<SEC-DOCUMENT>0001104659-24-095998.txt : 20241018
<SEC-HEADER>0001104659-24-095998.hdr.sgml : 20241018
<ACCEPTANCE-DATETIME>20240903072824
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-24-095998
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240903

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lanvin Group Holdings Ltd
		CENTRAL INDEX KEY:			0001922097
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4F, 168 JIUJIANG ROAD,
		STREET 2:		CARLOWITZ & CO, HUANGPU DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200001
		BUSINESS PHONE:		(86)13636579351

	MAIL ADDRESS:	
		STREET 1:		4F, 168 JIUJIANG ROAD,
		STREET 2:		CARLOWITZ & CO, HUANGPU DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200001
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><IMG SRC="tm2423215d2_correspimg001.jpg" ALT=""></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">United States Securities and Exchange Commission</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Washington, D.C. 20549&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="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="font-size: 10pt">September&nbsp;3, 2024</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">Dear Ms.&nbsp;Clark and Mr.&nbsp;Blume,</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lanvin
    Group Holdings Limited&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;20-F
    for the Year Ended December&nbsp;31, 2023&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    April&nbsp;30, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File
    No.&nbsp;001-41569</FONT></TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of Lanvin Group Holdings Limited (the
 &ldquo;Company&rdquo;), we submit this letter setting forth the responses of the Company to the comments provided by the staff (the &ldquo;Staff&rdquo;)
of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) in its second comment letter dated August&nbsp;20, 2024 (the &ldquo;Second
Comment Letter&rdquo;) with respect to the Report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2023, filed by the Company
with the SEC via EDGAR on April&nbsp;30, 2024 (the &ldquo;Form&nbsp;20-F&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The headings and paragraph numbers in this letter
correspond to those contained in the Second Comment Letter and, to facilitate the Staff&rsquo;s review, we have reproduced the text of
the Staff&rsquo;s comments in bold below. Capitalized terms used but not defined herein have the meanings given to them in the Form&nbsp;20-F
and the Company&rsquo;s previous response dated August&nbsp;9, 2024. All references to page&nbsp;numbers and captions (other than those
in the Staff&rsquo;s comments and unless otherwise stated) correspond to the page&nbsp;numbers and captions in the Form&nbsp;20-F. The
Company is concurrently filing its Amendment No.&nbsp;1 to the Form&nbsp;20-F to address the Staff&rsquo;s comment in the Second Comment
Letter.</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"><U>Form&nbsp;20-F for the Year Ended December&nbsp;31, 2023</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Exhibits 12.1 and 12.2, page&nbsp;152</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B>Your response to prior comment 6 indicates that intend to make the exhibit revisions in future filings. As originally requested,
please amend your filing to include certifications having all of the prescribed language as set forth in paragraph 12 of the &quot;Instructions
as to Exhibits&quot; of Form&nbsp;20-F.</B></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">PARTNERS</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">Teresa Y Y Ko Robert S Ashworth Thomas T Y Ng Arun Balasubramanian
Simon J Weller*<BR>
Grace Y H Huang K Tim Mak Alastair N C Mordaunt* Richard Wang Georgia K Dawson* Edward G Freeman Daniel Anderson<BR>
John J H Choong Richard W Bird Daniel J French Richard J Perks Philip Q Li Matthew J O&rsquo;Callaghan Bing X Guan<BR>
Howie C H Farn Xin Liu* Sarah X Su David W Yi</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">REGISTERED <FONT STYLE="font-size: 10pt">FOREIGN LAWYERS</FONT></FONT></TD><TD STYLE="text-align: justify; width: 18%"><FONT STYLE="font-size: 10pt">*non-resident</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">Ninette Dodoo (Belgium)</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">Client Meeting Suite: 36th Floor, Two Exchange Square, Central, Hong
Kong</P>

