GI[8Q7I8*>%CS_ %B+>CMK_P !Z]GT[&-3VFG(4?BM
M\6K3X:^!(?$%O92:[<W]Q;V6EZ?;N(VO;BX<)"@9N%!+9)/0 \5QVD_'CQ'9
M^)O%'ASQ5X0M=)U;0_#?_"1%K'4_M,-RFYU"*3&I4YC()(_2NQ^-'PQ?XI>#
MHM.L]0&CZOI]];:KIE^8O,6"Z@D#QEDR-RDC!'H37D'A/PIXLUK]I#QA:>.I
M;&XDU/P+!9FXT2UEAMHD:YF4HK2,Q9^2W)_B''%>;IT-M3T#3_CU]NT[X/W7
M]BE/^%@*K;?M&?L6;-KG^[\_W=O;UKFO''[3VH^ ?%SP:OX:L++P]'JD.F9N
M-;B&JS+)(L:W4=F 28=S#JP8KEL 53\'?L^^/=-U?X7PZYXHT.Z\/?#^1TLH
M;+3Y([F\B^S/;QM*[2$*RJPR%&#R:P/$/[)/BO4F\1:9::[X;_L?5-?7Q!_:
M=YI3R:LS"X2;[.TV_&P;=H8#. !THT#4[OQQ\>O%.E^.O%_AKPMX'@U]_#&G
M6^J7EU=:J+56CE61O+0>6Q,F(VQVXY(KG_%7QT\9:UXN^!=WX-T^S'A?QHKW
M$\-_<^7-(#:/*8V_=MLV !@RGYF&W@<UZ OPANU^(7Q(\1_VC#Y7BK2+3388
M/+.Z!H8YE+,<\@F4=/2N8/[/^O:3X4^#<&CZUI_]N?#_ &HSWMN[6]W&UL;>
M7A6#*VUBRG/4<TM -R^^/7V*Q^,%Q_8I?_A7ZEMOVC'VW%FMS_=^3[VWOZUG
M:O\ 'CQ'=>(_"WA[PMX0M=5U?7O#?_"0@WVI_9H;= T:E&81L6YD ! Z^U8W
MQ!_9^\::KJGQ*A\+>)='T_0_']NJZBNIV$DUQ:2BW%NQA*NJE70#[P.TY(KL
M?#OP:NM#^(WA/Q*VIPRPZ+X3/AQ[<1$-(YDB;S0<\#]T>/>GH!P6A_M6^(=3
MT#1?%5U\/O[/\(7.KQZ#?7#ZJKW5M=-/]G9TB"8>)9OESN#$<[:^DJ\&M?V;
M[ZW^#,/@DZW ;B/Q*->-WY!VE1J/VOR]N>N/ESZ\U[S28!1112&9FN^&M*\3
MVJVVK:=;ZC K!Q'<1AP".A&:^<OCM^SIXEUZ[EU?1]3EUJ!1\NFS$*\*_P!V
M(#"[1V  _&OJ"BO7R[-<3EE15*+VZ/5>?I\K'FXW+Z&.IN%5?-;_ /!^9^7E
M]IEUI=U);7=O);7$;;7CE4JRGT(/2N@\$?#?7_B!J"VFC:?)<'/SRXQ'&/5F
M/ K] O$7P^\-^+)DFU?1;._F7@2RQ O],]:U-(T6PT"R2STVR@L;5/NPV\81
M1^ K[RMQLG1_=4;3\WHOU?X'Q,>$9.M^]J^YY+7_ "7XGC'PO_97T/PGY5[K
MY36]2&&$1'^CQGZ'[WX\>U>XQQI#&L<:*B*,*JC  ] *?17YWC,?B<PJ>TQ,
MW)_@O1=#[G!X'#X&'L\/"R_%^KZA1117 =X4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4F!G..:6B@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
>*** "BBB@ HHHH **** "BBB@ HHHH **** /__9

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