<SEC-DOCUMENT>0001104659-23-123638.txt : 20231205
<SEC-HEADER>0001104659-23-123638.hdr.sgml : 20231205
<ACCEPTANCE-DATETIME>20231205165458
ACCESSION NUMBER:		0001104659-23-123638
CONFORMED SUBMISSION TYPE:	SC TO-T/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20231205
DATE AS OF CHANGE:		20231205
GROUP MEMBERS:		GEORGE ECONOMOU
GROUP MEMBERS:		MARYPORT NAVIGATION CORP.

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Performance Shipping Inc.
		CENTRAL INDEX KEY:			0001481241
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86020
		FILM NUMBER:		231467357

	BUSINESS ADDRESS:	
		STREET 1:		373 SYNGROU AVE.
		STREET 2:		17564 PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		302166002400

	MAIL ADDRESS:	
		STREET 1:		373 SYNGROU AVE.
		STREET 2:		17564 PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Diana Containerships Inc.
		DATE OF NAME CHANGE:	20100115

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Performance Shipping Inc.
		CENTRAL INDEX KEY:			0001481241
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC TO-T/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86020
		FILM NUMBER:		231467356

	BUSINESS ADDRESS:	
		STREET 1:		373 SYNGROU AVE.
		STREET 2:		17564 PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		302166002400

	MAIL ADDRESS:	
		STREET 1:		373 SYNGROU AVE.
		STREET 2:		17564 PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Diana Containerships Inc.
		DATE OF NAME CHANGE:	20100115

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sphinx Investment Corp.
		CENTRAL INDEX KEY:			0001990966
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC TO-T/A

	BUSINESS ADDRESS:	
		STREET 1:		C/O LEVANTE SERVICES LIMITED
		STREET 2:		LEOFOROS EVAGOROU 31 2ND FL OFF 21 1066
		CITY:			NICOSIA
		STATE:			G4
		ZIP:			1066
		BUSINESS PHONE:		35722010610

	MAIL ADDRESS:	
		STREET 1:		C/O LEVANTE SERVICES LIMITED
		STREET 2:		LEOFOROS EVAGOROU 31 2ND FL OFF 21 1066
		CITY:			NICOSIA
		STATE:			G4
		ZIP:			1066
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC TO-T/A
<SEQUENCE>1
<FILENAME>tm2332175d1_sctota.htm
<DESCRIPTION>SC TO-T/A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 2pt solid; font-size: 1pt; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE TO</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(RULE 14d-100)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tender Offer Statement under Section 14(d)(1)
or 13(e)(1)<BR>
of the Securities Exchange Act of 1934&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No. 4)</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; text-transform: uppercase"><B>Performance
Shipping Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Subject Company (Issuer))</B>&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Sphinx
Investment Corp.</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Maryport
Navigation Corp.</B></FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #212529"><FONT STYLE="text-transform: uppercase; background-color: white"><B>Common
shares, $0.01 par value</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #212529; background-color: white"><B>(including
the associated Preferred stock purchase rights)</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
</FONT>(Title of Class of Securities)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Y67305105<BR>
(CUSIP Number of Class of Securities) </B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Leoforos Evagorou 31, 2<SUP>nd</SUP>&nbsp;Floor,
Office 21 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1066 Nicosia, Cyprus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+35 722 010610</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number of person authorized
to receive notices and communications on behalf of filing persons)</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Kiran S. Kadekar<BR>
Cadwalader, Wickersham &amp; Taft LLP<BR>
200 Liberty Street<BR>
New York, NY 10281<BR>
(212) 504-6000</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Check the appropriate boxes below to designate
any transactions to which the statement relates:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">third-party tender offer subject to Rule 14d-1.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">issuer tender offer subject to Rule 13e-4.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">going-private transaction subject to Rule 13e-3.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">amendment to Schedule 13D under Rule 13d-2.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Check the following box if the filing is a final amendment
reporting the results of the tender offer: <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If applicable, check the appropriate box(es) below
to designate the appropriate rule provision(s) relied upon:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Rule 13e-4(i) (Cross-Border Issuer Tender Offer)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>As permitted by General Instruction G to Schedule
TO, this Schedule TO is also Amendment No. 9 to the Schedule 13D filed by Sphinx Investment Corp. (the &ldquo;<U>Offeror</U>&rdquo;),
Maryport Navigation Corp. and Mr. George Economou on August 25, 2023 (and amended on August 31, 2023, September 5, 2023 and September
15, 2023, amended twice on each of October 11, 2023 and October 30, 2023, and amended on November 15, 2023) in respect of the Common
Shares of the Company.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">CUSIP No. Y67305105</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Names of Reporting Persons</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sphinx Investment Corp.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">SEC Use Only</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source of Funds (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WC</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship or Place of Organization</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Republic of the Marshall Islands</P></TD></TR>
  <TR>
    <TD COLSPAN="3" ROWSPAN="4" STYLE="padding-right: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beneficially</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Owned by</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reporting</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Person With</P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Voting Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Voting Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">9.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Dispositive Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Dispositive Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percent of Class Represented by Amount in Row (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.5%**</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Reporting Person (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P></TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 91%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* All reported Common Shares are held by Sphinx
Investment Corp. Sphinx Investment Corp. is a wholly-owned subsidiary of Maryport Navigation Corp., which is a Liberian company controlled
by Mr. Economou.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">** Based on the <FONT STYLE="background-color: white">12,152,559</FONT>
Common Shares stated by the Issuer as being outstanding as at <FONT STYLE="background-color: white">November 28, 2023</FONT> in <FONT STYLE="background-color: white">Amendment
No. 4 to its Solicitation/Recommendation Statement on Schedule 14D-9</FONT>, filed with the United States Securities and Exchange Commission
(the &ldquo;<U>SEC</U>&rdquo;) on <FONT STYLE="background-color: white">November 30, 2023</FONT> (as amended, the &ldquo;<FONT STYLE="background-color: white"><U>Schedule
14D-9</U></FONT>&rdquo;).</P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">CUSIP No. Y67305105</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Names of Reporting Persons</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Maryport Navigation Corp.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">SEC Use Only</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source of Funds (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AF</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship or Place of Organization</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Liberia</P></TD></TR>
  <TR>
    <TD COLSPAN="3" ROWSPAN="4" STYLE="padding-right: 6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beneficially</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Owned by</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reporting</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Person With</P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Voting Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Voting Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">9.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Dispositive Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Dispositive Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percent of Class Represented by Amount in Row (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.5%**</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Reporting Person (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P></TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 91%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* All reported Common Shares are held by Sphinx
Investment Corp. Sphinx Investment Corp. is a wholly-owned subsidiary of Maryport Navigation Corp., which is a Liberian company controlled
by Mr. Economou.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">** Based on the <FONT STYLE="background-color: white">12,152,559</FONT>
Common Shares stated by the Issuer as being outstanding as at <FONT STYLE="background-color: white">November 28, 2023</FONT> in its <FONT STYLE="background-color: white">Schedule
14D-9</FONT>.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">CUSIP No. Y67305105</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Names of Reporting Persons</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">George Economou</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">SEC Use Only</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source of Funds (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AF</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship or Place of Organization</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Greece</P></TD></TR>
  <TR>
    <TD COLSPAN="3" ROWSPAN="4" STYLE="padding-right: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beneficially</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Owned by</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reporting</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Person With</P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Voting Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Voting Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">9.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Dispositive Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Dispositive Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percent of Class Represented by Amount in Row (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.5%**</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Reporting Person (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN</P></TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 91%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* All reported Common Shares are held by Sphinx
Investment Corp. Sphinx Investment Corp. is a wholly-owned subsidiary of Maryport Navigation Corp., which is a Liberian company controlled
by Mr. Economou.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">** Based on the <FONT STYLE="background-color: white">12,152,559</FONT>
Common Shares stated by the Issuer as being outstanding as at <FONT STYLE="background-color: white">November 28, 2023</FONT> in its <FONT STYLE="background-color: white">Schedule
14D-9</FONT>.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">This Amendment No. 4 (this
 &ldquo;<B>Amendment No. 4</B>&rdquo;) is filed by the Offeror (as defined below), Maryport (as defined below) and Mr. George Economou
and amends and supplements the Tender Offer Statement on Schedule TO originally filed with the Securities and Exchange Commission (the
 &ldquo;<B>SEC</B>&rdquo;) on October 11, 2023 and amended and supplemented pursuant to Amendment No. 1 and Amendment No. 2, each of which
was filed with the SEC on October 30, 2023 and Amendment No. 3 which was filed with the SEC on November 15, 2023 (such original Tender
Offer Statement on Schedule TO as so amended and supplemented (including any exhibits and annexes attached thereto), the &ldquo;<B>Original
Schedule TO</B>&rdquo;), and as hereby amended and supplemented (including by the exhibits and annexes hereto), together with any subsequent
amendments and supplements thereto, this &ldquo;<B>Schedule TO</B>&rdquo;) by Sphinx Investment Corp., a corporation organized under the
laws of the Republic of the Marshall Islands (the &ldquo;<B>Offeror</B>&rdquo;), Maryport Navigation Corp., a corporation organized under
the laws of the Republic of Liberia that is the direct parent of the Offeror (&ldquo;<B>Maryport</B>&rdquo;), and Mr. George Economou,
who directly owns Maryport and controls each of the Offeror and Maryport. This Schedule TO relates to the tender offer by the Offeror
to purchase all of the issued and outstanding common shares, par value <FONT STYLE="background-color: white">$0.01 </FONT>per share (the
 &ldquo;<B>Common Shares</B>&rdquo;), of Performance Shipping Inc., <FONT STYLE="background-color: white">a&nbsp;</FONT>corporation&nbsp;organized&nbsp;under&nbsp;the&nbsp;laws&nbsp;of<FONT STYLE="background-color: white">&nbsp;the
Republic of the Marshall Islands</FONT> (the &ldquo;<B>Company</B>&rdquo;) (including the associated preferred stock purchase rights (the
 &ldquo;<B>Rights</B>&rdquo;, and together with the Common Shares, the &ldquo;<B>Shares</B>&rdquo;) issued pursuant to the<FONT STYLE="background-color: white">&nbsp;Stockholders&rsquo;
Rights Agreement</FONT>, dated <FONT STYLE="background-color: white">as of December 20, 2021, </FONT>between the Company and <FONT STYLE="background-color: white">Computershare
Inc. as Rights Agent (as it may be amended from time to time)),</FONT> for $3.00 per Share in cash, without interest, less any applicable
withholding taxes, upon the terms and subject to the conditions set forth in (a) the Amended and Restated Offer to Purchase, dated October
30, 2023, a copy of which is attached to the Schedule TO as Exhibit (a)(1)(G) (the <B>&ldquo;Offer to Purchase</B>&rdquo;), (b) the related
revised Letter of Transmittal, a copy of which is attached to the Schedule TO as Exhibit (a)(1)(H) (the &ldquo;<B>Letter of Transmittal</B>&rdquo;),
and (c) the related revised Notice of Guaranteed Delivery, a copy of which is attached to the Schedule TO as Exhibit (a)(1)(I) (the &ldquo;<B>Notice
of Guaranteed Delivery</B>&rdquo;) (which three documents, including any amendments or supplements thereto, collectively constitute the
 &ldquo;<B>Offer</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">As permitted by General Instruction
G to Schedule TO, this Schedule TO is also Amendment No. 9 to the Schedule 13D filed by the Offeror, Maryport and Mr. Economou on August
25, 2023 (and amended on August 31, 2023, September 5, 2023 and September 15, 2023, amended twice on each of October 11, 2023 and October
30, 2023, and amended on November 15, 2023) in respect of the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">This Amendment No. 4 is being
filed to amend and supplement the Schedule TO. Except as amended hereby to the extent specifically provided herein, all terms of the Offer
and all other disclosures set forth in the Schedule TO and the Exhibits thereto remain unchanged and are hereby expressly incorporated
into this Amendment No. 4 by reference. Capitalized terms used and not otherwise defined in this Amendment No. 4 shall have the meanings
assigned to such terms in the Schedule TO and the Offer to Purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Items 1 through 9 and Item 11</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">All information contained
in the Supplement to the Amended and Restated Offer to Purchase, a copy of which is attached hereto as Exhibit (a)(1)(O), is hereby
incorporated herein by reference in response to Items 1 through 9 and Item 11 in this Schedule TO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 12. Exhibits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">Item 12 of the Schedule TO
is hereby amended and supplemented by adding the following text thereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.7in"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
<TD><FONT STYLE="font-size: 10pt"><B>Description&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><A HREF="tm2332175d1_ex-99a1o.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">(a)(1)(O)</FONT></A></TD>
<TD STYLE="text-align: justify"><A HREF="tm2332175d1_ex-99a1o.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Supplement
to Amended and Restated Offer to Purchase dated December 5, 2023.</FONT></A></TD></TR>
</TABLE>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">After due inquiry and to the
best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: December 5, 2023</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>SPHINX INVESTMENT CORP.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">By: Levante Services Limited </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Kleanthis Costa Spathias</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Kleanthis Costa Spathias</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>MARYPORT NAVIGATION CORP.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">By: Levante Services Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Kleanthis Costa Spathias</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Kleanthis Costa Spathias</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>George Economou</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">/s/ George Economou </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">George Economou</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 0.6in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 0.7in">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <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: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1a.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(A)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1a.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer
    to Purchase*</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1b.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(B)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1b.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Letter of Transmittal*</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1c.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(C)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1c.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Notice of Guaranteed Delivery*</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1d.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(D)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1d.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1e.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(E)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1e.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1f.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(F)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1f.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Summary Advertisement as published in the New York Times on October 11, 2023 *</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1g.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(G)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1g.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Offer to Purchase*</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1h.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(H)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1h.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of revised Letter of Transmittal*</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1i.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(I)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1i.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of revised Notice of Guaranteed Delivery*</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1j.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(J)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1j.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of revised Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(K)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of revised Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1l.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(L)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1l.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complaint
    filed by Sphinx Investment Corp. in the Supreme Court of the State of New York located in the County of New York*</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112617/tm2329283d5_ex-99a1m.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(M)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112617/tm2329283d5_ex-99a1m.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press
    Release issued by Sphinx Investment Corp. on October 30, 2023*</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923118587/tm2329283d5_ex-99a1n.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(N)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923118587/tm2329283d5_ex-99a1n.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press
    Release issued by Sphinx Investment Corp. on November 15, 2023*</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="tm2332175d1_ex-99a1o.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)(O)</FONT></A></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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="tm2332175d1_ex-99a1o.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplement
    to Amended and Restated Offer to Purchase dated December 5, 2023**</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</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>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</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><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
                                            applicable.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
                               <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</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><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
                                            applicable.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
                               <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></A></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>
  <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table*</FONT></A></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