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

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->/8</FONT></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"><IMG SRC="tm2423215d2_correspimg001.jpg" ALT=""></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 0pt 0.25in; text-align: justify"><B><U>Response</U></B>: In response
to the Staff&rsquo;s comment, the Company has filed Amendment No.&nbsp;1 to the Form&nbsp;20-F to include in the officer certifications
provided in Exhibits 12.1 and 12.2 paragraph 4(b)&nbsp;and the reference to internal control over financial reporting in the introductory
language of paragraph 4.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Contribution statements of changes in equity page&nbsp;F-7</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD><B>We note your responses to prior comments 3 and 5 and have the following comments:</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Please provide us with each journal entry recorded to account for the Meritz financing fund transactions described in your responses.
Present the journal entries in chronological order with a sufficiently detailed yet straightforward description of each entry. In doing
so, specify the terms of the contract &quot;renegotiation&quot; and clarify when the &quot;closing date&quot; will occur and the transactions
that will occur on such date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Clarify the timing and amount of each related share issuance and repurchase, including all activity reflected in your treasury share
rollforward. In doing so, explain why these transactions impact treasury shares and why the table in your response to comment 3 reflects
the &quot;Repurchase of Ordinary Shares&quot; as a decrease to treasury shares instead of an increase and the &quot;Issuance of Ordinary
Shares&quot; as an increase to treasury shares instead of a decrease.</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt"><B><U>Response</U></B>: In response to the Staff&rsquo;s
comment, the Company respectfully presents the Staff with the following journal entries recorded to account for the Meritz financing fund
transactions including each related share issuance and repurchase with detailed description. For contract &ldquo;renegotiation&rdquo;
clauses and &ldquo;closing date,&rdquo; please refer to the description under Journal Entry #10. An explanation of why these transactions
affect treasury shares is provided under Journal Entry #2 to facilitate the Staff&rsquo;s understanding. For the change of ordinary shares,
please see the description under Journal Entry #2 and #11.</P>

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

<!-- Field: Page; Sequence: 2; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->/8</FONT></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: Red"><IMG SRC="tm2423215d2_correspimg001.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt"><B>Journal Entry #1: October&nbsp;20, 2022</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 0pt 16.9pt; text-align: justify"><B><I>Description</I>:</B> As disclosed
in 2022 Consolidated Statements page F-60, Note 29, Meritz received certain shares of Fosun Fashion Group (Cayman) Limited (predecessor
of the Company, &ldquo;FFG&rdquo;) at a subscription price equal to USD 50,000,000 during the 2022 Meritz Private Placement. Half of
this subscription by Meritz in the amount of EUR 25.02 million (USD 25.00 million) was funded on October&nbsp;20, 2022. The actual proceeds
received was EUR 24.02 million (USD 24.00 million), the difference of EUR 1 million (USD 1 million) relates to cash dividends paid in
advance, which are recognised in other current assets. This portion of interest is considered as prepaid interest and will be net-off
gradually with the monthly accrued interest expense.</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 0pt 16.9pt; text-align: justify">Meritz has contractually claimed
a number of rights under the 2022 Meritz Private Placement in order to mitigate the risk of its investments. The following rights to
which Meritz is entitled are key rights that primarily affect judgements of accounting treatment:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD STYLE="text-align: justify">Cash dividend: Meritz is entitled to a cash dividend in the amount of USD 2.0 million per annum for three
years from October&nbsp;20, 2022. Half of the first-year cash dividend in the amount of USD 1.0 million was paid on that date, with the
remaining USD 1.0 million to be paid six months later. The second and third year&rsquo;s cash dividends will be paid quarterly.</TD></TR></TABLE>

