<SEC-DOCUMENT>0001683168-23-001404.txt : 20230309
<SEC-HEADER>0001683168-23-001404.hdr.sgml : 20230309
<ACCEPTANCE-DATETIME>20230309171337
ACCESSION NUMBER:		0001683168-23-001404
CONFORMED SUBMISSION TYPE:	F-1
PUBLIC DOCUMENT COUNT:		47
FILED AS OF DATE:		20230309
DATE AS OF CHANGE:		20230309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DAVIS COMMODITIES Ltd
		CENTRAL INDEX KEY:			0001949478
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-FARM PRODUCT RAW MATERIALS [5150]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-270427
		FILM NUMBER:		23720667

	BUSINESS ADDRESS:	
		STREET 1:		10 BUKIT BATOK CRESCENT #10-01 THE SPIRE
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			658079
		BUSINESS PHONE:		65-6893 5333

	MAIL ADDRESS:	
		STREET 1:		10 BUKIT BATOK CRESCENT #10-01 THE SPIRE
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			658079
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-1
<SEQUENCE>1
<FILENAME>davis_f1.htm
<DESCRIPTION>FORM F-1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt"><A HREF="#toc">Table of Contents</A></FONT></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>As filed with the U.S. Securities and Exchange
Commission on March 9, 2023</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: right"><B>Registration No. 333-[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM F-1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE SECURITIES ACT OF 1933</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; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>Davis Commodities
Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in its charter)</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; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Not Applicable</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cayman Islands </B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5150</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Primary Standard Industrial<BR>
Classification Code Number)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer<BR>
Identification Number)</FONT></TD></TR>
  </TABLE>
<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>10 Bukit Batok Crescent, #10-01, The Spire</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Singapore 658079</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+65 6896 5333</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of registrant&rsquo;s principal executive offices)</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></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>122 East 42nd Street, 18th Floor</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>New York, NY 10168</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>800-221-0102</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ying Li, Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Lisa Forcht, Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hunter Taubman Fischer &amp; Li LLC<BR>
    950 Third Avenue, 19th Floor<BR>
    New York, NY 10022<BR>
    212-530-2206</B></P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>William S. Rosenstadt, Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mengyi &ldquo;Jason&rdquo; Ye, Esq. </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ortoli Rosenstadt LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>366 Madison Avenue, 3rd Floor</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10017</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>212-588-0022</B></P></TD></TR>
  </TABLE>
<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"><B>Approximate date of commencement of proposed
sale to the public:</B> Promptly after the effective date of this registration statement.</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 STYLE="vertical-align: top">
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&#9744;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange
Commission, acting pursuant to such Section 8(a), may determine.</B></P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="text-align: center; break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Red">&nbsp;</FONT></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: 100%; border: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red">The
    information in this prospectus is not complete and may be changed. We may not sell the securities until the registration statement
    filed with the U.S. Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and
    it is not soliciting any offer to buy these securities in any jurisdiction where such offer or sale is not permitted.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Red">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>PRELIMINARY PROSPECTUS DATED MARCH 9, 2023 </B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="Logo, company name&#10;&#10;Description automatically generated" STYLE="height: 77px; width: 204px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Davis Commodities Limited</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">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Ordinary Shares</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">This is an initial public offering of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] of our
ordinary shares, par value $0.001 per share (&ldquo;Ordinary Shares&rdquo;). We expect the initial public offering price to be in the
range of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] to $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] per share. Prior to this offering, there has been no public market for our Ordinary Shares.</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"> We have applied to list the Ordinary Shares
on the [Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;)/New York Stock Exchange American (&ldquo;NYSE American&rdquo;)] under the symbol
&ldquo;DTCK.&rdquo; It is a condition to the closing of this offering that the Ordinary Shares qualify for listing on a national securities
exchange, however there is no guarantee or assurance that our Ordinary Shares&nbsp;will be approved for listing on the&nbsp;[Nasdaq/NYSE
American] or another national exchange. </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"><B>Investing in our Ordinary Shares involves a
high degree of risk, including the risk of losing your entire investment. See &ldquo;<A HREF="#a_003">Risk Factors</A>&rdquo; beginning on page 9 to read
about factors you should consider before buying our Ordinary 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">We are an &ldquo;emerging growth company&rdquo;
as defined under the federal securities laws and will be subject to reduced public company reporting requirements. Please read the disclosures
beginning on page 30  of this prospectus for more information.</P>

<P STYLE="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">Following the completion of this offering, our
Executive Chairwoman and Executive Director, Ms. Li Peng Leck, will beneficially own approximately [ ]% of the aggregate voting power
of our issued and outstanding Ordinary Shares, assuming no exercise of the underwriters&rsquo; over-allotment option, or approximately
[ ]% assuming full exercise of the underwriters&rsquo; over-allotment option. As such, we will be deemed a &ldquo;controlled company&rdquo;
under [Nasdaq Listing Rule 5615(c)/NYSE Listed Company Manual]. However, even if we are deemed a &ldquo;controlled company,&rdquo; we
do not intend to avail ourselves of the corporate governance exemptions afforded to a &ldquo;controlled company&rdquo; under the [Nasdaq
Listing Rules/NYSE Listed Company Manual]. See &ldquo;Risk Factors&rdquo; and &ldquo;Management&mdash;Controlled Company.&rdquo;</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: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per Share</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Without Over-Allotment Option</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total <BR>
With<BR>
Over-Allotment Option</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 67%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Initial public offering price</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriters&rsquo; discounts<SUP>(1) </SUP></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proceeds to our Company before expenses<SUP>(2)</SUP> </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_______________________</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents underwriting discounts equal to 4.5% per share.</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: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excludes fees and expenses payable to the underwriters. See &ldquo;<A HREF="#a_022">Underwriting</A>&rdquo; for additional information regarding total underwriter&rsquo;s compensation.</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">&nbsp;</P>