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



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

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

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(1)(O)
<SEQUENCE>2
<FILENAME>tm2332175d1_ex-99a1o.htm
<DESCRIPTION>EXHIBIT (A)(1)(O)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit (a)(1)(O)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amended and Restated Offer to Purchase for Cash</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Including the Associated Preferred Stock Purchase
Rights)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Performance
Shipping Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$3.00 Per Common Share (including the Associated
Preferred Stock Purchase Right)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Sphinx
Investment Corp.</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 2pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 11:59 p.m., NEW YORK CITY TIME, ON March&nbsp;28, 2024, UNLESS THE OFFER IS EXTENDED (SUCH DATE AND TIME, AS IT MAY&nbsp;BE EXTENDED, THE &#8220;<U>EXPIRATION DATE and Time</U>&#8221;).</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Supplement, dated December 5, 2023 (this
 &#8220;<U>Supplement</U>&#8221;), supplements and amends certain portions of the Amended and Restated Offer to Purchase, dated October&nbsp;30,
2023 and filed with the United States Securities and Exchange Commission (the &#8220;<U>SEC</U>&#8221;) on such same date (as amended
and supplemented prior to the filing of this Supplement, the &#8220;<U>Amended and Restated Offer to Purchase</U>&#8221;, and as amended
and supplemented by this Supplement, the &#8220;<U>Offer to Purchase</U>&#8221;), relating to the Offer (as defined below) by Sphinx Investment
Corp., a corporation organized under the laws of the Republic of the Marshall Islands (the &#8220;<U>Offeror</U>&#8221;, &#8220;<U>we</U>&#8221;,
 &#8220;<U>us</U>&#8221; or &#8220;<U>our</U>&#8221;) to purchase all of the issued and outstanding Common Shares, par value $0.01 per
share (the &#8220;<U>Common Shares</U>&#8221;) of Performance Shipping Inc., a corporation organized under the laws of the Republic of
the Marshall Islands (the &#8220;<U>Company</U>&#8221; or &#8220;<U>Performance</U>&#8221;) (including the associated preferred stock
purchase rights (the &#8220;<U>Rights</U>&#8221;, and together with the Common Shares, the &#8220;<U>Shares</U>&#8221;) issued pursuant
to the &nbsp;Stockholders&#8217; Rights Agreement, dated as of December&nbsp;20, 2021, between the Company and Computershare Inc. as Rights
Agent (as it may be amended from time to time, the &#8220;<U>Rights Agreement</U>&#8221;) for $3.00 per share in cash, without interest,
less any applicable withholding taxes (the &#8220;<U>Offer Price</U>&#8221;) upon the terms and subject to the conditions set forth in
the Offer to Purchase. The Offer to Purchase, together with the related Letter of Transmittal, dated October&nbsp;30, 2023 (the &#8220;<U>Letter
of Transmittal</U>&#8221;) and the related Notice of Guaranteed Delivery, dated October&nbsp;30, 2023 (the &#8220;<U>Notice of Guaranteed
Delivery</U>&#8221;) (as each may be further revised, amended or supplemented), collectively constitute the &#8220;<U>Offer</U>&#8221;.
<B>UNDER NO CIRCUMSTANCES WILL INTEREST BE PAID ON THE OFFER PRICE FOR THE SHARES, REGARDLESS OF ANY EXTENSION OF THE OFFER. </B>Unless
the context otherwise requires, capitalized terms used in this Supplement but not otherwise defined herein shall have the meanings ascribed
to them in the Offer to Purchase.</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 purpose of this Supplement is to amend certain
terms of the Offer, including the Offer Conditions, and to provide certain supplemental disclosures.</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">Questions and requests for assistance or additional
copies of the Offer to Purchase, the Letter of Transmittal, and the Notice of Guaranteed Delivery may be directed to the information agent
for the Offer,&nbsp;Innisfree M&amp;A Incorporated (whom we refer to as the &#8220;<U>Information Agent</U>&#8221;) at the location and
telephone number set forth on the back cover of this Supplement. Shareholders may also contact their broker, dealer, commercial bank or
trust company for assistance concerning the Offer.</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"><B>You should read (i)&nbsp;the entire Offer to
Purchase, including this Supplement, (ii)&nbsp;the Letter of Transmittal and (iii)&nbsp;the Notice of Guaranteed Delivery carefully before
deciding whether to tender your Shares in the Offer. <FONT STYLE="text-transform: uppercase">This transaction has not been approved or
disapproved by the SEC or any state securities commission or the securities regulatory authorities of any other jurisdiction, nor has
the SEC or any state securities commission or the securities regulatory authorities of any other jurisdiction passed upon the fairness
or merits of such transaction or upon the accuracy or adequacy of the information contained in the Offer to Purchase, the Letter of Transmittal
or the Notice of Guaranteed Delivery. Any representation to the contrary is unlawful.</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No person has been authorized to give any information or make any
representation on behalf of the Offeror or its affiliates not contained in the Offer to Purchase or in the related Letter of Transmittal
and Notice of Guaranteed Delivery, and,&nbsp;if given or made, such information or representations must not be relied upon as having been
authorized by the Offeror or any of its affiliates.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Letter of Transmittal and Notice
of Guaranteed Delivery previously circulated refer only to the Amended and Restated Offer to Purchase, shareholders using such Letter
of Transmittal and Notice of Guaranteed Delivery to tender their Shares will nevertheless be deemed to be tendering pursuant to the Offer
on the terms and subject to the conditions set forth in the Amended and Restated Offer to Purchase as amended and supplemented by this
Supplement (and as it may be further amended and supplemented from time to time).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>As amended and supplemented by this Supplement,
the Offer is subject to the satisfaction or waiver, at or before the Expiration Date and Time, of certain conditions set forth in the
Offer to Purchase, including, among other things, the following conditions:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Minimum Tender Condition: </I>there shall have been validly tendered into the Offer and not withdrawn a number of Shares which, together with any Shares then-owned by the Offeror, represents at least a majority of the issued and outstanding Shares on a fully-diluted basis &nbsp;(assuming the exercise or conversion of all then-outstanding Options (as defined below) and other derivative securities regardless of the exercise or conversion price, the vesting schedule or other terms and conditions thereof) (the &#8220;<U>Minimum Tender Condition</U>&#8221;);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Poison Pill Condition: </I>either (a)&nbsp;the Rights Agreement shall have been validly terminated and the Rights shall have been redeemed, and the Certificate of Designation, Preferences and Rights of Series&nbsp;A Participating Preferred Stock (such certificate, the &#8220;<U>Series&nbsp;A Certificate</U>&#8221; and such stock, the &#8220;<U>Series&nbsp;A Preferred Stock</U>&#8221;) shall have been validly cancelled and no Series&nbsp;A Preferred Stock shall be outstanding, or (b)&nbsp;the Rights Agreement shall have been otherwise made inapplicable to the Offer and the Offeror and its affiliates (the applicable of clause (a)&nbsp;and clause (b), the &#8220;<U>Poison Pill Condition</U>&#8221;)&#894;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Article&nbsp;K Condition: </I>the Board shall have validly waived the applicability of Article&nbsp;K of the Company&#8217;s Amended and Restated Articles of Incorporation (&#8220;<U>Article&nbsp;K</U>&#8221;) to the purchase of the Shares by the Offeror in the Offer so that the provisions of Article&nbsp;K would not, at or at any time following consummation of the Offer, prohibit, restrict or apply to any &#8220;business combination&#8221;, as defined in Article&nbsp;K, involving the Company and the Offeror or any affiliate or associate of the Offeror (the &#8220;<U>Article&nbsp;K Condition</U>&#8221;)&#894;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Equity Condition: </I>the Company shall not have any securities outstanding, authorized or proposed for issuance other than (a)&nbsp;the Shares, (b)&nbsp;authorized Series&nbsp;A Preferred Stock (none of which shall have been issued), (c)&nbsp;the number of shares of Series&nbsp;B Convertible Cumulative Perpetual Preferred Stock (the &#8220;<U>Series&nbsp;B Preferred Stock</U>&#8221;) outstanding as of October&nbsp;10, 2023, (d)&nbsp;the warrants outstanding as of October&nbsp;10, 2023 (which shall not be exercisable in the aggregate for more than the 7,904,221 Shares disclosed by the Company in its Form&nbsp;6-K on September&nbsp;29, 2023, and the terms of which such warrants shall not have been amended on or after October&nbsp;11, 2023), (e)&nbsp;(1)&nbsp;the options to purchase Shares under the Company&#8217;s Amended and Restated 2015 Equity Incentive Plan (as such plan was in effect as of October&nbsp;10, 2023) (the &#8220;<U>Equity Incentive Plan</U>&#8221;) outstanding, and subject to the terms as in effect, as of October&nbsp;10, 2023, and (2)&nbsp;any options to purchase Shares under the Equity Incentive Plan that are issued pursuant to the Equity Incentive Plan on or after October&nbsp;11, 2023 in the ordinary and usual course of business, consistent with past practice (clause (1)&nbsp;and clause (2), collectively, the &#8220;<U>Options</U>&#8221;); (f)&nbsp;Shares authorized for issuance but not yet subject to awards under the Equity Incentive Plan (none of which shall, on or after October&nbsp;11, 2023, have been issued other than in the ordinary and usual course of business, consistent with past practice); (g)&nbsp;the Remedial Rights (as defined below) and the Remedial Shares (as defined below) (with none of the Remedial Shares having been issued); and (h)&nbsp;solely in the event that the Series&nbsp;C Condition (as defined below) is satisfied through clause (b)&nbsp;thereof, the number of shares of the Series&nbsp;C Convertible Cumulative Redeemable Perpetual Preferred Stock (the &#8220;<U>Series&nbsp;C Preferred Stock</U>&#8221;) outstanding on October&nbsp;10, 2023 (the &#8220;<U>Equity Condition</U>&#8221;)&#894;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Series&nbsp;C Condition: </I>either (a)&nbsp;(1)&nbsp;Section&nbsp;4 of the Certificate of Designation, preferences and rights of the Series&nbsp;C Preferred Stock (the &#8220;<U>Series&nbsp;C Certificate</U>&#8221;) shall no longer be in effect, (2)&nbsp;any and all shares of the Series&nbsp;C Preferred Stock held as of October&nbsp;11, 2023 by any of Mango Shipping Corp. (&#8220;<U>Mango</U>&#8221;), Mitzela Corp. (&#8220;<U>Mitzela</U>&#8221;), and Giannakis (John) Evangelou, Antonios Karavias, Christos Glavanis, and Reidar Brekke, or by any &#8220;affiliate&#8221; (as such term is defined in Rule&nbsp;12b-2 of the General Rules&nbsp;and Regulations under the United States Securities and Exchange Act of 1934, as amended (the &#8220;<U>Exchange Act</U>&#8221;) of any of the foregoing (collectively, the &#8220;<U>Insider Holders</U>&#8221;), and any and all Shares purported to have been issued pursuant to the purported conversion of any such shares of the Series&nbsp;C Preferred Stock, shall have been validly cancelled for no consideration and (3)&nbsp;no other shares of the Series&nbsp;C Preferred Stock shall be outstanding; or (b)&nbsp;(1)&nbsp;there shall have been issued upon each Share outstanding from time to time an uncertificated right (which such right shall be stapled to the associated Share and shall, immediately and solely following the Offeror&#8217;s deposit with the Tender Offer Agent of the proceeds required to consummate the Offer, be freely exercisable at any time in exchange for nominal consideration (and shall not be exercisable prior to the Offeror&#8217;s deposit with the Tender Offer Agent of the proceeds required to consummate the Offer, and shall not be subject to involuntary redemption or repurchase)) (each, a &#8220;<U>Remedial Right</U>&#8221;) to purchase such number of shares of the Series&nbsp;C Preferred Stock (and/or such number of shares of a new class of preferred stock of the Company) (the &#8220;<U>Remedial Shares</U>&#8221;) that would, once issued to the holder of such Share, put the holder of such Share in the same economic, voting, governance and other position as the holder of such Share would have been in had the Series&nbsp;C Preferred Stock issued to the Insider Holders been cancelled for no consideration (with the holder of such Share having been deemed for purposes of this condition to have been put in the same (x)&nbsp;economic position as the holder of such Share would have been in had the Series&nbsp;C Preferred Stock issued to the Insider Holders been cancelled for no consideration if, upon the issuance of the Remedial Shares pursuant to the exercise of the Remedial Rights, the Series&nbsp;C Preferred Stock issued to the Insider Holders would not in the aggregate be entitled to receive more than 0.1% of any dividend or other payment made by the Company to Company securityholders and (y)&nbsp;voting and governance position as the holder of such Share would have been in had the Series&nbsp;C Preferred Stock issued to the Insider Holders been cancelled for no consideration if, upon the issuance of the Remedial Shares pursuant to the exercise of the Remedial Rights, the Series&nbsp;C Preferred Stock issued to the Insider Holders would not in the aggregate constitute more than 0.1% of any Company securities entitled to vote (as a single class or otherwise) on or consent (as a single class or otherwise) to any matter (including without limitation pursuant to Section&nbsp;4(b)&nbsp;of the Series&nbsp;C Certificate)), (2)&nbsp;no Remedial Shares (or rights to acquire Remedial Shares other than the Remedial Rights) shall have been issued to any Insider Holder or any &#8220;associate&#8221; (as such term is defined in Rule&nbsp;12b-2 of the General Rules&nbsp;and Regulations under the Exchange Act) of an Insider Holder and (3)&nbsp;any Remedial Right beneficially owned from time to time by any Insider Holder, any &#8220;associate&#8221; (as such term is defined in Rule&nbsp;12b-2 of the General Rules&nbsp;and Regulations under the Exchange Act) of
an Insider Holder or any direct or indirect transferee of an Insider Holder or of any such &#8220;associate&#8221; shall be rendered unexercisable pursuant to the definitive documentation for such Remedial Rights (the applicable of clause (a)&nbsp;and clause (b), the &#8220;<U>Series&nbsp;C Condition</U>&#8221;);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Series&nbsp;B Condition: </I>the Certificate of Designation, Preferences and Rights of Series&nbsp;B Preferred Stock (the &#8220;<U>Series&nbsp;B Certificate</U>&#8221;) either (a)&nbsp;shall have been validly cancelled or (b)&nbsp;shall not have been amended (the applicable of clause (a)&nbsp;and clause (b), the &#8220;<U>Series&nbsp;B Condition</U>&#8221;); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Board Representation Condition: </I>the size of the Board shall remain fixed at five members, with at least three of such authorized five Board seats either (a)&nbsp;then-being occupied by persons having been designated by us, (b)&nbsp;then-being vacant, with the company having publicly committed on a binding basis to fill such vacancies with persons designated by us or (c)&nbsp;then-being occupied by directors who shall have publicly submitted their irrevocable resignations from the Board, effective no later than the Offeror&#8217;s purchase of the Shares tendered in the Offer, which such resignations shall have been publicly accepted by the Company (with the Company having publicly committed on a binding basis to fill the resulting vacancies with persons designated by us) (the applicable of clause (a), clause (b)&nbsp;and clause (c), the &#8220;<U>Board Representation Condition</U>&#8221;).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As amended and supplemented by this Supplement,
the Offer is also subject to the satisfaction or waiver of other customary conditions set forth in the Offer to Purchase. See Section&nbsp;14
of the Offer to Purchase -&#8211; &#8220;CONDITIONS OF THE OFFER&#8221; of the Offer to Purchase (as amended and supplemented by this
Supplement), which is included as so amended and supplemented on page 5 of this Supplement. The conditions to the Offer must
be satisfied at or before the Expiration Date and Time, as it may be extended.</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"><B>The Offer to Purchase refers to a proxy solicitation.
The Offer to Purchase is not intended to and does not constitute (i)&nbsp;a solicitation of any proxy, consent or authorization for or
with respect to the Company&#8217;s 2024 Shareholder Meeting or any other meeting of company shareholders or (ii)&nbsp;a solicitation
of any consent or authorization in the absence of any such meeting. Any such solicitation is being or will be made only pursuant to proxy
or consent solicitation materials that comply with the applicable provisions of Marshall Islands Law. Shareholders are advised to read
the proxy statement that was furnished on Schedule 13D on October&nbsp;11, 2023 as it may&nbsp;be amended or supplemented from time to
time (the &#8220;<U>Proxy Statement</U>&#8221;) and (as, when and if they become available) any other documents related to the solicitation
of proxies by the Offeror and its affiliates from the shareholders of the company for use at the 2024 Shareholder Meeting, because they