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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD STYLE="text-align: justify">Put Option &#8544;: Under the agreement as Meritz holds the Put Option, it can request FFG/the
                                                                Company to repurchase shares in the event of a contingency (the actual controllers cease control of the
                                                                Company, any insolvency event,
                                                                bankruptcy, liquidation or winding up, delisting or suspension of shares, event of default on borrowings).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD STYLE="text-align: justify">Put Option &#8545;: Under the terms, Meritz may request the
                                                                Company or any third party nominated by the
                                                                Company to repurchase
the ordinary shares held by it upon the third anniversary of the investment.</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 0pt 16.9pt; text-align: justify">Any of the above rights would
indicate that the Company cannot unconditionally avoid fulfilling a contractual obligation by delivering cash or other financial
assets. The contractual obligation meets the definition of a financial liability in accordance with IAS 32, paragraph 11.</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 0pt 16.9pt; text-align: justify">Additionally, Put Option I is a financial
instrument with a contingent settlement clause. According to IAS 32, paragraph 25, this constitutes a financial liability of the issuer
as the issuer has no control over the occurrence of the contingent event. Put Option II constitutes a puttable instrument. According to
IAS 32, paragraph 18, a financial instrument that gives the holder the right to put it back to the issuer for cash or another financial
asset is a financial liability.</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 0pt 16.9pt; text-align: justify">Given the Put Option I and Put Option
II have the same repurchase price of 11.5% of the agreed return at the time of exercise, the exercise price of this option is approximately
equal to the main debt instrument. Consequently, the Put Option is closely related to the main debt instrument and is not considered to
be a separate derivative. As the repurchase price is fixed at the agreed return mentioned in the preceding sentence, it is subsequently
measured at amortised cost together with the main debt instrument.</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 0pt 16.9pt; text-align: justify">The amount received from Meritz as
a whole is a current financial liability as the Put Option may be exercised at any time.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dr (EUR)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cr (EUR)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tie &ndash; Out</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Cash and bank balance</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">24,021,756 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Tie to cash flows <FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT> financing activities in 2022 Financial Statements</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Other current asset</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,000,907 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Other current liability</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">25,022,663 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-align: justify"><B>Journal Entry #2: October&nbsp;20,
2022</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 0pt 16.9pt; text-align: justify"><B><I>Description</I>: </B>Issuance of 18,569,283 ordinary shares of Euro1.00 each was recognized in Share Capital, the amount of EUR 25,022,663
(equivalent to USD 25,000,000) was recognized in treasury share with the remaining amount recognized in other reserves. Although the transaction
is regarded as a financial liability, since the Company has issued shares, legally the Company has fulfilled the capital increase procedure,
which is equivalent to the issuance of shares and therefore an increase in the share capital, and at the same time it is treated as treasury
shares. In this case, treasury shares are not an asset class account but an allowance for owner's equity, with the debit side indicating
an increase. So, nominally, there has been a transfer of ownership of the shares, and in order to reflect the legal substance of this
transaction, share capital and other reserves are recognised. In substance, however, the transaction is again a financial liability, so
that the full recognition of Treasury Shares ensures that total equity remains unchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dr (EUR)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cr (EUR)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tie &ndash; Out</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury shares</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,022,663 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tie to &ldquo;treasury shares&rdquo;, &ldquo;Issued capital&rdquo; and &ldquo;Other Reserves&rdquo; separately in the consolidated statement of changes in equity.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share capital</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,569,283 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other reserves</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;6,453,380 </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->/8</FONT></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><IMG SRC="tm2423215d2_correspimg001.jpg" ALT=""></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 0pt 16.9pt"><B>Journal Entry #3: December&nbsp;14, 2022</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 0pt 16.9pt; text-align: justify"><B><I>Description</I>: </B>On
December&nbsp;14, 2022, after the Company completed its listing through De-SPAC, certain shares of FFG held by Meritz were converted
into 4,999,999 ordinary shares and 1 convertible preferred share of the Company (the &ldquo;Initial Meritz Shares&rdquo;). The
Company's par value per share is $0.0001.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dr (EUR)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cr (EUR)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tie &ndash; Out</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Share capital - FFG</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18,569,283&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="4" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Included in the line item &ldquo;Issuance of ordinary shares upon Reverse Recapitalization&rdquo; in the Consolidated Statement of Changes in Equity for 2022.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other reserves - FFG</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;6,453,380&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Share
    capital - the Company</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;5&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other reserves - the Company</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;25,022,658&nbsp;</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt"><B>Journal Entry #4: October&nbsp;20 to December&nbsp;31,
2022</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 0pt 16.9pt; text-align: justify"><B><I>Description</I>:</B> Under the
agreement, the repurchase price is a return calculated at 11.5 % and since the return rate is fixed, the financial liability is measured
at amortised cost and amortised at the effective interest rate. Interest is accrued monthly at amortised cost with an effective interest
rate. Till December&nbsp;31, 2022, EUR 449,777 interest has been accrued which should be net-off against other current asset (prepaid
interest) recognized initially.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dr (EUR)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cr (EUR)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tie &ndash; Out</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Finance cost - interest expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;449,777&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Included in the line item &ldquo;Interest expense on borrowings&rdquo; in Note 11 - Finance costs in 2022.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other current asset</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;449,777&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt"><B>Journal Entry #5: December&nbsp;31, 2022</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 0pt 16.9pt"><B><I>Description:</I></B> Exchange gains and losses are
calculated at the end of the year.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dr (EUR)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cr (EUR)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tie &ndash; Out</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: -2.9pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Finance cost - exchange gain/loss</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,503,549&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Included in the line item &ldquo;Net foreign exchange gains&rdquo; in Note 11 - Finance costs in 2022.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other current liability</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,503,549&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->/8</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt"></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2423215d2_correspimg001.jpg" ALT="">&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 0pt 16.9pt"><B>Journal Entry #6: April&nbsp;17, 2023</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 0pt 16.9pt; text-align: justify"><B><I>Description:</I></B> Remaining
half of the Meritz Investment in the amount of EUR 22.76 million (USD 25.00 million) was funded on April&nbsp;17, 2023.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dr (EUR)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cr (EUR)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tie &ndash; Out</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash and bank balance</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;22,756,160&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other current liability</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;22,756,160&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt"><B>Journal Entry #7: May&nbsp;2023</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 0pt 16.9pt; text-align: justify"><B><I>Description</I>: </B>A second
cash dividend in the amount of EUR 0.93 million (USD 1.00 million) was paid to Meritz under the agreement. Please see the description
in Journal Entry <B>#</B>1 for details of the cash dividend agreement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dr (EUR)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cr (EUR)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tie &ndash; Out</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other current asset</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;931,659&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 16.9pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash and bank balance</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;931,659&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 16.9pt">&nbsp;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt"><B>Journal Entry #8: January&nbsp;1 to December&nbsp;14,
2023</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 0pt 16.9pt; text-align: justify"><B><I>Description</I>: </B>Interest
is accrued monthly at amortised cost with an effective interest rate. Till December&nbsp;14, 2023, interest accrued amounted to EUR 5,516,873,
of which EUR 1,489,810 should be offset against other current assets.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dr (EUR)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cr (EUR)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tie &ndash; Out</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Finance cost - interest expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;5,516,873&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Included in the line item &ldquo;Interest expense on borrowings&rdquo; in Note 11 - Finance costs in 2023.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other current liability</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;4,027,063&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other current asset</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,489,810&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt"><B>Journal Entry #9: December&nbsp;14, 2023</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 0pt 16.9pt; text-align: justify"><B><I>Description</I>: </B>Exchange
gains and losses are calculated as of 14 December&nbsp;2023.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dr (EUR)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cr (EUR)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tie &ndash; Out</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Finance cost - exchange gain/loss</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,317,828&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Included in the line item &ldquo;Net foreign exchange losses&rdquo; in Note 11 - Finance costs in 2023.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other current liability</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;1,317,828&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;&nbsp;</P>