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

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Value: 1; Name: PageNo -->i<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This offering is being conducted on a firm commitment
basis. The underwriters have agreed to purchase and pay for all of the Ordinary Shares offered by this prospectus if they purchase any
Ordinary Shares. We have granted the underwriters an option for a period of forty-five (45) days from the date of this prospectus to purchase
up to [_________] additional Ordinary Shares to cover over-allotments at the initial public offering price, less underwriting discounts.</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 underwriters expect to deliver the Ordinary
Shares against payment in U.S. dollars in New York, New York on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2023.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the U.S. Securities and Exchange Commission
nor any state securities commission nor any other regulatory body has approved or disapproved of these securities or determined if this
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</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">&nbsp;</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"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 73px; width: 215px"></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">Prospectus dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2023</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">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Value: 2; Name: PageNo -->ii<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="toc"></A><B>TABLE OF CONTENTS</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%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-bottom: 1pt; width: 93%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 7%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_001">PROSPECTUS SUMMARY</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">1</TD></TR>
  <TR STYLE="background-color: White">
    <TD><B><A HREF="#a_002">THE OFFERING</A></B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_003">RISK FACTORS</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">9</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_004">DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">30</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_005">ENFORCEABILITY OF CIVIL LIABILITIES</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">31</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_006">USE OF PROCEEDS</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">33</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_007">EXCHANGE RATE INFORMATION</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">34</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_008">DIVIDEND POLICY</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">35</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_009">CAPITALIZATION</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">36</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_010">DILUTION</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">37</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_011">CORPORATE HISTORY AND STRUCTURE</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">39</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_012">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">40</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_013">INDUSTRY</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">70</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_014">BUSINESS</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">76</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_015">REGULATIONS</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">88</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_016">MANAGEMENT</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">109</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_017">PRINCIPAL SHAREHOLDERS</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">115</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_018">RELATED PARTY TRANSACTIONS</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">117</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_019">DESCRIPTION OF SHARE CAPITAL</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">119</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_020">SHARES ELIGIBLE FOR FUTURE SALE</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">130</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_021">MATERIAL INCOME TAX CONSIDERATION</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">132</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_022">UNDERWRITING</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">140</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_023">EXPENSES RELATING TO THIS OFFERING</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">146</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B> <A HREF="#a_024">LEGAL MATTERS</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">147</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_025">EXPERTS</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">148</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_026">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">149</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="#a_027">INDEX TO FINANCIAL STATEMENTS</A></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</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">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Value: 3; Name: PageNo -->iii<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We and the underwriters have not authorized anyone
to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses
prepared by us or on our behalf or to which we have referred you. We take no responsibility for, and can provide no assurance as to the
reliability of, any other information that others may give you. This prospectus is an offer to sell only Ordinary Shares offered hereby,
but only under circumstances and in jurisdictions where it is lawful to do so. We are not making an offer to sell these securities in
any jurisdiction where the offer or sale is not permitted or where the person making the offer or sale is not qualified to do so or to
any person to whom it is not permitted to make such offer or sale. The information contained in this prospectus is current only as of
the date on the front cover of this prospectus. Our business, financial condition, results of operations, and prospects may have changed
since that date.</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>Conventions that Apply to this Prospectus</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated or the context requires otherwise, references
in this prospectus to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Davis Commodities&rdquo; are to Davis Commodities Limited, an exempted company with limited
liability incorporated under the laws of the Cayman Islands;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>  <TR>
    <TD STYLE="text-align: justify; width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;LP Grace&rdquo; are to LP Grace Pte. Ltd., a private company limited by shares incorporated under the laws of Singapore, which is a wholly owned subsidiary of Maxwill (as defined below);</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Maxwill&rdquo; are to Maxwill Pte. Ltd., a private company limited by shares incorporated under the laws of Singapore, which is a wholly owned subsidiary of Davis Commodities Limited; </FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Maxwill (Asia)&rdquo; are to Maxwill (Asia) Pte. Ltd., a private company limited by shares incorporated under the laws of Singapore, which is a wholly owned subsidiary of Maxwill; </FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Maxwill Foodlink&rdquo; are to Maxwill Foodlink Pte. Ltd., a private company limited by shares incorporated under the laws of Singapore, which is a wholly owned subsidiary of Maxwill;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>