will contain important information. A Proxy Statement and a form&nbsp;of proxy is available at no charge at the sec&#8217;s website at
<U>http://www.sec.gov</U>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Subject to applicable law, the Offeror reserves
the right to further amend the Offer in any respect (including amending the Offer Price).</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Amended and Restated Offer to Purchase (i)&nbsp;amended
and restated the Offer to Purchase dated October&nbsp;11, 2023 and filed with the SEC on such same date (the &#8220;<U>Original Offer
to Purchase</U>&#8221;) and (ii)&nbsp;is further amended and supplemented by this Supplement. In the event that any of the information
in the Original Offer to Purchase is different from or in conflict with any of the information in the Amended and Restated Offer to Purchase
(as it has been amended and supplemented by this Supplement and as it may be further amended and supplemented from time to time), the
information provided in the Amended and Restated Offer to Purchase (as so amended and supplemented) governs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>The Information Agent for this Offer is:</I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">501 Madison Avenue, 20th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shareholders May&nbsp;Call Toll Free: (877) 800-5190</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Banks and Brokers May&nbsp;Call Collect: (212)
750-5833</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this Supplement is December 5, 2023</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">This
Supplement contains certain forward-looking statements with respect to certain of the Offeror&#8217;s, Maryport Navigation Corp.&#8217;s
and Mr.&nbsp;George Economou&#8217;s current expectations and projections about future events. These statements, which sometimes use words
such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;project,&#8221;
 &#8220;strategy,&#8221; &#8220;opportunity,&#8221; &#8220;future,&#8221; &#8220;plan,&#8221; &#8220;will likely result,&#8221; &#8220;will,&#8221;
 &#8220;shall,&#8221; &#8220;may,&#8221; &#8220;aim,&#8221; &#8220;predict,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;continue,&#8221;
and words of similar meaning and/or other similar expressions that are predictions of or indicate future events and/or future trends,
reflect the beliefs and expectations of the applicable of the Offeror, Maryport and Mr.&nbsp;George Economou at the date of this Supplement
and involve a number of risks, uncertainties and assumptions that could cause actual results and performance to differ materially from
any expected future results or performance expressed or implied by the forward-looking statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Any or all forward-looking statements may turn
out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Statements contained in
this Supplement regarding past trends or activities should not be taken as a representation that such trends or activities will continue
in the future. Except as required by applicable law, none of the Offeror, Maryport, Mr.&nbsp;George Economou or any of their respective
affiliates assumes any responsibility or obligation to publicly correct, update or review any of the forward-looking statements contained
in this Supplement. You should not place undue reliance on such forward-looking statements, which speak only as of the date of this Supplement.</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"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The Summary Term Sheet set forth in the Amended
and Restated Offer to Purchase is hereby amended and restated in its entirety as follows:</I></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"><I>The information contained herein is a summary
only, is not complete, and is not meant as a substitute for the more detailed descriptions and information contained elsewhere in the
Offer to Purchase and in the related Letter of Transmittal (as deemed amended by the Supplement) and Notice of Guaranteed Delivery (as
deemed amended by the Supplement). You are urged to read carefully, in its entirety, each of the Offer to Purchase and the related Letter
of Transmittal and Notice of Guaranteed Delivery, which contain additional important information. The information concerning Performance
contained herein and elsewhere in the Offer to Purchase has been taken from or is based upon publicly available documents or records of
Performance on file and freely available from the SEC, or other public sources at the time of the filing of the Offer to Purchase. Questions
or requests for assistance may be directed to the Information Agent at the address and telephone number set forth for the Information
Agent on the back cover of the Offer to Purchase. Unless otherwise indicated in </I>the <I>Offer to Purchase or the context otherwise
requires, all references in the Offer to Purchase to &#8220;we&#8221;, &#8220;our&#8221; or &#8220;us&#8221; refer to the Offeror.</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; text-align: justify"><FONT STYLE="font-size: 10pt">Securities Sought:</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 76%; text-align: justify"><FONT STYLE="font-size: 10pt">All of the issued and outstanding Shares.&nbsp;&nbsp;Each Share is comprised of one Common Share of Performance, par value $0.01, together with one associated Right issued pursuant to the Rights Agreement. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Offer Price Per Share:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">$<FONT STYLE="text-transform: uppercase">3.00 </FONT>per Share, without interest, in cash, less any applicable withholding taxes (the &#8220;<U>Offer Price</U>&#8221;), for each Share validly tendered and accepted for payment in the Offer. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Scheduled Expiration Date and Time of the Offer:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">11:59 P.M., New York City time, on March&nbsp;28, 2024, unless extended.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Offeror:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Sphinx Investment Corp., a corporation organized under the laws of the Republic of the Marshall Islands.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The remainder of this Summary Term Sheet includes
some of the questions that you, as a holder of Shares, may have about the Offer, along with answers to those questions. As stated in more
detail above, we urge you to read carefully the remainder of the Offer to Purchase and the Letter of Transmittal and Notice of Guaranteed
Delivery because the information in this summary term sheet is a summary only, is not complete, and is not meant as a substitute for the
more detailed descriptions and information contained elsewhere in the Offer to Purchase and in the related Letter of Transmittal and Notice
of Guaranteed Delivery.</I></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"><B>WHO IS OFFERING TO BUY MY SHARES?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sphinx Investment Corp., a corporation organized
under the laws of the Republic of the Marshall Islands (the &#8220;<U>Offeror</U>&#8221;), is offering to buy your Shares. The Offeror
is a wholly-owned direct subsidiary of Maryport Navigation Corp., a corporation organized under the laws of the Republic of Liberia (&#8220;<U>Maryport</U>&#8221;),
which itself is directly wholly-owned by Mr.&nbsp;George Economou, who controls both of the Offeror and Maryport. The Offeror is the sole
bidder in the Offer. The Offeror, Maryport and Mr.&nbsp;Economou beneficially own an aggregate of approximately 8.5% of the issued and
outstanding Shares, based on the number of Shares publicly disclosed by the Company as outstanding as of November 28, 2023. See &#8220;Introduction&#8221;
to the Offer to Purchase and Section&nbsp;8 of the Offer to Purchase &#8212; &#8220;CERTAIN INFORMATION CONCERNING THE OFFEROR&#8221;.</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"><B>WHAT ARE THE CLASSES AND AMOUNTS OF SECURITIES
SOUGHT IN THE OFFER?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are offering to purchase all of the issued
and outstanding Shares. Each Share is comprised of one Common Share, par value $0.01, of Performance, together with one associated Right
issued pursuant to the Rights Agreement. See the &#8220;Introduction&#8221; of the Offer to Purchase and Section&nbsp;1 of the Offer to
Purchase &#8212; &#8220;TERMS OF THE OFFER&#8221;.</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">According to <FONT STYLE="background-color: white">Amendment
No. 4 to the Company&#8217;s Solicitation/Recommendation Statement on Schedule 14D-9</FONT>, which was filed by the Company with the
SEC on <FONT STYLE="background-color: white">November 30, 2023</FONT> (&#8220;<U>Amendment No. 4 to Company
Recommendation</U>&#8221;), there were <FONT STYLE="background-color: white">12,152,559 </FONT>Common Shares outstanding as of <FONT STYLE="background-color: white">November
28</FONT>, 2023.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHAT ARE THE ASSOCIATED RIGHTS?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The associated Rights are preferred stock purchase
rights issued pursuant to the Rights Agreement, dated December&nbsp;20, 2021, between Performance and Computershare Inc., as Rights Agent,
that are issued and outstanding. The Rights were issued to all of the holders of Common Shares, but (insofar as we are aware based on
the Company&#8217;s current disclosures) currently are not represented by separate certificates. A tender of your Shares will include
a tender of both your Common Shares and the associated Rights, unless certificates representing the Rights have been issued as provided
in the Rights Agreement prior to the completion of the Offer, in which circumstance your Rights must be validly tendered alongside your
Common Shares in order for you to validly tender into the Offer.</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"><B>WHAT ARE THE REMEDIAL RIGHTS?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, no Remedial Rights exist.&nbsp; In
the Series&nbsp;C Condition, we are providing optionality for the Series&nbsp;C Condition to be satisfied, in lieu of cancellation of
the shares of the Series&nbsp;C Preferred Stock (the <U>&#8220;Series&nbsp;C Preferred Shares</U>&#8221;) held by the Insider Holders,
via the issuance of Remedial Rights, which would for nominal consideration be exercisable for Remedial Shares that would put the holder
thereof in the same economic, voting, governance and other position as it would have been in had the Series&nbsp;C Preferred Stock issued
to the Insider Holders been cancelled.&nbsp; Whether any Remedial Rights are issued will be at the discretion of the Company and the members
of its Board or, in the alternative, a court of competent jurisdiction, and it is possible that no Remedial Rights are ever issued (including
without limitation due to the Series&nbsp;C Condition having been satisfied through a cancellation of the Series&nbsp;C Preferred Shares
issued to the Insider Holders).</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">In order to satisfy the Series&nbsp;C Condition,
any Remedial Right that is issued would be required to be uncertificated and &#8220;stapled&#8221; to the associated Share, meaning that
it could not be traded or otherwise transferred independently from the associated Share, but would, in the event that the associated Share
is transferred to a new holder, transfer to such new holder along with the associated Share.&nbsp; Consequently, if Remedial Rights were
issued and you tendered your Shares into the Offer, you would also be tendering the associated Remedial Rights into the Offer for no additional
consideration.&nbsp; If Remedial Rights are issued, for your Shares to be validly tendered into the Offer, the tender of your Shares must
be accompanied by a tender of the associated Remedial Rights. Since the Remedial Rights, if issued, are required by the terms of the Offer
to be uncertificated and stapled to the associated Shares, the valid tender of such Shares into the Offer shall also constitute a valid
tender of such Remedial Right into the Offer.</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 U.S. federal income tax treatment of the issuance
of Remedial Rights, and the issuance of Remedial Shares on exercise of the Remedial Rights, is uncertain, and may be a taxable event to
U.S. holders.&nbsp; For a more detailed explanation of certain U.S. federal income tax considerations relevant to an issuance of Remedial
Rights and the Remedial Shares, see Section&nbsp;5 of the Offer to Purchase &#8212; &#8220;TAX CONSIDERATIONS &#8212; MATERIAL UNITED
STATES FEDERAL INCOME TAX CONSIDERATIONS &#8212;Treatment of the Issuance of Remedial Rights and Remedial Shares&#8221;.</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"><FONT STYLE="text-transform: uppercase"><B>If
Remedial Rights are issued, can I tender my Shares into the Offer and keep the Remedial Rights?</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No.&nbsp; Since the Remedial Rights, if issued,
are required by the terms of the Offer to be uncertificated and stapled to the associated Shares, if the Remedial Rights are issued, the
valid tender of a Share into the Offer shall also constitute a valid tender of such Remedial Right into the Offer and the valid withdrawal
from the Offer of a Share shall also constitute a valid withdrawal from the Offer of the associated Remedial Right.</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"><B>WHAT ARE YOUR PURPOSES FOR THE OFFER AND PLANS
FOR THE COMPANY AFTER THE OFFER IS COMPLETED?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Offeror believes that
the Shares are currently undervalued due in part to the Company&#8217;s current dual class capital structure. The purpose of the Offer
is to acquire at least a majority, and up to 100%, of the issued and outstanding Shares on a fully-diluted basis &nbsp;(assuming the exercise
or conversion of all then-outstanding Options and other derivative securities regardless of the exercise or conversion price, the vesting
schedule or other terms and conditions thereof), which would following the consummation of the Offer represent at least a majority of
the voting power of the Company securities, and (if the Series&nbsp;C Condition is satisfied pursuant to clause (a)&nbsp;thereof) the
Shares will be the sole Company securities outstanding having the right or purporting to have the right to vote with respect to the election
of directors. Following the successful consummation of the Offer (assuming it is consummated), the Offeror, Maryport and Mr.&nbsp;George
Economou will have acquired beneficial ownership of a majority of the issued and outstanding Shares on a fully-diluted basis and will
have designated a majority of the Board, and may be deemed to control the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If, and to the extent
that, the Offeror acquires control of the Company, the Offeror intends to conduct a review, subject to applicable law, of the
Company and its assets, corporate structure, capitalization, operations, properties, policies, management and personnel and consider
and determine what, if any, changes would be desirable in light of the circumstances which then exist, which may include selling all
or any portion of the Shares acquired by the Offeror in the Offer and/or causing the Company to sell all or any portion of the
assets of the Company or conduct one or more strategic transactions. In addition, if the Offeror acquires control of the Company,
the Offeror expects to take further steps to improve the governance and management of the Company, which may among other things
include making changes to the composition of the management team of the Company and/or making changes to the organizational
documents of the Company, including, without limitation, the Company&#8217;s Amended and Restated Articles of Incorporation (the
 &#8220;<U>Articles</U>&#8221;) and the Amended and Restated Bylaws (the &#8220;<U>Bylaws</U>&#8221;). See also the immediately
following the Q&amp;A entitled &#8220;<FONT STYLE="text-transform: uppercase">Mr.&nbsp;George Economou directly or indirectly owns
or controls other companies in the shipping industry. If the Offer is consummated, will the Company or any Company assets be
integrated or combined with or sold to any such other shipping companies</FONT>?&#8221;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we consummate the Offer,
the Offeror further expects to seek to implement the declassification of the Board and to seek to effect the removal and replacement of
all current members of the Board remaining on the Board. See Section&nbsp;11 of the Offer to Purchase &#8212; &#8220;PURPOSE OF THE OFFER&#894;
PLANS FOR THE COMPANY&#8221;.</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; text-indent: 0.5in">If we consummate the Offer,
depending upon the number of Shares we acquire and other factors relevant to our equity ownership in the Company, we may in our discretion
(but do not undertake any obligation to), subsequent to completion of the Offer, seek to acquire additional Shares through open market
purchases, privately negotiated transactions, further tender or exchange offers or other transactions or a combination of the foregoing
on such terms and at such prices as we shall determine, which may be more or less favorable than those of the Offer. We also reserve the
right to dispose of the Shares that we have acquired and/or may acquire at any time for any reason or no reason, subject to any applicable
legal restrictions.</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 Offer is subject to the satisfaction or waiver,
at or before the Expiration Date and Time, of the Offer conditions set forth in the Q&amp;A entitled &#8220;WHAT ARE THE MOST SIGNIFICANT
OFFER CONDITIONS?&#8221; as reproduced in this Supplement, along with the other Offer conditions described in Section&nbsp;14 of the Offer
to Purchase as reproduced in this Supplement (such other conditions described in Section&nbsp;14 of the Offer to Purchase, together with