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

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->/8</FONT></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><IMG SRC="tm2423215d2_correspimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt"><B>Journal Entry #10: December&nbsp;14, 2023</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 0pt 16.9pt; text-align: justify"><B><I>Description:</I></B> During the second half of 2023, the Company negotiated with Meritz under the terms agreed upon during the 2022 Meritz Private Placement.
As a result, the Company consummated both the  share buyback and subscription agreement with Meritz
 (the &ldquo;Meritz SBSA&rdquo;) and amended and restated relationship agreement  on December&nbsp;14, 2023
(the &ldquo;Closing Date&rdquo;). On the Closing Date,  pursuant to the
terms of the Meritz SBSA, the following transactions occurred:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Meritz sold and surrendered, and the Company repurchased from Meritz the Initial Meritz Shares for a price equal to EUR 51,620,165 (USD 54,473,260).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Immediately thereafter, Meritz agreed to subscribe for, and the Company issued 19,050,381 ordinary shares
par value $0.000001 of the Company to Meritz at a total subscription price equal to EUR 65,405,133 (USD 69,473,260). The total subscription
price for the first installment was equal to the repurchase amount of EUR 51,620,165 (USD 54,473,260), and for the second installment
was EUR 13,784,968 (USD 15,000,000). The subscription price for the first installment will fully offset the repurchase price and the subscription
price for the second installment was funded to the Company.</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 0pt 16.9pt; text-align: justify">The main terms of the above
 &ldquo;renegotiation&rdquo; contract are consistent with the previous 2022 Meritz Private Placement including three specified terms
mentioned in Journal Entry #1. Accordingly, there is no change for the accounting treatment. The financing fund is still measured as
financial liabilities. The original payables, together with the newly granted EUR 13,784,968 (USD 15,000,000) should be recognized
in other current liability.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dr (EUR)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cr (EUR)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tie &ndash; Out</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other current liability- original</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;51,620,165&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Equivalent
to the sum of</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(a)&nbsp;above</FONT></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Cash and bank balance</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;13,784,968&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other current liability- new grant</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">51,620,165&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other current liability- new grant</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;13,784,968 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-align: justify"><B>Journal Entry #11: December&nbsp;14,
2023</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 0pt 16.9pt; text-align: justify"><B><I>Description</I>: </B>As a result
of consummation of the Meritz SBSA  on December&nbsp;14, 2023 discussed above, the Company first repurchased the Initial Meritz Shares held by Meritz, for a price of USD 54,473,260. The previously recognised treasury shares, share capital
and other reserves were reversed accordingly. The newly subscribed ordinary shares under the Meritz SBSA, totaling EUR 65,405,133 (USD 69,473,260), was recognised as treasury shares, share capital and other reserves which
is the same as the treatment in Journal Entry #2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dr (EUR)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cr (EUR)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tie &ndash; Out</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Treasury shares - original </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;25,022,663 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Share capital- original </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other reserves- original </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;25,022,658&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Treasury shares- new grant </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;65,405,133&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Share capital- new grant </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other reserves- new grant </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;65,405,115&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-align: justify"></P>