  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Ordinary Shares&rdquo; are to the ordinary shares of Davis Commodities, par value $0.001 per share;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Singapore dollars,&rdquo; &ldquo;SGD,&rdquo; and &ldquo;S$&rdquo; are to the legal currency of Singapore; </FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;U.S. dollars,&rdquo; &ldquo;US$,&rdquo; &ldquo;$,&rdquo; and &ldquo;dollars&rdquo; are to the legal currency of the United States; and</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;our Company,&rdquo; or the &ldquo;Company&rdquo; are to one or more of Davis Commodities Limited and its subsidiaries, as the case may be.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the context indicates otherwise, all information
in this prospectus assumes no exercise by the underwriters of their over-allotment option.</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">Our business is conducted by our subsidiaries,
Maxwill (Asia), LP Grace, Maxwill in Singapore using U.S. dollars, and Maxwill Foodlink in Singapore using Singapore dollars. Our consolidated
financial statements are presented in U.S. dollars. In this prospectus, we refer to assets, obligations, commitments, and liabilities
in our consolidated financial statements in U.S. dollars. Certain dollar references are based on the exchange rate of Singapore dollars
to U.S. dollars, determined as of a specific date or for a specific period. Changes in the exchange rate will affect the amount of our
obligations and the value of our assets in terms of U.S. dollars which may result in an increase or decrease in the amount of our obligations
(expressed in dollars) and the value of our assets, including accounts receivable (expressed in dollars).</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">Unless the context indicates otherwise, all information
in this prospectus assumes no exercise by the underwriters of their over-allotment option.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Value: 4; Name: PageNo -->iv<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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><A NAME="a_001"></A>PROSPECTUS SUMMARY</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>The following summary is qualified in its entirety
by, and should be read in conjunction with, the more detailed information and financial statements included elsewhere in this prospectus.
In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our Ordinary Shares,
discussed under &ldquo;<A HREF="#a_003">Risk Factors</A>,&rdquo; before deciding whether to buy our Ordinary Shares.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview</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 an agricultural commodity trading company
based in Singapore which specializes in trading of three main categories of agricultural commodities: sugar, rice, and oil and fat products.
We distribute agricultural commodities to various markets, including Asia, Africa and the Middle East. We also provide customers of our
commodity offerings with complementary, ancillary services such as warehouse handling and storage and logistics services. We are
an asset light business and utilize an established global network of third-party commodity suppliers and logistics service providers
in order to distribute sugar, rice, and oil and fat products to customers in over 20 countries as of the fiscal year ended December 31,
2021.</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">We source and market the commodities we distribute
under two main brands: <I>Maxwill</I> and <I>Taffy</I>. We are also the exclusive distributor of the <I>Lin</I> brand in Singapore. The
<I>Maxwill</I> brand is owned by us and is used for the sugar products and oil and fat products that we distribute outside of Singapore.
We have an exclusive distributorship with the Thai Roong Ruang Sugar Group, a large sugar producer in Thailand, for the exclusive distribution
of sugar products under their <I>Lin</I> brand in Singapore. We have also appointed Tong Seng Produce Pte. Ltd., an established distributor
of rice, oil, sugar, flour and fiber products in Singapore, for the exclusive distribution of certain sugar products under our
<I>Taffy</I> brand.</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">We specialize in the sourcing and distribution
of sugar products, with sugar products contributing to approximately 80.8% and 73.6% of our revenue for the six months ended June 30,
2022 and 2021, respectively, and 69.6% and 66.4% of our revenue for the fiscal years ended December 31, 2021 and 2020, respectively.
We procure sugar products from various origins in order to offer a wide range of sugar products to our customers in Singapore, as well
as in different markets in Asia, Africa and the Middle East regions. We are a member of The Refined Sugar Association in London, which
is the trade association for the international white refined sugar trade. We also source and sell a wide selection of rice products and
oil and fat products to our customers in Africa and the People&rsquo;s Republic of China, or the PRC.</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">We pride ourselves on the quality of our products
and our ability to provide a &lsquo;one-stop service&rsquo; to customers. We engage third party service providers for services such as
warehouse handling and storage and logistics services (including distribution, freight forwarding and shipping services) to distribute
the commodity products from our suppliers to our customers. We also arrange for our customers&rsquo; insurance and security coverage,
including cargo insurance for the commodities which pass through our supply chain. Our operations are connected to a large network of
such service providers, including freight and shipping companies, which are experienced in handling commodities. Their experienced network,
in turn, enables us to coordinate, organize and manage our operations efficiently and offer our customers timely and cost-effective services.
We are also able to oversee the quality of the products from the point of procurement to the point of distribution to our customers.</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">We are led by a devoted management team which
is highly experienced in the agricultural commodities industry and has a keen understanding of market dynamics through our regional network
of customers, suppliers and service providers. Since our establishment in 1999, we have experienced significant growth. For the six months
ended June 30, 3021 and 2022, we had total revenue of approximately US$84.5 million and US$100.7 million, respectively, representing an
increase by 19.2%; for the fiscal years ended December 31, 2020 and 2021, we had total revenue of approximately US$131.6 million and US$194.2
million, respectively, representing an increase by 47.6%. According to Frost &amp; Sullivan Limited, whom we commissioned in June 2022
to produce the &ldquo;The Agricultural Commodity Market Independent Market Research Report&rdquo; (the &ldquo;Frost &amp; Sullivan Report&rdquo;),
we were the largest sugar supplier in Singapore, based on revenue in 2021, with an approximate market share of 7.5% in the sugar market
in Singapore.</P>

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Value: 1; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><B><I>Competitive Strengths</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: justify">We believe that we are well-positioned to achieve
our strategic goals through several key business strengths, including the following:</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%">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">strong relationships across the value chain;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">diversity in product range and established distribution network;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an experienced management team;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">well-managed and flexible financial model; and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">risk management capabilities.</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"><B><I>Growth Strategies </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: justify">We intend to develop our business and strengthen
brand loyalty by implementing the following strategies:</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>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">strengthen our edge in merchandizing; and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expanding our business by strengthening our market position and pursuing strategic acquisitions.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investing in our Ordinary Shares involves significant
risks. You should carefully consider all of the information in this prospectus before making an investment in our Ordinary Shares. Below
please find a summary of the principal risks we face, organized under relevant headings. These risks are discussed more fully in the section
titled &ldquo;<A HREF="#a_003">Risk Factors</A>.&rdquo;</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Risks Related to Our Business and Industry</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">Risks and uncertainties related to our business include, but are not
limited to, the following:</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>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our business is geographically concentrated, which subjects us to greater risks from changes in local or regional conditions (see page 9 of this prospectus); </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">import or export
    restrictions by other countries on the commodity products may have a material adverse impact on our business, financial condition,
    results of operations, cash flows and prospects (see page 9 of this prospectus);</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT> </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our operations are
    dependent on the availability and price of raw materials such as sugar, rice, palm oil, palm olein, and coconut oil. The lack of
    long-term contracts at fixed prices with our suppliers, and the seasonal nature of crops, may have an adverse effect on the price
    and availability of such raw materials. Any increase in the cost of or shortfall in the availability of such raw materials could
    have an adverse effect on our business, financial condition, results of operations, cash flows and prospects. Seasonable variations
    could also result in fluctuations in our results of operations (see page 9 of this prospectus); </FONT></TD></TR>
</TABLE>