the conditions set forth below, the &#8220;<U>Offer Conditions</U>&#8221;).</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">See Section&nbsp;11 of the Offer to Purchase &#8212;
 &#8220;PURPOSE OF THE OFFER&#894; PLANS FOR THE COMPANY&#8221; and (as reproduced in this Supplement) Section&nbsp;14 of the Offer to
Purchase &#8212; &#8220;CONDITIONS OF THE OFFER&#8221;.</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"><B>MR. GEORGE ECONOMOU DIRECTLY OR INDIRECTLY
OWNS OR CONTROLS OTHER COMPANIES IN THE SHIPPING INDUSTRY. IF THE OFFER IS CONSUMMATED, WILL THE COMPANY OR ANY COMPANY ASSETS BE INTEGRATED
OR COMBINED WITH OR SOLD TO ANY OF SUCH OTHER SHIPPING COMPANIES?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Offeror, Maryport or Mr.&nbsp;George
Economou has made any final decision as to whether, if the Offer is consummated, the Company or any Company assets will be transferred
to or combined or integrated with any other assets directly or indirectly owned or controlled by any of them; however, they reserve the
right to do so in accordance with applicable law. Whether or not the Offeror, Maryport or Mr.&nbsp;George Economou would determine to
do so would depend, among other things, on their assessment of the outcome of the post-Offer review of the Company and its assets, corporate
structure, capitalization, operations, properties, policies, management and personnel referred to above. See the Q&amp;A directly above
entitled <FONT STYLE="text-transform: uppercase">&#8220;What are your purposes for the Offer and plans for the Company after the Offer
is completed?&#8221;</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; text-align: justify"><B>HOW MUCH ARE YOU OFFERING TO PAY, AND WHAT
IS THE FORM&nbsp;OF PAYMENT?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are offering to pay <FONT STYLE="text-transform: uppercase">$3.00
</FONT>per Share, without interest, in cash, less any applicable withholding taxes, for each Share validly tendered and accepted for payment
in the Offer. If Remedial Rights are issued, the valid tender of each Share into the Offer shall also constitute a valid tender of the
associated Remedial Right into the Offer for no additional consideration. See the &#8220;Introduction&#8221; and Section&nbsp;11 &#8212;
 &#8220;PURPOSE OF THE OFFER&#894; PLANS FOR THE COMPANY&#8221;.</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"><B>IS THERE AN AGREEMENT GOVERNING THE OFFER?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No, there is no agreement governing the Offer.</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"><B>WHAT IS THE MARKET VALUE OF MY SHARES AS OF
A RECENT DATE?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October&nbsp;10, 2023, the last full trading
day before the commencement of the Offer, the closing price of the Shares on the Nasdaq Capital Market was $1.68 per Share. On December
4, 2023, the last full trading day before the filing of this Supplement on an amendment to the Schedule TO filed by the Offeror in connection
with the Offer, the closing price of Common Shares reported on the Nasdaq Capital Market was <FONT STYLE="text-transform: uppercase">$</FONT><FONT STYLE="color: #232A31; background-color: white">2.18</FONT>
per Share. The Offer represents a premium of 78.6% over the Company&#8217;s closing Share price on October&nbsp;10, 2023, and a premium
of 37.6% over the Company&#8217;s closing Share price on December 4, 2023. We advise you to obtain a recent quotation for the Shares and
further consult with your financial and other advisors in deciding whether to tender your Shares. See Section&nbsp;6 of the Offer to Purchase
 &#8212; &#8220;PRICE RANGE OF THE SHARES&#894; DIVIDENDS&#8221;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WILL I HAVE TO PAY ANY FEES OR COMMISSIONS?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you are the record owner of your Shares and
you tender your Shares to the Offeror in the Offer, you will not have to pay brokerage fees or similar expenses to tender your Shares.
If you own or hold your Shares through a broker, dealer, commercial bank, trust company or other nominee, and your broker, dealer, commercial
bank, trust company or other nominee tenders your Shares on your behalf, your broker, dealer, commercial bank, trust company or other
nominee may charge you a fee for doing so, which may reduce the net proceeds you would receive from tendering into the Offer. You should
consult your broker, dealer, commercial bank, trust company or other nominee to determine whether any charges will apply. See &#8220;Introduction&#8221;
to the Offer to Purchase.</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"><B>WHAT DOES THE BOARD OF DIRECTORS OF PERFORMANCE
THINK OF THE OFFER?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the Solicitation/Recommendation Statement
under Section&nbsp;14(d)(4)&nbsp;of the Exchange Act filed by the Company with the SEC on October&nbsp;25, 2023, as amended by Amendment
No.&nbsp;1 thereto filed by the Company with the SEC on November&nbsp;6, 2023 (&#8220;<U>Amendment No. 1 to Company Recommendation</U>&#8221;),
Amendment No. 2 to Company Recommendation filed by the Company with the SEC on November&nbsp;14, 2023 (&#8220;<U>Amendment No. 2 to Company
Recommendation</U>&#8221;), Amendment No.&nbsp;3 to Company Recommendation filed by the Company with the SEC on November&nbsp;15, 2023
(&#8220;<U>Amendment No. 3 to Company Recommendation</U>&#8221;), and Amendment No. 4 to Company Recommendation (collectively, the &#8220;<U>Amended
Company Recommendation</U>&#8221;), a special committee of allegedly independent directors, &nbsp;consisting of Alex Papageorgiou, Lo&iuml;sa
Ranunkel and Mihalis Boutaris (the &#8220;<U>Special Committee</U>&#8221;) unanimously determined that, in the view of the Special Committee,
the Offer is not in the best interests of the Company or its shareholders and recommended on behalf of the Company that the Company&#8217;s
shareholders reject the Offer and not tender any Shares pursuant to the Offer. In support of such recommendation, the Company in the Amended
Company Recommendation gives &#8220;reasons&#8221; that include the following:</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; background-color: white">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Committee believes that the Company&#8217;s net asset value per Common Share, which the Amended Company Recommendation states
was calculated by Newbridge <FONT STYLE="background-color: white">Securities Corporation (&#8220;<U>Newbridge</U>&#8221;), the Special
Committee&#8217;s financial advisor, </FONT>to be approximately $7.11 per Share, exceeds the consideration represented by the Offer and
that the Offer therefore undervalues the outstanding Shares.</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; background-color: white">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T<FONT STYLE="background-color: white">he
Special Committee believes that the Offer is illusory, because the (in their view) &#8220;highly conditional&#8221; nature of the Offer
creates significant doubt that the Offer will be consummated. The Special Committee notes in particular in this respect that the Offer
remains conditioned on the Series C Condition, which, </FONT>the Special Committee alleges, <FONT STYLE="background-color: white">is not
within the authority of the Board or the Company to satisfy, including because </FONT>the Special Committee believes that none of the
Company&#8217;s governing documents or applicable law grant the Company, the Board or the Special Committee the authority to effect a
cancellation (or nullification through the issuance of Remedial Rights) of the Series&nbsp;C Preferred Stock for no consideration.&nbsp;
The Amended Company Recommendation also states that the <FONT STYLE="background-color: white">Offer is subject to numerous other conditions
which, </FONT>the Special Committee alleges, <FONT STYLE="background-color: white">&#8220;give the Offeror wide latitude not to consummate
the Offer, especially in light of the lengthy extension of the Offer &#8211; for a period of more than four months &#8211; creating a
greater likelihood of the occurrence of circumstances on the basis of which the Offeror could claim a condition is not satisfied&#8221;.&nbsp;</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; text-align: justify"><B>The Offeror strongly disagrees with the Amended
Company Recommendation, and the recommendation and conclusions regarding the Offer and the Company&#8217;s characterization of the terms
of the Offer as set forth in the Amended Company Recommendation.</B>&nbsp; See Section&nbsp;11 of the Offer to Purchase &#8212; &#8220;PURPOSE
OF THE OFFER; PLANS FOR THE COMPANY&#8221; for additional information, including our responses to certain of the statements alleged by
the Special Committee in the Amended Company Recommendation.</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"><B>THE COMPANY CLAIMS THAT THE SATISFACTION OF
THE SERIES C CONDITION IS NOT WITHIN THE CONTROL OF THE COMPANY, THE BOARD OR THE SPECIAL COMMITTEE.&nbsp; WHAT IS THE OFFEROR&#8217;S
POSITION?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Amended Company Recommendation states that
 &#8220;<FONT STYLE="background-color: white">the Special Committee believes that none of the Company&#8217;s governing documents, including
its Articles of Incorporation and bylaws and the Series C Certificate, or applicable law, including the [</FONT>Marshall Islands Business
Corporations Act]<FONT STYLE="background-color: white">, grant the Company, the Board or the Special Committee the authority to effect
a cancellation of the Series C Preferred Stock for no consideration</FONT>&#8221;.&nbsp; Because the Offeror disagrees, on October&nbsp;27,
2023, the Offeror initiated legal proceedings in the Supreme Court of the State of New York located in the County of New York against
the Company, Chairperson Aliki Paliou, Company Chief Executive Officer Andreas Michalopoulos, former Company directors Symeon Palios,
Giannakis (John) Evangelou, Antonios Karavias, Christos Glavanis and Reidar Brekke and controlling shareholders Mango and Mitzela, to,
among other things, seek such cancellation.&nbsp; See Section&nbsp;<FONT STYLE="text-transform: uppercase">18 </FONT>of the Offer to Purchase
<FONT STYLE="text-transform: uppercase">&#8211; &#8220;legal proceedings&#8221; for further information regarding this litigation.</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; text-align: justify"><B>DO YOU HAVE THE FINANCIAL RESOURCES TO MAKE
PAYMENT?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes. The Offeror has sufficient cash on hand to
purchase all of the Shares validly tendered into the Offer. See Section&nbsp;9 of the Offer to Purchase &#8212; &#8220;SOURCE AND AMOUNT
OF FUNDS&#8221;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IS YOUR FINANCIAL CONDITION RELEVANT TO MY
DECISION TO TENDER IN THE OFFER?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not think our financial condition is relevant
to your decision whether to tender in the Offer because (i)&nbsp;the Offer is being made for all outstanding Shares (other than the Shares
beneficially owned by the Offeror and its affiliates), (ii)&nbsp;&nbsp;you will receive payment solely in cash for any Shares that you
tender into the Offer, (iii)&nbsp;as stated above, we have all of the financial resources necessary to consummate the Offer, and (iv)&nbsp;the
Offer is not conditioned upon the Offeror obtaining financing. See Section&nbsp; 9 of the Offer to Purchase &#8212; &#8220;SOURCE AND
AMOUNT OF FUNDS&#8221;.</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"><B>DO YOU INTEND TO CONDUCT A PROXY SOLICITATION
TO REPLACE ANY MEMBERS OF THE PERFORMANCE BOARD OF DIRECTORS OR TO PASS ANY OTHER PROPOSALS?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes. As disclosed by the Offeror, Maryport and
Mr.&nbsp;George Economou in the Proxy Statement that was furnished on Schedule 13D on October&nbsp;11, 2023, we are currently soliciting
proxies (the &#8220;<U>Proxy Solicitation</U>&#8221;) for the election of the Sphinx Nominee to the Board at the upcoming 2024 Shareholder
Meeting. If elected to the Board, the Sphinx Nominee would succeed Aliki Paliou, chairperson of the Board and sole shareholder of Mango,
the Company&#8217;s controlling shareholder, whose current term on the Board expires at the 2024 Shareholder Meeting. We are also currently
soliciting proxies in favor of the Declassification Proposal and the Vote of No Confidence Proposals.</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">If the Offer is consummated, the Offeror will
have acquired at least a majority of the issued and outstanding Shares on a fully diluted basis &nbsp;(assuming the exercise or conversion
of all then-outstanding Options and other derivative securities regardless of the exercise or conversion price, the vesting schedule or
other terms and conditions thereof), which will represent at least a majority of the voting power of the Company securities, and (if the
Series&nbsp;C Condition is satisfied pursuant to clause (a)&nbsp;thereof) the Shares will be the sole Company securities outstanding having
the right or purporting to have the right to vote with respect to the election of directors. If the Offer is consummated prior to the
record date established for the 2024 Shareholder Meeting, the Offeror intends to vote all of its Shares acquired in the Offer in favor
of the election to the Board of the Sphinx Nominee and in favor of the Declassification Proposal and each Vote of No-Confidence Proposal.
If the Offer is consummated, and irrespective of whether such consummation occurs before or after the record date for the 2024 Shareholder
Meeting, the Offeror expects to seek to implement the declassification of the Board and seek to effect the removal and replacement of
any members of the current Board then-remaining on the Board.</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">Currently, the Company has a classified Board,
which is divided into three classes, with two directors serving in each of Class&nbsp;I and Class&nbsp;III, and one director serving in
Class&nbsp;II. The term of a Class&nbsp;II director expires at the 2024 Shareholder Meeting. Under the Articles, a director may be removed
only for cause and only by the affirmative vote of the holders of at least two-thirds of the Common Shares.&nbsp; Any vacancies in the
Board for any reason, and any created directorships resulting from any increase in the number of directors, may be filled by the vote
of not less than a majority of the members of the Board then in office.</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 affirmative vote of the holders of two-thirds
or more of the outstanding Common Shares entitled to vote generally in the election of directors is required to amend, alter, change or
repeal Article&nbsp;I of the Articles relating to the structure and composition of the Board, including the declassification of the Board.</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">Neither the Offer to Purchase nor the Offer constitutes
(i)&nbsp;a solicitation of any proxy, consent or authorization for or with respect to the 2024 Shareholder Meeting or any other meeting
of Company shareholders or (ii)&nbsp;a solicitation of any consent or authorization in the absence of any such meeting. Any such solicitation
is being or will be made only pursuant to separate proxy or consent solicitation materials that comply with the applicable provisions
of Marshall Islands law. Shareholders are advised to read the Proxy Statement that was furnished by the Offeror on Schedule 13D on October&nbsp;11,
2023, and (as, when and if they become available) other documents related to the solicitation of proxies by the Offeror and its affiliates
from the shareholders of the Company for use at the 2024 Shareholder Meeting, because they will contain important information. A Proxy
Statement and a form of proxy is being made available at no charge at the SEC&#8217;s website at <U>http://www.sec.gov</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; text-align: justify"><B>IS THE OFFER CONDITIONED UPON THE SPHINX NOMINEE
BEING ELECTED TO THE BOARD?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No.&nbsp; The Offer is not conditioned upon the
Sphinx Nominee being elected to the Board. The Offer and the nomination of the Sphinx Nominee for election to the Board are independent
of each other.</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"><B>IS THE OFFER CONDITIONED UPON THE PASSAGE OF
ANY OTHER SHAREHOLDER PROPOSAL EXPECTED TO BE MADE BY OFFEROR AT THE 2024 <FONT STYLE="text-transform: uppercase">Shareholder </FONT>MEETING?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No.&nbsp; The Offer is not conditioned upon the
passage of any other shareholder proposal expected to be made by the Offeror at the 2024 Shareholder Meeting, including, without limitation,
the Declassification Proposal or any Vote of No-Confidence Proposal. The Offer and such shareholder proposals are independent of each