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

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->/8</FONT></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: 0pt 0"><IMG SRC="tm2423215d2_correspimg001.jpg" ALT="">&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 0pt 16.9pt"><B>Journal Entry #12: December&nbsp;14 to December&nbsp;31,
2023</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 0pt 16.9pt"><B><I>Description:</I></B> Interest is accrued monthly
at amortised cost with an effective interest rate.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <TR>
    <TD STYLE="white-space: nowrap; width: 30%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dr (EUR)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cr (EUR)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 30%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tie &ndash; Out</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Finance cost - interest expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;302,366&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Included in the line item &ldquo;Interest expense on borrowings&rdquo; in Note 11 - Finance costs in 2023.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other current liability</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;302,366&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt"><B>Journal Entry #13: December&nbsp;31, 2023</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 0pt 16.9pt"><B><I>Description</I>: </B>Exchange gains and losses are
calculated at the end of the year.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dr (EUR)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cr (EUR)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Tie &ndash; Out</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: -3.3pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Finance cost - exchange gain/loss</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,387,499&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Included in the line item &ldquo;Net foreign exchange losses&rdquo; in Note 11 - Finance costs in 2023.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other current liability</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">2,387,499&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.9pt; text-align: justify">Notes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Reflects the accumulated balance of other current liabilities as of December&nbsp;14, 2023 under the previous 2022 Meritz Private Placement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">The cash and bank balance totaling EUR 36,541,128 labelled (b)&nbsp;are tied to the line &ldquo;Proceeds
from financing fund&rdquo; in the financing activities in the cash flow statement for the year 2023.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">The treasury shares labelled (c), totaling EUR 40,382,470, are tied to the line item &ldquo;treasury shares&rdquo;
in the consolidated statement of changes in equity for the year 2023.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">The other reserves labelled (d), totaling EUR 40,382,470, are tied to the line item &ldquo;other reserves&rdquo;
in the consolidated statement of changes in equity for the year 2023.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">The share capital totaling EUR 13 marked (e), which is tied to the line item &ldquo;Share capital&rdquo;
in the consolidated statement of changes in equity for the year 2023, is disclosed as &ldquo;*&rdquo; because the amount is less than
EUR 1,000.</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: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->/8</FONT></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"><IMG SRC="tm2423215d2_correspimg001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hope the foregoing has been responsive to
the Staff&rsquo;s comments. If you have any questions or comments regarding the foregoing, please kindly contact Howie Farn by phone
at + 852 2913 2797 or via email at howie.farn@freshfields.com.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yours
    faithfully</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Freshfields Bruckhaus Deringer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Freshfields
    Bruckhaus Deringer</FONT></TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">cc:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">Zhen Huang, Chairman, Lanvin Group Holdings Limited</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">Eric Chan, Chief Executive Officer, Lanvin Group Holdings Limited</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">Kat Yu David, Chan, Chief Financial Officer, Lanvin Group Holdings Limited</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">Roy Cheng, Chief Risk Officer, Lanvin Group Holdings Limited</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: 8; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2423215d2_correspimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2423215d2_correspimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  G 7L# 2(  A$! Q$!_\0
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MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#VCQ!XAM]
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MJWT-_-+J^IC$]]<(K$#T51@ =./8>E+X*\&?\(58RV%OJ3W-I)(9=DL(#!R
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M$5S:L[&""*V@C@@C2*&-0B(@PJJ.  .PJ2BBL34**** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH *HW^C:7JI4ZCIMG>%/NFX@63;]-P-%%%[ 6X88K>%(8(T
5BB085$4*JCT '2GT44 %%%% '__9

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