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

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

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

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

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

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

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">risks relating to climate change and episodes of extreme weather events could have an adverse effect on the price and availability of raw materials on which our operations are dependent (see page 10 of this prospectus);</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">we depend significantly on the procurement of finished products, and various factors may result in an inadequate supply or result in an increase in our costs in order to secure sufficient products to meet our deliverable requirements to customers (see page 11 of this prospectus); </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">we have a diverse range of products in three main categories of agricultural commodities and our inability to manage our diversified operations may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects (see page 11 of this prospectus); </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">the COVID-19 pandemic has affected, and could continue to affect, the global economy as a whole and the markets in which we operate (see page 11 of this prospectus); </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we derive a significant portion of our revenue from sugar products and any reduction in demand or in the production of sugar products could have an adverse effect on our business, financial condition, results of operations, cash flows and prospects (see page 12 of this prospectus); </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our products are commodities in nature, and their prices are subject to fluctuations that may affect our profitability (see page 12 of this prospectus); </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">fluctuation in the exchange rate between the US$ and foreign currencies may have an adverse effect on our business (see page 12 of this prospectus); </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our inability to effectively manage our growth could have an adverse effect on our business, financial condition, results of operations, cash flows and prospects (see page 13 of this prospectus); </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the improper handling or storage of commodity products, spoilage of and damage to such commodity products, or any real or perceived contamination in the commodity products, could subject us to regulatory and legal action, damage our reputation and have an adverse effect on our business, financial condition, results of operations, cash flows and prospects (see page 13 of this prospectus); </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we rely heavily on our existing brands, the dilution of which could adversely affect our business (see page 14 of this prospectus);</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we procure commodity products from our suppliers and utilize the services of certain third-party service providers for our operations. Any deficiency or interruption in their services could adversely affect our business, financial condition, results of operations, cash flows and prospects (see page 14 of this prospectus);</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our inability to expand or effectively manage our distribution network may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects (see page 14 of this prospectus);</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we may utilize a portion of the net proceeds from this offering for strategic acquisitions or joint venture partnerships. If we pursue strategic acquisitions or joint ventures, we may not be able to successfully consummate favorable transactions or successfully integrate acquired businesses (see page 15 of this prospectus);</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our funding requirements and proposed deployment of the proceeds from this offering are based on management estimates and may be subject to changes based on various factors, some of which are beyond our control (see page 15 of this prospectus);</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we intend to utilize a portion of the net proceeds from this offering for business expansion, but may face problems in the implementation of such expansion plans and the actual capital expenditure necessary for such expansion may significantly exceed our budgets or we may not be able to maximize returns from the capital expenditure (see page 15 of this prospectus);</FONT></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the deployment of the portion of the net proceeds from this offering towards our business expansion may not take place within the intended period, and may be reduced or extended (see page 16 of this prospectus);</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if we are unable to introduce new products and respond to changing consumer preferences in a timely and effective manner, the demand for our products may decline, which may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects. There is no guarantee that we will be successful in the new business segments or products that we plan to expand into (see page 16 of this prospectus);</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our inability to accurately forecast demand for our products may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects (see page 16 of this prospectus);</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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our suppliers and customers may be subject to extensive government regulations and if they fail to obtain, maintain or renew required statutory and regulatory licenses, permits and approvals required for the import and/or export of the commodity products, our business, financial condition, results of operations, cash flows and prospects may be adversely affected (see page 17 of this prospectus);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we may inadvertently deliver genetically modified organisms (&ldquo;GMOs&rdquo;) to those customers that request GMO-free products (see page 17 of this prospectus);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our inability to protect or use our intellectual property rights may adversely affect our business (see page 17 of this prospectus);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we are dependent on the strength of brands and reputation of our Company (see page 18 of this prospectus);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">competition could result in a reduction in our market share or require us to incur substantial expenditure on advertising and marketing, either of which could adversely affect our business, financial condition, results of operations, cash flows and prospects (see page 18 of this prospectus);</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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if we are unable to raise additional capital, our business prospects could be adversely affected (see page 18 of this prospectus);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Symbol; margin: 0pt 0">&middot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we are dependent on a number of key personnel, including our senior management, and the loss of, or our inability to attract or retain such persons could adversely affect our business, financial condition, results of operations, cash flows and prospects (see page 19 of this prospectus); and</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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we face risks related to natural disasters, health epidemics, and other outbreaks, which could significantly disrupt our operations. (see page 19 of this prospectus).</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Risks Related to this Offering and the Trading Market</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: justify">In addition to the risks described above, we are
subject to general risks and uncertainties relating to this offering and the trading market, including, but not limited to, the following:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">there has been no public market for our Ordinary Shares prior to the completion of this offering, and you may not be able to resell our Ordinary Shares at or above the price you pay for them, or at all (see page 19 of this prospectus);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the initial public offering price for our Ordinary Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile (see page 20 of this prospectus);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we do not intend to pay dividends for the foreseeable future and you must rely on price appreciation of our Ordinary Shares for a return on your investment (see page 22 of this prospectus); and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our management has broad discretion to determine how to use the funds raised in the offering and may use them in ways that may not enhance our results of operations or the price of our Ordinary Shares (see page 23 of this prospectus).</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">&nbsp;</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></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; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we are subject to evolving laws, regulations, standards and policies, and any actual or perceived failure to comply could harm our brands and reputation, subject us to significant fines and liability, or otherwise adversely affect our business (see page 28 of this prospectus);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our business could be adversely affected by trade tariffs, export control laws or other trade barriers (see page 28 of this prospectus);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our Company may be involved in certain legal proceedings from time to time. Any adverse decision in such proceedings may render us liable to liabilities and may adversely affect our business, financial condition, results of operations, cash flows and prospects. (see page 29 of this prospectus); and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our insurance coverage may not be sufficient or may not adequately protect us against all material hazards, which may adversely affect our business, financial condition, results of operations, cash flows and prospects. (see page 29 of this prospectus).</FONT></TD></TR>
  </TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal executive offices are located at
10 Bukit Batok Crescent, #10-01, The Spire, Singapore 658079, and our phone number is +65 6896 5333. Our registered office in the Cayman
Islands is located at Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands. Our website address is https://maxwillgroup.com/.
The information contained in, or accessible from, our website or any other website does not constitute a part of this prospectus or the
registration statement of which it forms a part. Our agent for service of process in the United States is Cogency Global Inc., located
at 122 East 42nd Street, 18th Floor, New York, NY 10168. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Corporate Structure</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 following chart illustrates our corporate
structure upon completion of this initial public offering (this &ldquo;IPO&rdquo;) based on 10,000 Ordinary Shares issued and outstanding
as of the date of this prospectus and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Ordinary Shares to be sold in this IPO, assuming no exercise of the underwriters&rsquo; over-allotment
option. For more details on our corporate history, please refer to &ldquo;Corporate History and Structure.&rdquo;</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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 262px; width: 624px">&nbsp;</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><B>Impact of COVID-19 on Our Operations and Financial Performance</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">As of the date of this prospectus, the
impact of COVID-19 on our business has been limited, but prospects and results of operations will depend on future developments, which
are highly uncertain and cannot be predicted as of the date of this prospectus. However, as a whole, our business and operations have
not been affected by the pandemic-related lockdowns in China. As sugar is a key staple commodity, demand for our products, including
sugar, rice and oil and fat products, remain strong in China, and we have not experienced a decline in consumer demand for our products
in China. The impact of the COVID-19 pandemic on our business going forward will depend on a range of factors which we are not able
to accurately predict, including the duration and scope of the pandemic, a repeat of the spike in the number of COVID-19 cases, the
geographic regions impacted, the impact of the pandemic on economic activity and the nature and severity of measures adopted by governments,
including restrictions on travel, mandates to avoid large gatherings and orders to self-quarantine or shelter in place. The COVID-19
pandemic could also limit the ability of customers, suppliers and business partners to perform. Even after the COVID-19 pandemic has
subsided, we may continue to experience an adverse impact to our business as a result of the COVID-19 pandemic&rsquo;s global economic
impact, including any economic recession that has occurred or may occur in the future that will have an impact in the growth of the agricultural
commodities industry.</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">See &ldquo;<A HREF="#a_003">Risk Factors</A>&mdash;Risks Related to
Our Business&mdash; The COVID-19 pandemic has affected, and could continue to affect, the global economy as a whole and the markets in
which we operate&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&mdash;
Impact of the COVID-19 Pandemic&rdquo;.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_042"></A>Implications of Our Being an &ldquo;Emerging Growth Company&rdquo;</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">As a company with less than $1.235 billion in
revenue during our last fiscal year, we qualify as an &ldquo;emerging growth company&rdquo; as defined in the Jumpstart Our Business Startups
Act of 2012 (the &ldquo;JOBS Act&rdquo;). An &ldquo;emerging growth company&rdquo; may take advantage of reduced reporting requirements
that are otherwise applicable to larger public companies. In particular, as an emerging growth company, we:</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>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">may present only two years of audited financial statements and only two years of related Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">are not required to provide a detailed narrative disclosure discussing our compensation principles, objectives and elements and analyzing how those elements fit with our principles and objectives, which is commonly referred to as the &ldquo;compensation discussion and analysis&rdquo;;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">are not required to obtain an attestation and report from our auditors on our management&rsquo;s assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">are not required to obtain a non-binding advisory vote from our shareholders on executive compensation or golden parachute arrangements (commonly referred to as the &ldquo;say-on-pay,&rdquo; &ldquo;say-on frequency,&rdquo; and &ldquo;say-on-golden-parachute&rdquo; votes);</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and chief executive officer pay ratio disclosure;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">are eligible to claim longer phase-in periods for the adoption of new or revised financial accounting standards under &sect;107 of the JOBS Act; and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will not be required to conduct an evaluation of our internal control over financial reporting until our second annual report on Form 20-F following the completion of this IPO.</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">We intend to take advantage of all of these reduced
reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards
under &sect;107 of the JOBS Act. Our election to use the phase-in periods may make it difficult to compare our financial statements to
those of non-emerging growth companies and other emerging growth companies that have opted out of the phase-in periods under &sect;107
of the JOBS Act.</P>