other.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHAT ARE THE MOST SIGNIFICANT OFFER CONDITIONS?</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Minimum Tender Condition: </I>We are not obligated to purchase any Shares unless there shall have been validly tendered into the Offer and not withdrawn a number of Shares which, together with any Shares then-owned by the Offeror, represents at least a majority of the issued and outstanding Shares on a fully-diluted basis &nbsp;(assuming the exercise or conversion of all then-outstanding Options and other derivative securities regardless of the exercise or conversion price, the vesting schedule or other terms and conditions thereof) (referred to as the <I>Minimum Tender Condition</I>).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Poison Pill Condition: </I>We are not obligated to purchase any Shares unless either (a)&nbsp;the Rights Agreement shall have been validly terminated and the Rights shall have been redeemed, and the Series&nbsp;A Certificate shall have been validly cancelled and no Series&nbsp;A Preferred Stock shall be outstanding, or (b)&nbsp;the Rights Agreement shall have been otherwise made inapplicable to the Offer and the Offeror and its affiliates (the applicable of clause (a)&nbsp;and clause (b)&nbsp;is referred to as the <I>Poison Pill Condition</I>). THIS CONDITION IS SOLELY WITHIN THE CONTROL OF THE COMPANY AND THE MEMBERS OF ITS BOARD.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Article&nbsp;K Condition: </I>We are not obligated to purchase any Shares unless the Board shall have validly waived the applicability of Article&nbsp;K to the purchase of the Shares by the Offeror in the Offer so that the provisions of Article&nbsp;K would not, at or at any time following consummation of the Offer, prohibit, restrict or apply to any &#8220;business combination&#8221;, as defined in Article&nbsp;K, involving the Company and the Offeror or any affiliate or associate of the Offeror (referred to as the <I>Article&nbsp;K Condition</I>). THIS CONDITION IS SOLELY WITHIN THE CONTROL OF THE COMPANY AND THE MEMBERS OF ITS BOARD.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Equity Condition: </I>We are not obligated to purchase any Shares unless the Company shall not have any securities outstanding, authorized or proposed for issuance other than (a)&nbsp;the Shares, (b)&nbsp;authorized Series&nbsp;A Preferred Stock (none of which shall have been issued), (c)&nbsp;the number of shares of Series&nbsp;B Preferred Stock outstanding as of October&nbsp;10, 2023, (d)&nbsp;the warrants outstanding as of October&nbsp;10, 2023 (which shall not be exercisable in the aggregate for more than the 7,904,221 Shares disclosed by the Company in its Form&nbsp;6-K on September&nbsp;29, 2023, and the terms of which such warrants shall not have been amended on or after October&nbsp;11, 2023), (e)&nbsp;(1)&nbsp;the Options to purchase Shares under the Equity Incentive Plan outstanding, and subject to the terms as in effect, as of October&nbsp;10, 2023, and (2)&nbsp;any Options to purchase Shares under the Equity Incentive Plan that are issued pursuant to the Equity Incentive Plan on or after October&nbsp;11, 2023 in the ordinary and usual course of business, consistent with past practice; (f)&nbsp;Shares authorized for issuance but not yet subject to awards under the Equity Incentive Plan (none of which shall, on or after October&nbsp;11, 2023, have been issued other than in the ordinary and usual course of business, consistent with past practice); (g)&nbsp;the Remedial Rights and the Remedial Shares (with none of the Remedial Shares having been issued); and (h)&nbsp;solely in the event that the Series&nbsp;C Condition is satisfied through clause (b)&nbsp;thereof, the number of shares of the Series&nbsp;C Preferred Stock outstanding on October&nbsp;10, 2023 (referred to as the <I>Equity Condition</I>). THIS CONDITION IS SOLELY WITHIN THE CONTROL OF THE COMPANY AND THE MEMBERS OF ITS BOARD.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Series&nbsp;C Condition: </I>We are not obligated to purchase any Shares unless either (a)&nbsp;(1)&nbsp;Section&nbsp;4 of the <U>Series&nbsp;C Certificate </U>shall no longer be in effect, (2)&nbsp;any and all shares of the Series&nbsp;C Preferred Stock held as of October&nbsp;11, 2023 by any Insider Holder, and any and all Shares purported to have been issued pursuant to the purported conversion of any such shares of the Series&nbsp;C Preferred Stock, shall have been validly cancelled for no consideration and (3)&nbsp;no other shares of the Series&nbsp;C Preferred Stock shall be outstanding; or (b)&nbsp;(1)&nbsp;there shall have been issued upon each Share outstanding from time to time an uncertificated &#8220;Remedial Right&#8221; (which such right shall be stapled to the associated Share and shall, immediately and solely following the Offeror&#8217;s deposit with the Tender Offer Agent of the proceeds required to consummate the Offer, be freely exercisable at any time in exchange for nominal consideration (and shall not be exercisable prior to the Offeror&#8217;s deposit with the Tender Offer Agent of the proceeds required to consummate the Offer, and shall not be subject to involuntary redemption or repurchase)) to purchase such number of the Remedial Shares that would, once issued to the holder of such Share, put the holder of such Share in the same economic, voting, governance and other position as the holder of such Share would have been in had the Series&nbsp;C Preferred Stock issued to the Insider Holders been cancelled for no consideration (with the holder of such Share having been deemed for purposes of this condition to have been put in the same (x)&nbsp;economic position as the holder of such Share would have been in had the Series&nbsp;C Preferred Stock issued to the Insider Holders been cancelled for no consideration if, upon the issuance of the Remedial Shares pursuant to the exercise of the Remedial Rights, the Series&nbsp;C Preferred Stock issued to the Insider Holders would not in the aggregate be entitled to receive more than 0.1% of any dividend or other payment made by the Company to Company securityholders and (y)&nbsp;voting and governance position as the holder of such Share would have been in had the Series&nbsp;C Preferred Stock issued to the Insider Holders been cancelled for no consideration if, upon the issuance of the Remedial Shares pursuant to the exercise of the Remedial Rights, the Series&nbsp;C Preferred Stock issued to the Insider Holders would not in the aggregate constitute more than 0.1% of any Company securities entitled to vote (as a single class or otherwise) on or consent (as a single class or otherwise) to any matter (including without limitation pursuant to Section&nbsp;4(b)&nbsp;of the Series&nbsp;C Certificate)), (2)&nbsp;no Remedial Shares (or rights to acquire Remedial Shares other than the Remedial Rights) shall have been issued to any Insider Holder or any &#8220;associate&#8221; (as such term is defined in Rule&nbsp;12b-2 of the General Rules&nbsp;and Regulations under the Exchange Act) of an Insider Holder and (3)&nbsp;any Remedial Right beneficially owned from time to time by any Insider Holder, any &#8220;associate&#8221; (as such term is defined in Rule&nbsp;12b-2 of the General Rules&nbsp;and Regulations under the Exchange Act) of an Insider Holder or any direct or indirect transferee of an Insider Holder or of any such &#8220;associate&#8221; shall be rendered unexercisable pursuant to the definitive documentation for such Remedial Rights (the applicable of clause (a)&nbsp;and clause (b)&nbsp;is referred to as the &#8220;<U>Series&nbsp;C Condition</U>&#8221;). THE OFFEROR BELIEVES THAT THIS CONDITION IS WITHIN THE CONTROL OF THE COMPANY AND THE MEMBERS OF ITS BOARD; HOWEVER, THE AMENDED COMPANY RECOMMENDATION STATES THAT THE SPECIAL COMMITTEE BELIEVES THAT IT IS NOT. <FONT STYLE="text-transform: uppercase">Because the Offeror disagrees, on October&nbsp;27, 2023, the Offeror initiated legal proceedings against the company, BOARD Chairperson
Aliki Paliou, Company Chief Executive Officer Andreas Michalopoulos, former Company directors Symeon Palios, Giannakis (John) Evangelou, Antonios Karavias, Christos Glavanis and Reidar Brekke and controlling shareholders Mango and Mitzela. See section 18 of the Offer to Purchase &#8211; &#8220;legal proceedings&#8221; for further information regarding this litigation.</FONT></FONT></TD></TR>
  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Series&nbsp;B Condition: </I>We are not obligated to purchase any Shares unless the Series&nbsp;B Certificate either (a)&nbsp;shall have been validly cancelled or (b)&nbsp;shall not have been amended (the applicable of clause (a)&nbsp;and clause (b), is referred to as the <I>Series&nbsp;B Condition</I>). THIS CONDITION IS SOLELY WITHIN THE CONTROL OF THE COMPANY AND THE MEMBERS OF ITS BOARD.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Board Representation Condition: </I>We are not obligated to purchase any Shares unless the size of the Board shall remain fixed at five members, with at least three of such authorized five Board seats either (a)&nbsp;then-being occupied by persons having been designated by us, (b)&nbsp;then-being vacant, with the company having publicly committed on a binding basis to fill such vacancies with persons designated by us or (c)&nbsp;then-being occupied by directors who shall have publicly submitted their irrevocable resignations from the Board, effective no later than the Offeror&#8217;s purchase of the Shares tendered in the Offer, which such resignations shall have been publicly accepted by the Company (with the Company having publicly committed on a binding basis to fill the resulting vacancies with persons designated by us) (the applicable of clause (a), clause (b)&nbsp;and clause (c)&nbsp;is referred to as the <I>Board Representation Condition</I>). THIS CONDITION IS SOLELY WITHIN THE CONTROL OF THE COMPANY AND THE MEMBERS OF ITS BOARD.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offer is also subject to other customary conditions;
however, <B>the Offer is not conditioned upon our obtaining financing or any due diligence review of the Company. </B>See Section&nbsp;14
of the Offer to Purchase &#8212; &#8220;CONDITIONS OF THE OFFER&#8221;.</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 Offer Conditions must be satisfied at or before
the Expiration Date and Time, as it may be extended.</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"><FONT STYLE="text-transform: uppercase"><B>Does
the Offeror require any approvals from any governmental authorities in order to acquire the Shares pursuant to the Offer?</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offeror is not aware of any approvals from
any governmental authorities being required in order to acquire the Shares pursuant to the Offer. However, as of the date of this Supplement,
the Company has not made available to the Offeror the non-public information that the Offeror would require in order to definitely confirm
that no such approvals are required. If we later determine that any such approval is required, we reserve the right to amend the Offer
accordingly.</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; background-color: white"><FONT STYLE="text-transform: uppercase"><B>Are
there any limitations on the number of Shares that may be validly tendered in the Offer?</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">No.&nbsp; There are no limitations on the
number of Shares that may be validly tendered into the Offer.</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"><B>IF I DECIDE NOT TO TENDER, HOW WILL THE OFFER
AFFECT MY SHARES?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If all of the Offer Conditions as set forth in
Section&nbsp;14 &#8212; &#8220;CONDITIONS OF THE OFFER&#8221; are satisfied or waived and we consummate the Offer, the number of shareholders
and the number of Shares that are held by the public will be reduced and such number of shareholders and such number of Shares may be
so small that there may no longer be an active public trading market (or, possibly, there may not be any public trading market) for the
Shares, and to the extent that any such trading market exists, it may have more limited liquidity. Also, it is possible that Performance
may no longer be required to make filings with the SEC or otherwise comply with the rules&nbsp;of the SEC relating to publicly held companies,
and it may determine not to do so.</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">If we consummate the Offer, the Offeror will
have designated a majority of the members of the Board and have acquired at least a majority of the issued and outstanding Shares on
a fully diluted basis &nbsp;(assuming the exercise or conversion of all then-outstanding Options and other derivative securities
regardless of the exercise or conversion price, the vesting schedule or other terms and conditions thereof), which will represent at
least a majority of the voting power of the Company securities, and (if the Series&nbsp;C Condition is satisfied pursuant to clause
(a)&nbsp;thereof) the Shares will be the sole Company securities outstanding having the right or purporting to have the right to
vote with respect to the election of directors. As a result, we may be determined to have acquired control of the Company, and the
ability of the shareholders other than us to exercise influence over Company decision-making may be limited. If, and to the extent
that, the Offeror acquires control of the Company, the Offeror intends to conduct a review, subject to applicable law, of the
Company and its assets, corporate structure, capitalization, operations, properties, policies, management and personnel and consider
and determine what, if any, changes would be desirable in light of the circumstances which then exist, which may include selling all
or any portion of the Shares acquired by the Offeror in the Offer and/or causing the Company to sell all or any portion of the
assets of the Company or conduct one or more strategic transactions. In addition, if the Offeror acquires control of the Company,
the Offeror expects to take further steps to improve the governance and management of the Company, which may among other things
include making changes to the composition of the management team of the Company and/or making changes to the organizational
documents of the Company, including, without limitation, the Articles and the Bylaws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if the Offeror and its affiliates
acquire a majority of the voting power of the Company&#8217;s outstanding securities, such control, among other things, would allow the
Offeror and its affiliates to determine the outcome of the election of directors, subject to the provisions of the Articles which provide
for a classified Board divided into three classes (to the extent that the Company continues to have a classified Board). If the Offer
is consummated, the Offeror expects to seek to implement the declassification of the Board and to seek to effect the removal and replacement
of any current members of the Board who are then-remaining on the Board.</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">Further, if the Offeror acquires at least two
thirds of the issued and outstanding Shares &nbsp;(assuming the exercise or conversion of all then-outstanding Options and other derivative
securities regardless of the exercise or conversion price, the vesting schedule or other terms and conditions thereof) and therefore at
least two-thirds of the voting power of the Company securities, the Offeror may be able to effect or determine the outcome of additional
actions (either alone or, in some cases, with the cooperation of the Board), including, without limitation, the removal of any director
or the entire Board for cause, and the amendment, alteration, change or repeal of Article&nbsp;I of the Articles relating to the structure
and composition of the Board. Further, if the Offer is successfully consummated but the Offeror does not acquire at least two thirds of
the voting power of the Company&#8217;s securities, the Offeror would nonetheless have the ability to block the taking by the Company
of any action that would require the affirmative vote of at least two thirds of the voting power of the Company&#8217;s securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If you do not validly tender your Shares into
the Offer and the Offer is nonetheless successfully consummated, you will remain a minority shareholder in the Company immediately following
the Offer and you may have a limited ability, if any, to influence the outcome of any matters that are or may be subject to shareholder
approval.</B> As further stated above and elsewhere in the Offer to Purchase, there can be no assurance that following a successful consummation
of the Offer, the Offeror will seek to acquire any additional Shares, and your ability to sell your Shares to third parties on terms that
you find attractive may be limited.</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">See the &#8220;Introduction&#8221; and Section&nbsp;12
 &#8212; &#8220;CERTAIN EFFECTS OF THE OFFER&#8221;. See also the Q&amp;As above entitled <FONT STYLE="text-transform: uppercase">&#8220;What
are your purposes for the Offer and plans for the Company after the Offer is completed?&#8221; </FONT>and <FONT STYLE="text-transform: uppercase">&#8220;Mr.&nbsp;George
Economou directly or indirectly owns or controls other companies in the shipping industry. If the Offer is consummated, will the Company
or any Company assets be integrated or combined with or sold to any such other shipping companies?&#8221;</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; text-align: justify"><B>HOW LONG DO I HAVE TO DECIDE WHETHER TO TENDER
IN THE OFFER?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You will have until 11:59 P.M., New York City
time, on March&nbsp;28, 2024, unless the Offer is extended, to tender your Shares in the Offer. If you cannot deliver everything that
is required to tender your Shares by that time, you may be able to use a guaranteed delivery procedure, which is described in the Offer
to Purchase. See Section&nbsp;1 of the Offer to Purchase &#8212; &#8220;TERMS OF THE OFFER&#8221; and Section&nbsp;2 &#8212; &#8220;PROCEDURES
FOR ACCEPTING THE OFFER AND TENDERING SHARES&#8221;.</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"><B>CAN THE OFFER BE EXTENDED AND UNDER WHAT CIRCUMSTANCES?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may, in our sole discretion, extend the Offer
from time to time and for any reason. For example, if any of the Offer Conditions have not been satisfied or waived, we could extend the
Offer until such time as they are satisfied or waived.</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">In addition, if we make a material change to the
terms of the Offer or the information concerning the Offer or if we waive a material condition of the Offer (as may be permitted under
applicable law, including the applicable federal securities laws and the rules&nbsp;and regulations of the SEC thereunder (the &#8220;<U>Securities