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

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

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

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the JOBS Act, we may take advantage of the
above-described reduced reporting requirements and exemptions until we no longer meet the definition of an emerging growth company. The
JOBS Act provides that we would cease to be an &ldquo;emerging growth company&rdquo; at the end of the fiscal year in which the fifth
anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;) occurred, if we have more than $1.235 billion in annual revenue, have more than $700 million
in market value of our Ordinary Shares held by non-affiliates, or issue more than $1 billion in principal amount of non-convertible debt
over a three-year period.</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"><B>Foreign Private Issuer Status</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 a foreign private issuer within the meaning
of the rules under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). As such, we are exempt from certain
provisions applicable to United States domestic public companies. For example:</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%">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic public companies;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are not required to provide the same level of disclosure on certain issues, such as executive compensation;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material non-public information;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any &ldquo;short-swing&rdquo; trading transaction.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Controlled 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">Upon completion of this offering, our Executive
Chairwoman and Executive Director, Ms. Li Peng Leck, will beneficially own approximately [ ]% of the aggregate voting power of our issued
and outstanding Ordinary Shares, assuming no exercise of the over-allotment option, or [ ]%, assuming full exercise of the over-allotment
option. As a result, we will be deemed a &ldquo;controlled company&rdquo; for the purpose of the [Nasdaq Listing Rules/NYSE Listed
Company Manual]. As a controlled company, we are permitted to elect to rely on certain exemptions from the obligations to comply with
certain corporate governance requirements, including the requirements that: </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; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a majority of our board of directors consist of independent directors;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our director nominees be selected or recommended solely by independent
    directors; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we have a nominating committee and a remuneration committee that
    are composed entirely of independent directors with a written charter addressing the purposes and responsibilities of the committees.</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">Although we do not intend to rely on the controlled
company exemptions under the [Nasdaq Listing Rules/NYSE Listed Company Manual] even if we are a controlled company, we could elect
to rely on these exemptions in the future, and if so, you would not have the same protection afforded to shareholders of companies that
are subject to all of the corporate governance requirements of Nasdaq/NYSE American]. </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">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>THE OFFERING </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%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities offered by us</B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 62%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Ordinary Shares</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Over-allotment option</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have granted to the underwriters an option, exercisable within 45&nbsp;days from the date of this prospectus, to purchase up to an aggregate of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] additional Ordinary Shares.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price per share</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We currently estimate that the initial public offering price will be in the range of $[&nbsp;&nbsp;&nbsp;&nbsp;] to $[&nbsp;&nbsp;&nbsp;&nbsp;] per share.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ordinary Shares issued and outstanding prior to completion of this offering</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Ordinary Shares</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ordinary Shares issued and outstanding immediately after this offering</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Ordinary Shares assuming no exercise of the
    underwriters&rsquo; over-allotment option</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">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Ordinary Shares assuming full exercise of
    the underwriters&rsquo; over-allotment option</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have applied to have
    the Ordinary Shares listed on the [Nasdaq Capital Market/NYSE American]. At this time, [Nasdaq/NYSE American] has not yet approved
    our application to list our Ordinary Shares. The closing of this offering is conditioned upon [Nasdaq&rsquo;s/NYSE American&rsquo;s]
    final approval of our listing application, and there is no guarantee or assurance that our Ordinary Shares&nbsp;will be approved
    for listing on&nbsp;[Nasdaq/NYSE American]. </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed ticker symbol</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;DTCK&rdquo; </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of proceeds</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We intend to use the net
    proceeds from this offering for business expansion and working capital. See &ldquo;<A HREF="#a_006">Use of Proceeds</A>&rdquo; on
    page 33 for more information.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lock-up</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All of our directors, officers and shareholders owning 5% or more of our issued Ordinary Shares have agreed with the underwriters, subject to certain exceptions, not to sell, transfer, or dispose of, directly or indirectly, any of our Ordinary Shares, or securities convertible into or exercisable or exchangeable for our Ordinary Shares for a period of six months after the date of this prospectus. See &ldquo;<A HREF="#a_020">Shares Eligible for Future Sale</A>&rdquo; and &ldquo;<A HREF="#a_022">Underwriting</A>&rdquo; for more information.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk factors</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Ordinary Shares
    offered hereby involve a high degree of risk. You should read &ldquo;<A HREF="#a_003">Risk Factors</A>,&rdquo; beginning on page 9
    for a discussion of factors to consider before deciding to invest in our Ordinary Shares.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transfer Agent</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VStock Transfer, LLC</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">&nbsp;</P>