Laws</U>&#8221;), we will extend the Expiration Date and Time to the extent and for the period required by applicable law, including the
Securities Laws.</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">See Section&nbsp;1 of the Offer to Purchase &#8212;
 &#8220;TERMS OF THE OFFER&#8221;.</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"><B>WILL YOU PROVIDE A SUBSEQUENT OFFERING PERIOD?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may elect to provide a &#8220;subsequent offering
period&#8221; in accordance with Rule&nbsp;14d-11 under the&nbsp; Exchange Act. A subsequent offering period, if one is provided, will
be an additional period of time beginning after we have purchased Shares validly tendered during the Offer, during which shareholders
may tender, but not withdraw, their Shares and receive the Offer Price. We do not currently intend to include a subsequent offering period,
although we reserve the right to do so. See Section&nbsp;1 of the Offer to Purchase &#8212; &#8220;TERMS OF THE OFFER&#8221;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>HOW WILL I BE NOTIFIED IF THE OFFER IS EXTENDED
OR IF A SUBSEQUENT OFFERING PERIOD IS PROVIDED?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we extend the Offer or provide a subsequent
offering period, we will inform Continental Stock Transfer&nbsp;&amp; Trust Company (which is the Tender Offer Agent for the Offer) of
that fact, and will make a public announcement not later than 9:00 a.m., New York City time, on the next business day after the day on
which the Offer was scheduled to expire. See Section&nbsp;1 of the Offer to Purchase &#8212; &#8220;TERMS OF THE OFFER&#8221;.</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"><B>ARE THERE ANY CONSEQUENCES OF THE OFFER ON
ANY MATERIAL CONTRACTS OF THE COMPANY?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the material contracts that the Company
has publicly filed with the SEC (including, without limitation, (i)&nbsp;the Equity Incentive Plan; (ii)&nbsp;the Secured Loan Agreement,
dated June&nbsp;30, 2022, by and among Arno Shipping Company Inc. and Maloelap Shipping Company Inc., as borrowers, and Piraeus Bank S.A.,
as lender; (iii)&nbsp;the Loan Agreement dated November&nbsp;1, 2022, by and between Alpha Bank S.A., as lender, and Garu Shipping Company
Inc., as borrower; (iv)&nbsp;the Secured Loan Agreement, dated November&nbsp;25, 2022 by and among Toka Shipping Company Inc. and Bock
Shipping Company Inc., as borrowers, and Piraeus Bank S.A., as lender; and (v)&nbsp;the Loan Agreement dated December&nbsp;7, 2022, by
and between Alpha Bank S.A., as lender, and Arbar Shipping Company Inc., as borrower) contain provisions that may be triggered upon a
 &#8220;change of control&#8221; or &#8220;change in control&#8221; of the Company as such terms are defined in the applicable underlying
material contracts. Further, Company contracts that are not filed with the SEC, which have not been made available to us, may also contain
provisions that may be triggered upon a &#8220;change of control&#8221; or &#8220;change in control&#8221; of the Company. While the consummation
of the Offer may trigger any of the foregoing provisions, the Offer is not conditioned upon obtaining any approvals, consents or waivers
with respect to these material contracts. We also expect that the Company has or may enter into contracts with other companies controlled
or influenced by members if the Paliou family, and if the Offer is successful, it is possible that the Company or such other companies
may seek to terminate, cease performing under or determine not to renew any such contracts. We also cannot predict whether a successful
Offer would adversely affect any of the Company&#8217;s other existing or prospective commercial relationships. See Section&nbsp;12 of
the Offer to Purchase &#8212; &#8220;CERTAIN EFFECTS OF THE OFFER&#8221;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IF THE OFFER IS SUCCESSFULLY CONSUMMATED, DOES THE OFFEROR INTEND
TO EFFECT A &#8220;SQUEEZE-OUT&#8221; MERGER?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;96(1)&nbsp;of the Marshall Islands
Business Corporations Act (the &#8220;<U>BCA</U>&#8221;) states that, subject to certain conditions, &#8220;[a]ny domestic corporation
owning at least ninety percent (90%) of the outstanding shares of each class of another domestic corporation or corporations may merge
such other corporation or corporations into itself without the authorization of the shareholders of any such corporation.&#8221; Section&nbsp;98(4)&nbsp;of
the BCA makes such same squeeze-out procedure as is set forth in Section&nbsp;96(1)&nbsp;of the BCA available where one of the two merging
corporations is not a Marshall Islands corporation.</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">In the event that, following a successful consummation
of the Offer, the Offeror owns at least ninety percent (90%) of the outstanding Shares and at least ninety percent (90%) of the outstanding
shares of each other class of Company shares that were then outstanding (if any), the Offeror would be permitted to conduct a merger pursuant
to Section&nbsp;96(1)&nbsp;of the BCA that would have the effect of &#8220;squeezing out&#8221; the Company&#8217;s remaining stockholders
that were not affiliated with the Offeror. There can be no assurance that following a successful consummation of the Offer, the Offeror
would own sufficient Company securities to be able to conduct such a &#8220;squeeze out&#8221; merger. Further, the Offeror has not as
of the date of this Supplement made any determination as to whether it would conduct such a &#8220;squeeze out&#8221; merger even if it
were permitted to do so (though it reserves the right to do so). Even if the Offeror was able to, and determined to, effect such a squeeze-out
merger following the Offer, there can be no assurances as to the timing or terms of such squeeze-out merger.</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">We further note that the BCA, unlike Section&nbsp;251(h)&nbsp;of
the Delaware General Corporation Law, does not provide for the possibility of a &#8220;medium form&#8221; merger following a tender offer
made pursuant to an agreement (and further note that in any case, as of the date of this Supplement, this Offer is not being made pursuant
to an agreement with the Company).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IF THE OFFER IS CONSUMMATED, WILL PERFORMANCE
CONTINUE AS A PUBLICLY LISTED COMPANY?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If all of the Offer Conditions as set forth in
Section&nbsp;14 &#8212; &#8220;CONDITIONS OF THE OFFER&#8221; are satisfied or waived by the Expiration Date and Time and we consummate
the Offer, the number of shareholders and the number of Shares that are held by the public will be reduced and such number of shareholders
and such number of Shares may be so small that there may no longer be an active public trading market (or, possibly, there may not be
any public trading market) for the Shares, and to the extent that any such trading market exists, it may have more limited liquidity.
Also, it is possible that the Company may no longer be required to make filings with the SEC or otherwise comply with the rules&nbsp;of
the SEC relating to publicly held companies. In the event that the Company determines following a successful consummation of the Offer
to engage in any strategic transaction (including without limitation as a result of the strategic review we expect to conduct following
a successful Offer), there can be no guarantees that the Company would continue to be publicly-traded following any such strategic transaction.
See Section&nbsp;12 of the Offer to Purchase &#8212; &#8220;CERTAIN EFFECTS OF THE OFFER&#8221;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ARE APPRAISAL RIGHTS AVAILABLE IN THE OFFER?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Appraisal rights are not available in the Offer.
See Section&nbsp;15 of the Offer to Purchase &#8212; &#8220;CERTAIN LEGAL MATTERS&#894; REGULATORY APPROVALS&#894; APPRAISAL RIGHTS&#8221;.</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"><B>HOW DO I TENDER MY SHARES?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To tender your Shares, you must deliver the certificates
representing your Shares and, if certificates have been issued in respect of Rights prior to the Expiration Date and Time, certificates
representing the associated Rights, together with a completed Letter of Transmittal, to Continental Stock Transfer&nbsp;&amp; Trust Company,
the Tender Offer Agent for the Offer, before the Expiration Date and Time. If your Shares are held in &#8220;street name&#8221; through
a broker, dealer, commercial bank, trust company or other nominee, the Shares can be tendered by your bank, broker or other nominee through
The Depository Trust Company (&#8220;<U>DTC</U>&#8221;). If you cannot get any document or instrument that is required to be delivered
to the Tender Offer Agent by the Expiration Date and Time, you may get additional time to do so by having a broker, a bank or other fiduciary
that is a member of the Securities Transfer Agents Medallion Program or other eligible institution guarantee that the missing items will
be received by the Tender Offer Agent within two Nasdaq trading days after the date of execution of the Notice of Guaranteed Delivery.
For the tender to be valid, however, the Tender Offer Agent must receive the missing items within that two-trading-day period. Since the
Remedial Rights, if issued, are required by the terms of the Offer to be uncertificated and stapled to the associated Shares, the valid
tender of a Share into the Offer shall also constitute a valid tender of the associated Remedial Right into the Offer. See Section&nbsp;2
of the Offer to Purchase &#8212; &#8220;PROCEDURES FOR ACCEPTING THE OFFER AND TENDERING SHARES&#8221;.</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"><B>IF I TENDER MY SHARES, WHEN AND HOW WILL I
GET PAID?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If all of the Offer Conditions as set forth in
Section&nbsp;14 &#8212; &#8220;CONDITIONS OF THE OFFER&#8221; are satisfied or waived at or before the Expiration Date and Time and we
consummate the Offer and accept your Shares for payment, we will pay you an amount equal to the number of Shares you validly tendered
multiplied by the Offer Price per Share. See Section&nbsp;1 of the Offer to Purchase &#8212; &#8220;TERMS OF THE OFFER&#8221; and Section&nbsp;4
 &#8212; &#8220;ACCEPTANCE FOR PAYMENT AND PAYMENT FOR SHARES&#8221;.</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 Offeror expects to pay for the Shares validly
tendered into the Offer promptly after the Expiration Date and Time, assuming all of the Offer Conditions have been satisfied or waived
by such time. Payment for Shares validly tendered and accepted for payment pursuant to the Offer will be made by deposit of the aggregate
Offer Price for all Shares validly tendered into and not withdrawn from the Offer with the Tender Offer Agent, which will act as your
agent for the purpose of (i)&nbsp;receiving payments from us for your tendered Shares, as applicable, and (ii)&nbsp;transmitting such
payments to you. If you are a record holder of the Shares, you will receive a check from the Tender Offer Agent, acting as your agent,
for an amount equal to the aggregate Offer Price of your validly tendered Shares, as applicable, that we have accepted for payment. If
you hold the Shares through a broker, dealer, commercial bank, trust company or other nominee, the Tender Offer Agent, acting as your
agent, will credit DTC, for allocation by DTC to your broker, dealer, commercial bank, trust company or other nominee, with an amount
equal to the aggregate Offer Price of your validly tendered Shares that we have accepted for payment. If the Remedial Rights are issued,
the aggregate consideration for each Share (and its associated Remedial Right) tendered and accepted for payment in the Offer shall remain
the Offer Price.</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"><I>Under no circumstances will interest be paid
by us on the purchase price for the Shares pursuant to the Offer, regardless of any delay in making such payments.</I> We expressly reserve
the right to delay acceptance for payment of, or payment for, the Shares in order to comply, in whole or in part, with any applicable
laws or regulations. Any such delays, if they occur, will be effected in compliance with Section&nbsp;14e-1(c)&nbsp;under the Exchange
Act, which obligates a bidder to pay for or return tendered securities promptly after the termination or withdrawal of such bidder&#8217;s
offer. All holders of Shares that validly tender, and do not withdraw, their Shares at or before the Expiration Date and Time, as it may
be extended, will receive the same price per Share, regardless of whether they tender before or during any extension period of the Offer.</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"><B>UNTIL WHAT TIME CAN I WITHDRAW PREVIOUSLY TENDERED
SHARES?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tenders of Shares made pursuant to the Offer may
be withdrawn at any time prior to the Expiration Date and Time. If all of the Offer Conditions have been satisfied as of the Expiration
Date and Time, the Offeror will deposit with the Tender Offer Agent the proceeds required to consummate the Offer and will promptly accept
for payment and pay for all validly tendered Shares that have not been withdrawn. See Section&nbsp;1 of the Offer to Purchase &#8212;
 &#8220;TERMS OF THE OFFER&#8221; and Section&nbsp;3 &#8212; &#8220;WITHDRAWAL RIGHTS&#8221;.</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"><B>HOW DO I WITHDRAW PREVIOUSLY TENDERED SHARES?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To withdraw Shares, you must deliver a written
notice of withdrawal, or a facsimile of one, with the required information to the Tender Offer Agent while you still have the right to
withdraw the Shares. See Section&nbsp;3 of the Offer to Purchase &#8212; &#8220;WITHDRAWAL RIGHTS&#8221;. If Remedial Rights are issued,
the valid withdrawal from the Offer of a Share shall also constitute a valid withdrawal from the Offer of the associated Remedial Right.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DOES THE COMPANY CONTROL ANY OF THE CONDITIONS
OF THE OFFER?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes. The Company and the Members of its Board
have the ability to satisfy or frustrate the satisfaction of certain conditions of the Offer, including the Poison Pill Condition, the
Article&nbsp;K Condition, the Equity Condition, the Series&nbsp;C Condition, the Series&nbsp;B Condition and the Board Representation
Condition. As an example, if the Board does not validly waive the applicability of Article&nbsp;K to the purchase of the Shares by the
Offeror in the Offer, then the Company will cause the Article&nbsp;K Condition to not be capable of being satisfied and will thereby deprive
the Company&#8217;s shareholders of the ability to participate in the Offer. See Section&nbsp;11 of the Offer to Purchase &#8212; &#8220;PURPOSE
OF THE OFFER&#894; PLANS FOR THE COMPANY&#8221;.</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">While we would hope that the Board and the Special
Committee would in good faith and in a manner consistent with their fiduciary duties to the holders of the Shares, taken as a whole, seek
to cause the satisfaction of, and not seek to frustrate the satisfaction of, the conditions to the Offer, there can be no assurances that
they will do so.</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 Amended Company Recommendation states that
&ldquo;<FONT STYLE="background-color: white">none of the Company&rsquo;s governing documents, including its Articles of Incorporation
and bylaws and the Series C Certificate, or applicable law, including the BCA, grant the Company, the Board or the Special Committee the
authority to effect a cancellation</FONT>&rdquo; of the Series&nbsp;C Shares held by Mango, Mitzela, Giannakis (John) Evangelou, Antonios
Karavias, Christos Glavanis and Reidar Brekke for no consideration.&nbsp; Because the Offeror disagrees, on October&nbsp;27, 2023, the
Offeror initiated legal proceedings in the Supreme Court of the State of New York located in the County of New York against the Company,
Chairperson Aliki Paliou, Company Chief Executive Officer Andreas Michalopoulos, former Company directors Symeon Palios, Giannakis (John)
Evangelou, Antonios Karavias, Christos Glavanis and Reidar Brekke and controlling shareholders Mango and Mitzela, to, among other things,
seek such cancellation.&nbsp; See Section&nbsp;<FONT STYLE="text-transform: uppercase">18 </FONT>of the Offer to Purchase <FONT STYLE="text-transform: uppercase">&ndash;
&ldquo;legal proceedings&rdquo; </FONT>for further information regarding this litigation.</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"><B>WHAT ARE THE TAX CONSEQUENCES OF THE OFFER?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you are a U.S. holder, the receipt of the Offer
Price pursuant to the Offer will be a taxable transaction for U.S. federal income tax purposes, and may also be a taxable transaction
under applicable state, local, or foreign income or other tax laws. In addition, the receipt of Remedial Rights, or the receipt of Remedial
Shares upon exercise of Remedial Rights, may be a taxable event to U.S. holders. <B>Shareholders are urged to consult with their own tax
advisors to determine the particular tax consequences to them (including the application and effect of any state, local or foreign income
and other tax laws) of the Offer</B>. For a more detailed explanation of the U.S. federal income tax considerations and the Marshall Islands
tax considerations relevant to the Offer, see Section&nbsp;5 of the Offer to Purchase &#8212; &#8220;TAX CONSIDERATIONS&#8221;.</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"><B>WHO CAN I TALK TO IF I HAVE QUESTIONS ABOUT
THE TENDER OFFER?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can call Innisfree M&amp;A Incorporated, our
Information Agent for the Offer, toll free at (877) 800-5190. See the back cover of this Supplement.</P>