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>RISK FACTORS</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>An investment in our Ordinary Shares involves
a high degree of risk. Before deciding whether to invest in our Ordinary Shares, you should consider carefully the risks described below,
together with all of the other information set forth in this prospectus, including the section titled <A HREF="#a_012">&ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</A>&rdquo; and our consolidated financial statements and related notes. If any
of these risks actually occurs, our business, financial condition, results of operations or cash flow could be materially and adversely
affected, which could cause the trading price of our Ordinary Shares to decline, resulting in a loss of all or part of your investment.
The risks described below and discussed in other parts of this prospectus are not the only ones that we face. Additional risks not presently
known to us or that we currently deem immaterial may also affect our business. You should only consider investing in our Ordinary Shares
if you can bear the risk of loss of your entire investment. </I></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"><B>Risks Related to Our Business and Industry</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business is geographically concentrated,
which subjects us to greater risks from changes in local or regional conditions.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business operations are concentrated in Asia,
Africa and the Middle East regions. Due to this geographic concentration, our results of operations and financial conditions are subject
to greater risks from changes in general economic and other conditions in these regions, than the operations of more geographically diversified
competitors. These risks include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></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: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in economic conditions and unemployment rates;</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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in laws and regulations;</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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in competitive environment; and</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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">adverse weather conditions and natural disasters (including weather or road conditions that limit access to our stores).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the geographic concentration of
our business, we face a greater risk of a negative impact on our business, financial condition, results of operations, and prospects in
the event that any of the regions to which we sell our products is more severely impacted by any such adverse condition, as compared to
other regions.</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"><B><I>Import or export restrictions by other
countries on the commodity products may have a material adverse impact on our business, financial condition, results of operations, cash
flows and prospects.</I></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">Official and unofficial policies implemented by other countries or
international organizations to limit imports from certain countries and/or exports of sugar, rice, and oil and fat products (such as the
imposition of qualitative or quantitative restrictions, increased inspections and quarantines or additional requirements for sales) may
affect our ability to sell such products abroad. For example, we procure raw and white sugar products from India, because in May 2022,
the Indian government implemented an export quota for sugar to curb overseas sales and protect food supplies. Additionally, in September
2022, the Indian government imposed a 20% levy on rice exports of key varieties, such as un-milled and husk brown rice, and banned the
export of broken rice. As of the date of this prospectus, the aforementioned actions taken by the Indian government have had no adverse
impact on our business, financial condition, results of operations, cash flows or prospects, because we are not dependent on suppliers
from India, and we have alternative supply sources from Pakistan, Thailand and Vietnam. However, export restrictions by countries
from which we procure sugar and rice or any import restrictions implemented on the commodity products by other countries or international
organizations that we sell to may have a material adverse effect on our business, financial condition, results of operations, cash flows
and prospects. While import or export restrictions implemented by countries have not affected our ability to procure and export commodity
products into the markets where our customers are based in the past, we cannot assure you that we will not encounter such disruptions
in the future, which may have a material adverse effect on our business, financial condition, results of operations, cash flows and prospects.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our operations are dependent on the availability
and price of raw materials such as sugar, rice, palm oil, palm olein, and coconut oil. Unfavorable global weather conditions, the lack
of long-term contracts at fixed prices with our suppliers, and the seasonal nature of crops, may have an adverse effect on the price and
availability of such raw materials. Any increase in the cost of or shortfall in the availability of such raw materials could have an adverse
effect on our business, financial condition, results of operations, cash flows and prospects. Seasonable variations could also result
in fluctuations in our results of operations.</I></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">We source our finished packaged commodity products
from global suppliers, which are predominantly sugar products from Brazil, India, Malaysia, Thailand and Indonesia, rice products from
Thailand, India, Vietnam and Pakistan, and oil and fat products from Indonesia and Malaysia. We are not involved in the milling, processing
and/or refining of raw materials used to produce the finished package commodity products that we sell to our customers. We purchase finished
packaged commodities from our suppliers, after which we engage with third-party freight and/or shipping companies for the transportation
of these products, and then distribute these products to our customers. Nevertheless, our business is highly dependent on the price reasonability
and availability of high quality raw agricultural commodity materials which serve as inputs that our suppliers use to manufacture the
commodity products that we distribute to our customers.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price and availability of such raw materials
depend on several factors beyond our control, including overall economic conditions, production levels, market demand and competition
for such raw materials, production and transportation costs, duties and taxes and trade restrictions. Negative developments pertaining
to such factors may have an adverse impact on the availability and prices of raw materials used in our suppliers&rsquo; manufacturing
operations, which may consequently increase the costs of our operations as well as negatively affect our business, financial condition,
results of operations, cash flows and prospects.</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">Additionally, we do not have long-term supply
contracts with any of our suppliers. We typically place orders with them in advance of our anticipated requirements for some of our products.
For example, we typically pre-order sugar products from certain suppliers for the upcoming calendar year based on the annual forecasted
demand. We will place additional orders with the relevant suppliers when inventory levels run low. The absence of long-term contracts
at fixed prices exposes us to volatility in the prices of raw materials that are used to manufacture the sugar, rice, and oil and fat
products and we cannot assure you that we will always be able to pass on any consequent cost increases from our suppliers to our customers,
nor that volumes purchased by our customers can be maintained should selling prices to our customers increase.</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">Furthermore, the supply of raw materials used
by our suppliers to manufacture our commodity products is subject to seasonal variations. For example, the supply of raw materials is
generally dependent on the harvesting season of various crops such as sugar cane, rice and palm. As a result of such seasonal fluctuations,
and given that we do not have access to storage infrastructure such as warehouses for off-season sales, our sales and results of operations
may vary by financial quarter, and the sales and results of operations of any given financial quarter may not be relied upon as indicators
of the sales or results of operations of other financial quarters or of our future performance. Such seasonal fluctuations may also result
in a shortfall in the availability of the raw materials required by our suppliers to manufacture the commodity products during certain
periods, which could lead to a shortage in production of the finished commodity products we distribute to our customers, and, consequently,
have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Risks relating to climate change and episodes
of extreme weather events could have an adverse effect on the price and availability of raw materials on which our operations are dependent.
</I></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">Our business is highly dependent on the price
reasonability and availability of high quality raw agricultural commodity materials such as sugar, rice, palm oil, palm olein, and coconut
oil, which serve as inputs that our suppliers use to manufacture the finished commodity products that we distribute to our customers.</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 physical effects of climate change, which
may include extreme weather events, resource shortages, changes in rainfall and storm patterns, water shortages, changing sea levels and
temperatures, including higher temperatures, may have an adverse effect on our business and operations. Unfavorable global weather conditions,
including extreme weather, such as drought, floods and natural disasters, may have an adverse effect on the price reasonability and availability
of raw materials. Additionally, such events or conditions could also have other adverse effects on the operations, workforce and/or the
local communities surrounding our suppliers or customers, including an increased risk of food insecurity, water scarcity, civil unrest
and the prevalence of disease. There is growing concern that carbon dioxide and other greenhouse gases in the atmosphere may have an adverse
impact on global temperatures, weather patterns and the frequency and severity of extreme weather and natural disasters. The availability
of raw materials used to manufacture the finished commodity products for our business, which include, amongst others, sugar, rice, palm
oil, palm olein, and coconut oil, may be adversely affected by longer than usual periods of heavy rainfall in certain regions or a drought
caused by weather conditions such as El Ni&ntilde;o. For example, excessive rainfall may lead to poor pollination of palms, decrease the
effectiveness of fertilizers and affect harvesting. Adverse weather conditions may also result in decreased availability of water, which
could impact the processing and refining of the raw materials.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business depends on consistent supplies of
finished commodity products from our suppliers to operate efficiently. In the event that the effects of climate change, including extreme
weather events, cause prolonged disruptions to the delivery of raw materials, essential commodities and/or other essential inputs used
in our suppliers&rsquo; manufacturing operations, or affect the prices or availability thereof, it may in turn increase the costs of our
operations or the availability of finished commodity products that we sell to our customers, which will consequently negatively affect
our business, financial condition, results of operations, cash flows and prospects.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We depend significantly on the procurement
of finished products, and various factors may result in an inadequate supply or result in an increase in our costs in order to secure
sufficient products to meet our deliverable requirements to customers.</I></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">Although all the finished commodity products are
imported from global suppliers which are typically reliable, it is nevertheless possible for there to be an inadequate supply of finished
commodity products due to a breach in performance obligation(s) by a certain supplier, by export restrictions imposed by governments of
foreign countries from which we export the finished commodity products, or for any other reason, which could hamper our business and operations.
Additionally, we estimate the transportation time for the export of the finished commodities several months in advance of the actual time
that they are required by our customers, and any error in our estimate or any change in market conditions by the time the products are
delivered may lead to a shortfall in the relevant sugar, rice, and oil and fat products to fulfill the orders placed by our customers.
Even in situations where it is possible to meet our customers&rsquo; requirements or demands, our inability to predict the transportation
lead time may result in an increase in our costs if we are required to secure sufficient products from alternative sources or suppliers.
Although we may seek to pass on some or all of any such additional costs to customers, we cannot assure you that we will be successful
in doing so. This may adversely affect our business, financial condition, results of operations, cash flows and prospects.</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">It is also possible that from time to time, one
or more of our existing suppliers may discontinue their supply of finished commodity products to us, and any inability on our part to
procure the commodity products from alternative suppliers in a timely fashion, or on commercially acceptable terms, may adversely affect
our operations. If, for any reason, primary suppliers curtail or discontinue their delivery of the commodity products to us in the quantities
we need, or on commercially acceptable terms, our delivery schedules could be disrupted, and our business, financial condition, results
of operations, cash flows and prospects could be adversely affected.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have a diverse range of products in three
main categories of agricultural commodities and our inability to manage our diversified operations may have an adverse effect on our business,
financial condition, results of operations, cash flows and prospects.</I></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">We offer a diverse range of products across three
main categories of agricultural commodities: sugar, rice, and oil and fat products. Accordingly, our management requires considerable
expertise and skill to manage and allocate an appropriate amount of time and attention to each category of commodity products. Merchandizing
a diverse range of products also makes forecasting future revenue and operating results difficult, which may impair our operations and
your ability to assess our financial prospects. In addition, our cost controls, internal controls, and accounting and reporting systems
must be integrated and upgraded on a continual basis to support our operations. In order to manage and integrate our products and operations,
we are required to, among other things, stay abreast with key developments in each geography in which we operate, implement and continue
to improve our operational, financial and management systems, develop the management skills of our managers and continue to train, motivate
and manage our employees. If we are unable to manage our business and operations, our business, financial condition, results of operations,
cash flows and prospects may be adversely affected.</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"><B><I>The COVID-19 pandemic has affected, and
could continue to affect, the global economy as a whole and the markets in which we operate.</I></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 COVID-19 pandemic has caused volatility in
the global economy. Government measures taken in response to the pandemic, including quarantine orders, as well as other indirect effects
that the COVID-19 pandemic is having on global economic activity have also resulted in operating and logistics risks for us, and industrial
operations by our suppliers were impacted by changed protocols or working practices. Preventative measures put in place to tackle the
COVID-19 pandemic in any jurisdiction with which our supply chain is involved could negatively impact our operations. For instance, a
lockdown may impact our supply chain which may result in a delay in the supply of the finished commodity products to our customers. However,
as a whole, our business and operations have not been affected by the pandemic-related lockdowns in China. As sugar is a key staple commodity,
demand for our products, including sugar, rice and oil and fat products, remain strong in China, and we have not experienced a decline
in consumer demand for our products in China.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The impact of the COVID-19 pandemic on our business
going forward will depend on a range of factors which we are not able to accurately predict, including the duration and scope of the pandemic,
a repeat of the spike in the number of COVID-19 cases, the geographies impacted, the impact of the pandemic on economic activity and the
nature and severity of measures adopted by governments, including restrictions on travel, mandates to avoid large gatherings and orders
to self-quarantine or shelter in place. Further, COVID-19 pandemic restrictions had disrupted supply chains, resulting in delayed shipments
for some of our products.</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 COVID-19 pandemic has also led to sharp reductions
in global growth rates and the ultimate impact on the global economy remains uncertain. Accordingly, the COVID-19 pandemic may have significant
negative impacts in the medium and long term, including on our business, financial condition, results of operations, cash flows and prospects.</P>