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

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

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

<P STYLE="font: 8pt 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"><I>The fifth full paragraph of the &#8220;Introduction&#8221;
section of the Offer to Purchase is hereby amended and restated in its entirety as follows:</I></P>

<P STYLE="font: 8pt 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 Offer is subject to the satisfaction or waiver,
at or before 11:59 p.m., New York City time, on March&nbsp;28, 2024 (the &#8220;<U>Expiration Date and Time</U>&#8221;) (unless the Offeror
shall have extended the period during which the Offer is open, in which event &#8220;<U>Expiration Date and Time</U>&#8221; shall mean
the date and time at which the Offer, as so extended by the Offeror, shall expire) of certain Offer Conditions set forth in the Offer
to Purchase, including, among other conditions, that:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">there shall have been validly tendered into the Offer and not withdrawn a number of Shares which, together with any Shares then-owned by the Offeror, represents at least a majority of the issued and outstanding Shares on a fully-diluted basis &nbsp;(assuming the exercise or conversion of all then-outstanding Options (as defined below) and other derivative securities regardless of the exercise or conversion price, the vesting schedule or other terms and conditions thereof) (the &#8220;<U>Minimum Tender Condition</U>&#8221;);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">either (a)&nbsp;the Rights Agreement shall have been validly terminated and the Rights shall have been redeemed, and the Certificate of Designation, Preferences and Rights of Series&nbsp;A Participating Preferred Stock (such certificate, the &#8220;<U>Series&nbsp;A Certificate</U>&#8221; and such stock, the &#8220;<U>Series&nbsp;A Preferred Stock</U>&#8221;) shall have been validly cancelled and no Series&nbsp;A Preferred Stock shall be outstanding, or (b)&nbsp;the Rights Agreement shall have been otherwise made inapplicable to the Offer and the Offeror and its affiliates (the applicable of clause (a)&nbsp;and clause (b), the &#8220;<U>Poison Pill Condition</U>&#8221;)&#894;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Board shall have validly waived the applicability of Article&nbsp;K of the Company&#8217;s Amended and Restated Articles of Incorporation (&#8220;<U>Article&nbsp;K</U>&#8221;) to the purchase of the Shares by the Offeror in the Offer so that the provisions of Article&nbsp;K would not, at or at any time following consummation of the Offer, prohibit, restrict or apply to any &#8220;business combination&#8221;, as defined in Article&nbsp;K, involving the Company and the Offeror or any affiliate or associate of the Offeror (the &#8220;<U>Article&nbsp;K Condition</U>&#8221;)&#894;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company shall not have any securities outstanding, authorized or proposed for issuance other than (a)&nbsp;the Shares, (b)&nbsp;authorized Series&nbsp;A Preferred Stock (none of which shall have been issued), (c)&nbsp;the number of shares of Series&nbsp;B Convertible Cumulative Perpetual Preferred Stock (the &#8220;<U>Series&nbsp;B Preferred Stock</U>&#8221;) outstanding as of October&nbsp;10, 2023, (d)&nbsp;the warrants outstanding as of October&nbsp;10, 2023 (which shall not be exercisable in the aggregate for more than the 7,904,221 Shares disclosed by the Company in its Form&nbsp;6-K on September&nbsp;29, 2023, and the terms of which such warrants shall not have been amended on or after October&nbsp;11, 2023), (e)&nbsp;(1)&nbsp;the options to purchase Shares under the Company&#8217;s Amended and Restated 2015 Equity Incentive Plan (as such plan was in effect as of October&nbsp;10, 2023) (the &#8220;<U>Equity Incentive Plan</U>&#8221;) outstanding, and subject to the terms as in effect, as of October&nbsp;10, 2023, and (2)&nbsp;any options to purchase Shares under the Equity Incentive Plan that are issued pursuant to the Equity Incentive Plan on or after October&nbsp;11, 2023 in the ordinary and usual course of business, consistent with past practice (clause (1)&nbsp;and clause (2), collectively, the &#8220;<U>Options</U>&#8221;); (f)&nbsp;Shares authorized for issuance but not yet subject to awards under the Equity Incentive Plan (none of which shall, on or after October&nbsp;11, 2023, have been issued other than in the ordinary and usual course of business, consistent with past practice); (g)&nbsp;the Remedial Rights (as defined below) and the Remedial Shares (as defined below) (with none of the Remedial Shares having been issued); and (h)&nbsp;solely in the event that the Series&nbsp;C Condition (as defined below) is satisfied through clause (b)&nbsp;thereof, the number of shares of the Series&nbsp;C Convertible Cumulative Redeemable Perpetual Preferred Stock (the &#8220;<U>Series&nbsp;C Preferred Stock</U>&#8221;) outstanding on October&nbsp;10, 2023 (the &#8220;<U>Equity Condition</U>&#8221;)&#894;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">either (a)&nbsp;(1)&nbsp;Section&nbsp;4 of the Certificate of Designation, preferences and rights of the Series&nbsp;C Preferred Stock (the &#8220;<U>Series&nbsp;C Certificate</U>&#8221;) shall no longer be in effect, (2)&nbsp;any and all shares of the Series&nbsp;C Preferred Stock held as of October&nbsp;11, 2023 by any of Mango Shipping Corp. (&#8220;<U>Mango</U>&#8221;), Mitzela Corp. (&#8220;<U>Mitzela</U>&#8221;), and Giannakis (John) Evangelou, Antonios Karavias, Christos Glavanis, and Reidar Brekke, or by any &#8220;affiliate&#8221; (as such term is defined in Rule&nbsp;12b-2 of the General Rules&nbsp;and Regulations under the Exchange Act of any of the foregoing (collectively, the &#8220;<U>Insider Holders</U>&#8221;), and any and all Shares purported to have been issued pursuant to the purported conversion of any such shares of the Series&nbsp;C Preferred Stock, shall have been validly cancelled for no consideration and (3)&nbsp;no other shares of the Series&nbsp;C Preferred Stock shall be outstanding; or (b)&nbsp;(1)&nbsp;there shall have been issued upon each Share outstanding from time to time an uncertificated right (which such right shall be stapled to the associated Share and shall, immediately and solely following the Offeror&#8217;s deposit with the Tender Offer Agent of the proceeds required to consummate the Offer, be freely exercisable at any time in exchange for nominal consideration (and shall not be exercisable prior to the Offeror&#8217;s deposit with the Tender Offer Agent of the proceeds required to consummate the Offer, and shall not be subject to involuntary redemption or repurchase)) (each, a &#8220;<U>Remedial Right</U>&#8221;) to purchase such number of shares of the Series&nbsp;C Preferred Stock (and/or such number of shares of a new class of preferred stock of the Company) (the &#8220;<U>Remedial Shares</U>&#8221;) that would, once issued to the holder of such Share, put the holder of such Share in the same economic, voting, governance and other position as the holder of such Share would have been in had the Series&nbsp;C Preferred Stock issued to the Insider Holders been cancelled for no consideration (with the holder of such Share having been deemed for purposes of this condition to have been put in the same (x)&nbsp;economic position as the holder of such Share would have been in had the Series&nbsp;C Preferred Stock issued to the Insider Holders been cancelled for no consideration if, upon the issuance of the Remedial Shares pursuant to the exercise of the Remedial Rights, the Series&nbsp;C Preferred Stock issued to the Insider Holders would not in the aggregate be entitled to receive more than 0.1% of any dividend or other payment made by the Company to Company securityholders and (y)&nbsp;voting and governance position as the holder of such Share would have been in had the Series&nbsp;C Preferred Stock issued to the Insider Holders been cancelled for no consideration if, upon the issuance of the Remedial Shares pursuant to the exercise of the Remedial Rights, the Series&nbsp;C Preferred Stock issued to the Insider Holders would not in the aggregate constitute more than 0.1% of any Company securities entitled to vote (as a single class or otherwise) on or consent (as a single class or otherwise) to any matter (including without limitation pursuant to Section&nbsp;4(b)&nbsp;of the Series&nbsp;C Certificate)), (2)&nbsp;no Remedial Shares (or rights to acquire Remedial Shares other than the Remedial Rights) shall have been issued to any Insider Holder or any &#8220;associate&#8221; (as such term is defined in Rule&nbsp;12b-2 of the General Rules&nbsp;and Regulations under the Exchange Act) of an Insider Holder and (3)&nbsp;any Remedial Right beneficially owned from time to time by any Insider Holder, any &#8220;associate&#8221; (as such term is defined in Rule&nbsp;12b-2 of the General Rules&nbsp;and Regulations under the Exchange Act) of an Insider Holder or any direct or indirect transferee of an Insider Holder or of any such &#8220;associate&#8221; shall
be rendered unexercisable pursuant to the definitive documentation for such Remedial Rights (the applicable of clause (a)&nbsp;and clause (b), the &#8220;<U>Series&nbsp;C Condition</U>&#8221;);</FONT></TD></TR>
  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Certificate of Designation, Preferences and Rights of Series&nbsp;B Preferred Stock (the &#8220;<U>Series&nbsp;B Certificate</U>&#8221;) either (a)&nbsp;shall have been validly cancelled or (b)&nbsp;shall not have been amended (the applicable of clause (a)&nbsp;and clause (b), the &#8220;<U>Series&nbsp;B Condition</U>&#8221;); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the size of the Board shall remain fixed at five members, with at least three of such authorized five Board seats either (a)&nbsp;then-being occupied by persons having been designated by us, (b)&nbsp;then-being vacant, with the company having publicly committed on a binding basis to fill such vacancies with persons designated by us or (c)&nbsp;then-being occupied by directors who shall have publicly submitted their irrevocable resignations from the Board, effective no later than the Offeror&#8217;s purchase of the Shares tendered in the Offer, which such resignations shall have been publicly accepted by the Company (with the Company having publicly committed on a binding basis to fill the resulting vacancies with persons designated by us) (the applicable of clause (a), clause (b)&nbsp;and clause (c), the &#8220;<U>Board Representation Condition</U>&#8221;).</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>BACKGROUND
OF THE OFFER&#894; PAST CONTACTS OR NEGOTIATIONS WITH THE COMPANY.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Section&nbsp;10
(<B>BACKGROUND OF THE OFFER&#894; PAST CONTACTS OR NEGOTIATIONS WITH THE COMPANY</B>) of the Amended and Restated Offer to Purchase is
hereby supplemented by adding the following to the end thereof:</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
November 6, 2023, the Company filed Amendment No. 1 to Company Recommendation.</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; text-indent: 0.5in; background-color: white">On
November&nbsp;14, 2023, the Company filed Amendment No. 2 to Company Recommendation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
November&nbsp;15, 2023, the Company filed Amendment No. 3 to Company Recommendation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Also
on November 15, 2023, <FONT STYLE="background-color: white">the Offeror filed Amendment No. 3 to Schedule TO extending</FONT>&nbsp;the
Expiration Date and Time to 11:59 p.m., New York City time, on March 28, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
November 30, 2023, the Company filed Amendment No. 4 to Company Recommendation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Amended Company Recommendation, among other things, reaffirmed the prior recommendation of the Special Committee with respect to the Offer.
Such recommendation, which in the view of the Offeror remained thinly reasoned and lacking in appropriate detail, recommended that all
of the Company&#8217;s shareholders reject the Offer and not tender any of their Shares pursuant to the Offer. Further information regarding
the Amended Company Recommendation is available under the Q&amp;A entitled &#8220;WHAT DOES THE BOARD OF DIRECTORS OF PERFORMANCE THINK
OF THE OFFER<B>?&#8221; </B>and in Section&nbsp;11 &#8212; &#8220;PURPOSE OF THE OFFER&#894; PLANS FOR THE COMPANY&#8221;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the Amended
Company Recommendation, &#8220;[a]<FONT STYLE="background-color: white">fter the Offeror amended the Offer on October 30, 2023, the
Special Committee adopted additional resolutions on November 6, 2023 to confirm that the Distribution Date shall not occur under the
Rights Agreement upon the Close of Business on the tenth Business Day after the date that such amendment to the Offer was first
published or sent or given within the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act and to
provide that the Distribution Date shall instead occur under the Rights Agreement on the next date on which the Distribution Date
would occur under the Rights Agreement but for the commencement of the Offer on its original terms and conditions and such amendment
to the Offer.&nbsp;After the Offeror extended the Offer on November 15, 2023, the Special Committee adopted additional resolutions
on November 30, 2023 to confirm that the Distribution Date shall not occur under the Rights Agreement upon the Close of Business on
the tenth Business Day after the date that such extension of the Offer was first published or sent or given within the meaning of
Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act and to provide that the Distribution Date shall instead
occur under the Rights Agreement on the next date on which the Distribution Date would occur under the Rights Agreement but for the </FONT>commencement
of the Offer on its original terms and conditions, the October 30, 2023 amendment to the Offer and the November 15, 2023 extension
of the Offer&nbsp;(which, for the avoidance, may include the occurrence of the Close of Business on the tenth Business Day after the
date that any subsequent amendment to the Offer, any subsequent modification or extension of the Offer or any subsequent waiver of
any of the conditions of the Offer is first published or sent or given within the meaning of Rule 14d-2(a) of the General Rules and
Regulations under the Exchange Act), or in each case such later date as may be determined by action of the Board or the Special
Committee. As a result, the Distribution Date under the Rights Agreement shall not occur upon the Close of Business on the tenth
Business Day after: (a)&nbsp;the date that the original Offer&nbsp;was first published or sent or given,&nbsp;(b) the date that the
Offeror&#8217;s October 30, 2023 amendment&nbsp;to&nbsp;the Offer was first published or sent or given or (c) the date that the
Offeror&#8217;s November 15, 2023 extension of the Offer&nbsp;was first published or sent or given, in each case&nbsp;within the
meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act. However, to the extent that the Rights
Agreement remains in effect and the Distribution Date has not yet occurred, and the Offeror or any affiliate thereof makes any
subsequent tender or exchange offer, subsequently waives any conditions to the Offer, subsequently extends the Offer or subsequently
amends or otherwise modifies the Offer, the Distribution Date may occur on the Close of Business on the tenth Business Day after the
date that any such subsequent offer or any such subsequent amendment to the Offer, subsequent modification or extension of the Offer
or subsequent waiver of any of the conditions of the Offer is first published or sent or given within the meaning of Rule 14d-2(a)
of the General Rules and Regulations under the Exchange Act (or on such later date as may be determined by action of the Board or
the Special Committee).&#8221; As a result of the amendments made by this Supplement (or any other amendments, modifications or
extensions made to the Offer after the date of the Company waiver described above), the Board or the Special Committee might take
the position that the ten business day countdown until the Distribution Date under the Rights Agreement has been reset.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
December 5, 2023, the Offeror filed this Supplement on Amendment No.&nbsp;4 to Schedule TO filed with respect to the Offer.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#8239;&#8239;&#8239;PURPOSE OF THE OFFER&#894;
PLANS FOR THE COMPANY.</B></P>

<P STYLE="font: 8pt 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"><I>The seventh full paragraph of the discussion
set forth under the caption &#8220;PLANS FOR THE COMPANY</I>&#8221; in <I>Section&nbsp;11 </I>(<B><I>PURPOSE OF THE OFFER&#894; PLANS
FOR THE COMPANY</I></B><I>) of the Amended and Restated Offer to Purchase, and the cross-reference to Section&nbsp;14 of the Amended and
Restated Offer to Purchase appearing immediately thereafter, are hereby deleted in their entirety.</I></P>

<P STYLE="font: 8pt 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"><I>The discussion set forth under the caption
 &#8220;</I>CONCERNS WITH THE COMPANY&#8217;S RECOMMENDATION&#8221; in <I>Section&nbsp;11 </I>(<B><I>PURPOSE OF THE OFFER&#894; PLANS FOR
THE COMPANY</I></B><I>) of the Amended and Restated Offer to Purchase is hereby amended and restated in its entirety as follows:</I></P>

<P STYLE="font: 8pt 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; text-indent: 0.5in">The Offeror strongly disagrees
with the Amended Company Recommendation and the recommendation and conclusions regarding the Offer and the Company&#8217;s characterization
of the terms of the Offer as set forth in the Amended Company Recommendation, as more fully set forth below.</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; text-indent: 0.5in"><I><U>The Special Committee
appears to misunderstand to whom it owes fiduciary duties</U></I>. The Offeror believes that the fact that the Special Committee&#8217;s
recommendation states that the Offer is not &#8220;in the best interests of the Company or its shareholders&#8221; demonstrates what,
in the Offeror&#8217;s view, has been a consistent problem with the Board since at least the 2022 Exchange Offer: that the Special Committee
does not understand that (i)&nbsp;its fiduciary duties run primarily to the common shareholders, (ii)&nbsp;that preferred stockholders
are owed fiduciary duties only when they do not invoke their special contractual rights and rely on a right shared equally with the common
stock and (iii)&nbsp;a board does not owe fiduciary duties to preferred stockholders when considering whether or not to take corporate
action that might trigger or circumvent the preferred stockholders&#8217; contractual rights. It is not evident to us from a plain reading
of the Amended Company Recommendation that the Special Committee separately fully evaluated the Offer from the point of view of the common
shareholders (other than with respect to price), and if it did, the fact that the Special Committee did so is certainly not made clear
in the Amended Company Recommendation.&nbsp; The Company&#8217;s common shareholders, to whom this Offer is made, deserve a clear evaluation
and recommendation that is based on their interests as common shareholders.</P>

<P STYLE="font: 8pt 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; text-indent: 0.5in"><I><U>In alleging that
the Offer undervalues the Shares, the Special Committee appears to be ignoring that the Shares are&#8212;independent from this
Offer&#8212;significantly undervalued as a result of actions taken by the Board, Mango and Mitzela that have destroyed their value,
including the implementation of the dual class capital structure through the 2022 Exchange Offer and the several dilutive securities
issuances that followed shortly after the 2022 Exchange Offer. We believe the Offer Price represents a significant premium over the
value of the Shares under the Company&#8217;s current &#8220;leadership&#8221; and capital structure.</U></I>&nbsp; In the wake of
the 2022 Exchange Offer and the follow-on dilutive issuances, the value of the Shares nosedived, with the Share price having dropped
from over $70 in December&nbsp;2021 (shortly prior to the 2022 Exchange Offer) to less than $1 in May&nbsp;2023.&nbsp; So
significant was the drop in value that on July&nbsp;13, 2022, the Company received notification from Nasdaq that because the closing
bid price of the Common Shares for 30 straight business days, from May&nbsp;27, 2022 to July&nbsp;12, 2022, was below the minimum
$1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company&nbsp;violated Nasdaq Listing
Rule&nbsp;5550(a)(2). As a result, the Company conducted a 1:15 reverse stock split on November&nbsp;15, 2022, but despite such
reverse stock split, the Company received another notification from Nasdaq on April&nbsp;18, 2023 that its closing bid price was
again too low for 30 straight days and that the Company had again violated Nasdaq Listing Rule&nbsp;5550(a)(2).&nbsp; The Offer
Price represents a substantial premium over each of the undisturbed closing Share price, the closing Share price as of the day prior
to the commencement of the Offer and the Company&#8217;s closing Share price on the day before the date of this Supplement.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Amended Company Recommendation
also states that, in evaluating the Offer, the Special Committee received the advice and analysis of Newbridge &#8220;as to the Company&#8217;s
net asset value per Common Share in comparison to the consideration offered by the Offer.&#8221;&nbsp; While the Amended Company Recommendation
states that Newbridge calculated the Company&#8217;s net asset value per Common Share (referred to in the Amended Company Recommendation
as &#8220;NAV&#8221;) as of June&nbsp;30, 2023, as approximately $7.11 per share, and the Amended Company Recommendation also states that
Newbridge reviewed the recent trading price of the Common Shares during the past three months, the Amended Company Recommendation does
not disclose what discount was applied to the value of the Shares as a result of the Company&#8217;s oppressive dual class capital structure,
and does not explain how such NAV per Share takes into account the substantial economic value that has been stripped away from the common
shares by the cumulative dividends granted to the Series&nbsp;B Preferred Shares and the Series&nbsp;C Preferred Shares.&nbsp; The Company&#8217;s
common shareholders deserve to have this information as they consider the Offer, which the Offeror believes is attractive in light of
the Company&#8217;s current &#8220;leadership&#8221; and capital structure.</P>

<P STYLE="font: 8pt 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; text-indent: 0.5in">Company common shareholders
also deserve appropriate disclosure in the Amended Company Recommendation as to how the Company plans to &#8220;<FONT STYLE="background-color: white">generate
additional value for its stockholders through the continued operation of its business&#8221;. </FONT><I>In this regard, it is in the Offeror&#8217;s
view telling that the preceding quote references the Company&#8217;s &#8220;stockholders&#8221; (as opposed to common shareholders) &#8211;
since under the Company&#8217;s current capital structure, the Board in the Offeror&#8217;s view could not without risk state that the
Company&#8217;s existing plans will generate meaningful value for &#8220;common&#8221; shareholders</I>. Indeed, it appears to the Offeror,
including from the 2022 Exchange Offer and the fact that the Company has even named one of its ships after Chairperson Aliki Paliou, that
the Company&#8217;s alleged &#8220;successful operation of&#8230; business&#8221; has been geared towards the interests of the Paliou
family as opposed to creating value for the common shareholders. T<FONT STYLE="background-color: white">he Special Committee believes
that the Offer is illusory, because the (in their view) &#8220;highly conditional&#8221; nature of the Offer creates significant doubt
that the Offer will be consummated. The Special Committee notes in particular in this respect that the Offer remains conditioned on the
Series C Condition, which, </FONT>the Special Committee alleges, <FONT STYLE="background-color: white">is not within the authority of
the Board or the Company to satisfy, including because </FONT>the Special Committee believes that none of the Company&#8217;s governing
documents or applicable law grant the Company, the Board or the Special Committee the authority to effect a cancellation (or nullification
through the issuance of Remedial Rights) of the Series&nbsp;C Preferred Stock for no consideration.&nbsp; The Amended Company Recommendation
also states that the <FONT STYLE="background-color: white">Offer is subject to numerous other conditions which, </FONT>the Special Committee
alleges, <FONT STYLE="background-color: white">&#8220;give the Offeror wide latitude not to consummate the Offer, especially in light
of the lengthy extension of the Offer &#8211; for a period of more than four months &#8211; creating a greater likelihood of the occurrence
of circumstances on the basis of which the Offeror could claim a condition is not satisfied&#8221;.&nbsp;</FONT></P>

<P STYLE="font: 8pt 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; text-indent: 0.5in"><I><U>The Offer is NOT illusory</U></I>.&nbsp;
The Amended Company Recommendation vaguely states that the Offer &#8220;<FONT STYLE="background-color: white">is illusory, because the
(in the view of the Special Committee) &#8220;highly conditional&#8221; nature of the Offer creates significant doubt that the Offer will
be consummated</FONT>&#8221;. The Amended Company Recommendation proceeds to attempt to justify that vague statement with two claims.
First, it claims that the Special Committee, the Board and the Company do not have the power to satisfy the Series C Condition. Second,
it claims that <FONT STYLE="background-color: white">the Offer Conditions &#8220;give the Offeror wide latitude not to consummate the
Offer, especially in light of the lengthy extension of the Offer &#8230; creating a greater likelihood of the occurrence of circumstances
on the basis of which the Offeror could claim a condition is not satisfied&#8221;</FONT>. The Offeror disagrees with these claims:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 57.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">As is already stated elsewhere in this Offer to Purchase, the Offeror disagrees with the Special Committee&#8217;s
claim that the Special Committee, the Board and the Company do not have the power to satisfy the Series C Condition, and has initiated
litigation in order to among other things compel the satisfaction of such condition.</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: 57.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Special Committee&#8217;s claim that&nbsp;<FONT STYLE="background-color: white">the Offer Conditions
 &#8220;give the Offeror wide latitude not to consummate the Offer, especially in light of the lengthy extension of the Offer &#8230; creating
a greater likelihood of the occurrence of circumstances on the basis of which the Offeror could claim a condition is not satisfied&#8221;
is in direct contradiction of the Special Committee&#8217;s claim in its original October 25, 2023 recommendation that there was &#8220;significant
doubt as to whether the Offer will be consummated by the stated expiration date of the Offer&#8221;. First, in the view of the Special
Committee, the Offer was not open for long enough. Now that the Offer has been extended, however, the Special Committee believes it is
open for too long. In the Offeror&#8217;s view, this &#8220;flip-flop&#8221; reveals the disingenuity of both statements.</FONT> Further,
the only example of a condition that the Special Committee alleges provides the Offeror with &#8220;wide latitude&#8221; not to consummate
the Offer is, ironically, within the full control of the Company and the members of its Board and relates to matters that the Offer believes
have been historically abused by Company insiders to obtain and maintain control over the Company&#8217;s governance and economics.</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We do not believe the Special Committee has
provided valid reasons in support of its recommendation that the shareholders reject the Offer and not tender their Shares in the Offer.&nbsp;
We urge you to tender your Shares into the Offer.</B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Section&nbsp;14 (<B>CONDITIONS OF THE OFFER</B>)
of the Amended and Restated Offer to Purchase is hereby amended and restated in its entirety as follows:</I></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; text-indent: 0.5in">Notwithstanding any other
provision of the Offer, and in addition to (and not in limitation of) the Offeror&#8217;s rights to extend and amend the Offer, the Offeror
shall not be required to accept for payment or pay for any Shares validly tendered pursuant to the Offer, and may terminate or amend the
Offer and may postpone the acceptance for payment of and payment for, Shares validly tendered, if (i)&nbsp;any one or more of the Minimum
Tender Condition, the Poison Pill Condition, the Article&nbsp;K Condition, the Equity Condition, the Series&nbsp;C Condition, the Series&nbsp;B
Condition, or the Board Representation Condition is not satisfied or waived prior to the Expiration Date and Time, or (ii)&nbsp;at any
time at or prior to the Expiration Date and Time any of the following conditions (together with the conditions referred to in clause (i),
the &#8220;<U>Offer Conditions</U>&#8221;) shall occur:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the consummation of the Offer would result in a violation of (i)&nbsp;any provision of the Marshall Islands Business Corporations Act (the &#8220;<U>BCA</U>&#8221;); or (ii)&nbsp;any other applicable law, including the Securities Laws;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a preliminary or permanent injunction or other order of any U.S. federal or state court, Marshall Islands court, Greek court, or any other court, government or governmental authority or agency shall have been issued and remain in effect which: (i)&nbsp;makes illegal, delays or otherwise directly or indirectly restrains or prohibits the making of the Offer or the acceptance for payment, purchase of or payment for any Shares by the Offeror&#894; (ii)&nbsp;imposes or confirms limitations on the ability of the Offeror effectively to exercise full rights of ownership of any Shares, including, without limitation, the right to vote any Shares acquired by the Offeror pursuant to the Offer or otherwise on all matters properly presented to the Company&#8217;s shareholders&#894; (iii)&nbsp;imposes or confirms limitations on the ability of the Offeror to fully exercise the voting rights conferred pursuant to its appointment as proxy in respect of all validly tendered Shares which it accepts for payment&#894; (iv)&nbsp;requires divestiture by the Offeror of any Shares, or (v)&nbsp;seeks to impose a Burdensome Condition (as defined below)&#894;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">there shall have occurred: (i)&nbsp;any general suspension of trading in securities on any national securities exchange or in the over-the-counter market in the United States&#894; (ii)&nbsp;a declaration of a banking moratorium or any suspension of payments in respect of banks in the United States, Marshall&nbsp;Islands or Greece&#894; (iii)&nbsp;any limitation by any governmental authority on, or other event which might affect, the extension of credit by lending institutions or result in any imposition of currency controls in the United States, Marshall&nbsp;Islands or Greece&#894; (iv)&nbsp;a commencement of a war or armed hostilities or other national or international calamity directly or indirectly involving the United States, Marshall&nbsp;Islands or Greece, in each case which is reasonably likely to have a material adverse effect on the Company or on the Offeror&#8217;s ability to complete the Offer&#894; (v)&nbsp;a material change in United States or other currency exchange rates or a suspension or a limitation on the markets thereof&#894; or (vi)&nbsp;in the case of any of the foregoing existing at the time of the commencement of the Offer, a material acceleration or worsening thereof&#894;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">there shall have been threatened in writing, instituted or pending any action or proceeding before any court or governmental agency or other regulatory or administrative agency or commission or by any other person, challenging the acquisition of any Shares pursuant to the Offer or otherwise directly or indirectly relating to the Offer; provided that the foregoing shall not apply to the Cancellation Proceedings or any other action or proceeding brought by the Offeror, Maryport or Mr. George Economou (in each case to the extent of the claims made by the Offeror, Maryport and/or Mr. Economou in such action(s) or proceeding(s));</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company or the Board, or any of the Company&#8217;s subsidiary entities or any governing body thereof, shall have authorized, proposed or announced its intention to propose any material change to the Articles or bylaws or such subsidiary entity&#8217;s articles of incorporation or bylaws, any merger, consolidation or business combination or reorganization transaction, acquisition of assets, disposition of assets or material change in the Company&#8217;s or such subsidiary entity&#8217;s capitalization or indebtedness, or any comparable event not in the ordinary course of business (in the case of any of the foregoing, other than (i) any cancellation of the Series A Certificate, the Series B Certificate or the Series C Certificate (or Section 4 thereof) or (ii) any other amendment to the Articles or Bylaws made, or proposed to be made, solely for purposes of satisfying (and solely to the extent required to satisfy) the Series C Condition)&#894;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any required approval, permit, authorization, extension, action or non-action, waiver or consent of any governmental authority or agency in the U.S., Marshall Islands, Greece, or any other jurisdiction required to consummate the Offer shall not have been obtained (or shall not have been obtained on terms reasonably satisfactory to the Offeror) or any waiting period or extension thereof imposed by any such government or governmental authority with respect to the Offer shall not have expired or been terminated;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we or any of our affiliates and the Company reach any agreement or understanding pursuant to which it is agreed that the Offer will be terminated; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a tender offer or exchange offer for some or all of the Shares shall have been made or publicly announced or proposed to be made, supplemented or amended by any person other than the Offeror.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">For
purposes of the Offer to Purchase, &#8220;<U>Burdensome Condition</U>&#8221; means any agreement, consent, action, condition, restriction,
or other mitigation involving the Company or any of its subsidiaries that would be, or would reasonably be expected to be, individually
or in the aggregate, materially adverse to the businesses, assets or financial condition of the Company and its subsidiaries, taken as
a whole, or any proffer, consent or agreement by the Offeror or any of its affiliates, including Maryport and Mr.&nbsp;George Economou,
to (i)&nbsp;prohibit or limit their, its or his ownership of any portion of their, its or his respective businesses or assets (without
giving effect to the consummation of the Offer), (ii)&nbsp;divest, hold, separate or otherwise dispose of any portion of their or his
respective businesses or assets (without giving effect to the consummation of the Offer), or (iii)&nbsp;impose any other limitation on
their or his ability to effectively control or operate their, its or his respective businesses or otherwise affect their, its or his ability
to control their respective operations (without giving effect to the consummation of the Offer).</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; text-indent: 0.5in; background-color: white">The
foregoing conditions are for the sole benefit of the Offeror, and may be waived by the Offeror at or prior to the Expiration Date and
Time, in the sole discretion of the Offeror and subject to the applicable rules&nbsp;and regulations of the SEC (including the requirements
of Rule&nbsp;14d-4 under the Exchange Act). The failure by the Offeror at any time to exercise any of the foregoing rights shall not be
deemed a waiver of any such right. Should the Offer be terminated pursuant to the foregoing provisions, all tendered Shares not theretofore
accepted for payment pursuant thereto shall forthwith be returned to the tendering shareholders. If the Offeror waives an Offer Condition,
the Offeror will promptly disseminate such waiver to all shareholders of the Company in a manner reasonably designed to inform them of
such waiver and extend the Offer to the extent required by Rules&nbsp;14d-4, 14d-6, and 14e-1 under the Exchange Act.</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; text-indent: 0.5in; background-color: white"><B>The
Offer is not conditioned upon the Offeror obtaining financing.</B></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXECUTIVE OFFICER(S),<BR>
DIRECTOR(S)<FONT STYLE="text-transform: uppercase">&nbsp;AND<BR>
CONTROLLING PERSON</FONT>&nbsp;OF<BR>
<FONT STYLE="text-transform: uppercase">SPHINX INVESTMENT CORP. AND MARYPORT NAVIGATION CORP.</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Schedule I to the Amended and Restated Offer
to Purchase is hereby amended and restated in its entirety as follows:</I></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; background-color: white">The names and positions
of the executive officers, directors and controlling person of the Offeror and Maryport are set forth below. The following sets forth
with respect to each executive officer, director and controlling person such person&#8217;s (a)&nbsp;name, (b)&nbsp;present principal
occupation or employment and the name and principal business of any corporation or other organization in which such employment or occupation
is conducted and (c)&nbsp;material occupations, positions, offices or employment during at least the last five years, giving the name,
principal business and address of any corporation or other organization in which such occupation, position, office or employment was carried
on.</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; background-color: white"><FONT STYLE="text-transform: uppercase"><B><U>SPHINX
INVESTMENT CORP. (OFFEROR)</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Levante Services Limited
is the sole director and executive officer of the Offeror. The sole executive officer of Levante Services Limited is Kleanthis Costa Spathias.
Mr. Spathias is also one of two directors of Levante Services Limited.&nbsp; As of November 28, 2023, Costas Ioannou was appointed as
a second director of Levante Services Limited.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="text-transform: uppercase"><B><U>MARYPORT
NAVIGATION CORP</U>.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Levante Services Limited
is the sole director and executive officer of Maryport. The sole executive officer of Levante Services Limited is Kleanthis Costa Spathias.
Mr. Spathias is also one of two directors of Levante.&nbsp; As of November 28, 2023, Costas Ioannou was appointed as a second director
of Levante.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">George Economou is a citizen of Greece. Mr.&nbsp;Economou&#8217;s
principal business address is c/o Levante Services Limited, Leoforos Evagorou 31, 2nd Floor, Office 21 1066 Nicosia, Cyprus, where the
business phone number is +35 722 010610. The principal occupation of Mr.&nbsp;Economou is investor and business executive, and such business
is conducted through, among other entities, the Offeror and Maryport.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;Economou has over 40&nbsp;years of experience
in the maritime industry.&nbsp; He was the Chairman and Chief Executive Officer of Dryships&nbsp;Inc., a former Nasdaq-listed company
that is a diversified owner and operator of ocean going cargo vessels, from its incorporation in 2004 until October 11, 2019. The address
of Dryships Inc. is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;Economou was also the Chief Executive
Officer (from September 2, 2010 &#8211; January 1, 2018) and Chairman (from December 3, 2010-December 5, 2018) of Ocean Rig UDW&nbsp;Inc.,
a former Nasdaq-listed company that at the time of its December 2018 delisting from Nasdaq was an owner of rigs and ships involved in
ultra deep water drilling. The address of Ocean Rig UDW&nbsp;Inc. at the time of its delisting from Nasdaq was c/o Ocean Rig Cayman Management
Services SEZC Limited, 3rd Floor Flagship Building, Harbour Drive, Grand Cayman, Cayman Islands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;Economou was also a member of the board
(from August 12, 2010 &#8211; July 31, 2020) of Danaos Corporation, a Nasdaq-listed company that is an international owner of containerships.
The address of Danaos Corporation is c/o Danaos Shipping&nbsp;Co.&nbsp;Ltd, Athens Branch, 14 Akti Kondyli, 185 45&nbsp;Piraeus, Greece.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;Economou is and has for more than a decade
been a member of ABS Council, Intertanko Hellenic Shipping Forum and Lloyds Register Hellenic Advisory Committees.</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"><B><U>LEVANTE SERVICES LIMITED</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Levante Services Limited is a corporation organized
under the laws of the Republic of Liberia. Levante&#8217;s principal business address is Leoforos Evagorou 31, 2<SUP>nd</SUP>&nbsp;Floor,
Office 21 1066 Nicosia, Cyprus, where the business phone number is +35 722 010610. Levante is a third party service provider that furnishes
nominee director and secretarial services and other services of a ministerial nature to Sphinx and Maryport. The principal business of
Levante is acting as director, president, treasurer and secretary of Sphinx, Maryport and other companies.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>KLEANTHIS&nbsp;<FONT STYLE="text-transform: uppercase">COSTA&nbsp;</FONT>SPATHIAS</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">Kleanthis
Costa Spathias is a citizen of the United Kingdom. Mr.&nbsp;Spathias&#8217;s principal business address is c/o Levante Services Limited,
Leoforos Evagorou 31, 2nd&nbsp;Floor, Office 21 1066 Nicosia, Cyprus, where the business phone number is +35 722 010610. The principal
occupation of Mr.&nbsp;Spathias is furnishing nominee director and secretarial services and other services of a ministerial nature to
third parties and such business is conducted through, among other entities, Levante.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Costas Ioannou <FONT STYLE="background-color: white">is
a citizen of the United Kingdom. Mr.&nbsp;</FONT>Ioannou<FONT STYLE="background-color: white">&#8217;s principal business address is c/o
Levante Services Limited, Leoforos Evagorou 31, 2nd&nbsp;Floor, Office 21 1066 Nicosia, Cyprus, where the business phone number is +35
722 010610. The principal occupation of Mr.&nbsp;</FONT>Ioannou <FONT STYLE="background-color: white">is furnishing nominee director and
secretarial services and other services of a ministerial nature to third parties and such business is conducted through, among other entities,
Levante.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Manually signed facsimile copies of the Letter
of Transmittal will be accepted. Letters of Transmittal and certificates for Shares and certificates, if any, for the associated Rights,
should be sent or delivered by each shareholder of the Company or its, his or her broker, dealer, commercial bank, trust company or other
nominee to the Tender Offer Agent at its address set forth below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>The Tender Offer Agent for the Offer is:</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2332175d1_ex-99a1oimg01.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; text-align: center">Continental Stock Transfer&nbsp;&amp; Trust Company</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Mail or deliver the Letter of Transmittal, together
with the certificate(s)&nbsp;(if any) representing your shares, to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">By Mail or Overnight Courier:</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">By Facsimile Transmission<BR>
(for eligible institutions only):</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Continental Stock Transfer&nbsp;&amp; Trust Company<BR>
1 State Street, 30th Floor<BR>
New York, NY 10004<BR>
Attention: Corporate Actions Department</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">212-616-7610<BR>
Continental Stock Transfer&nbsp;&amp; Trust Company<BR>
1 State Street, 30th Floor<BR>
New York, NY 10004<BR>
Attention: Corporate Actions Department</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DELIVERY OF THE LETTER OF TRANSMITTAL TO AN
ADDRESS OTHER THAN AS SET FORTH ABOVE OR TRANSMISSIONS OF INSTRUCTIONS VIA FACSIMILE TRANSMISSION TO A NUMBER OTHER THAN AS SET FORTH
ABOVE DOES NOT CONSTITUTE A VALID DELIVERY TO THE TENDER OFFER AGENT.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any questions or requests for assistance may be
directed to the Information Agent at its address and telephone numbers set forth below. Requests for additional copies of the Offer to
Purchase and the Letter of Transmittal may be directed to the Information Agent or the Tender Offer Agent. Shareholders may also contact
their brokers, dealers, commercial banks, trust companies or other nominees for assistance concerning the Offer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>The Information Agent for the Offer is</I>:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2332175d1_ex-99a1oimg02.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; text-align: center">501 Madison Avenue, 20th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shareholders May&nbsp;Call Toll Free: (877) 800-5190</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Banks and Brokers May&nbsp;Call Collect: (212)
750-5833</P>

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

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

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



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