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

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

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

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B><I>We derive a significant portion of our revenue
from sugar products and any reduction in demand or in the production of sugar products could have an adverse effect on our business, financial
condition, results of operations, cash flows and prospects.</I></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">We derive a significant portion of our revenue from the sale and distribution
of sugar products. For the six months ended June 30, 2022 and 2021, our revenue from the sale of sugar products amounted to approximately
US$81.4 million and US$62.1 million, or approximately 80.8% and 73.6% of our revenue, respectively. For the fiscal years ended December
31, 2021 and 2020, our revenue from the sale of sugar products amounted to approximately US$135.1 million and US$87.4 million, or approximately
69.6% and 66.4% of our revenue, respectively. For details on the sugar products distributed by our Company, please see the section entitled &ldquo;<A HREF="#a_014">Business</A>
&ndash; Our Main Business Activities &ndash; Sugar&rdquo;. Consequently, any reduction in demand or a temporary or permanent
discontinuation of manufacturing of the sugar products by any of our suppliers could have an adverse effect on our business,
financial condition, results of operations, cash flows and prospects.</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"><B><I>Our products are commodities in nature,
and their prices are subject to fluctuations that may affect our profitability.</I></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">Our earnings are, to a large extent, dependent
on the prices of the sugar, rice, and oil and fat products that we sell, which are commodities in nature. These prices fluctuate due
to factors beyond our control, including, among other things, world supply and demand, supply of raw materials, weather, crop yields,
trade disputes between governments of key producing and consuming countries and governmental regulation. Global demand for agricultural
commodities may be adversely affected in periods of sustained economic downturn, while supply may be affected due to weather conditions
or long-term technological developments, all of which are factors are beyond our control. According to data obtained from Bloomberg
Finance L.P., from January 2020 to January 2023, the price of sugar has been on an upward trend, rising from a low of US$0.1141/lb on
May 13, 2020 to a high of US$0.2098/lb on December 23, 2022. As of January 11, 2023, the price of sugar was US$0.1964/lb. The price of
rice has been on a general upward trend, trading with more volatility than sugar. Rice was traded from US$12.935/hundredweight (&ldquo;CWT&rdquo;)
from January 1, 2020 to a high of $22.065/CWT on June 4, 2020, before falling to US$11.385/CWT on July 29, 2020. Since then, it has recovered
on an upward trend. As of January 11, 2023, the price of rice was US$17.71/CWT. The price of oils and fats, specifically crude palm oil,
has been on a general upward trend, trading from 2,211 Malaysian ringgit (&ldquo;MYR&rdquo;)/metric ton (&ldquo;MT&rdquo;) on May 5,
2020 to a high of 6,209 MYR/MT on April 29, 2022 and a low of 3,349 MYR/MT on September 28, 2022, before recovering to 3,349 MYR/MT on
January 11, 2023.</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">We strive to minimize our commodity price risks
by either selling the sugar, rice, and oil and fat products on a cost-plus basis (a pricing method whereby a fixed percentage is added
to the cost it takes to produce one unit of a product), or by hedging prices of the sugar products through futures contracts on the commodity
exchanges. The rice and oil and fat products together accounted for approximately 19.2% and 30.4% of our revenue for the six months ended
June 30, 2022 and for the fiscal year ended December 31, 2021, respectively, and we sell all of the rice products and oil and fat products
to our customers on a cost-plus basis. The sugar products accounted for approximately 80.8% and 69.6% of our revenue for the six months
ended June 30, 2022 and for the fiscal year ended December 31, 2021, respectively, and we typically pre-order sugar products from certain
suppliers for the upcoming calendar year based on the annual forecasted sugar product demand. While we sell most of our sugar product
volume on a cost-plus basis, we have had open positions on sugar product prices for approximately 20% of our annual sugar product volume,
historically. These open positions on sugar product prices are a result of the sugar product pricing at the point of purchase from the
relevant supplier possibly varying with the sugar product prices at the point of sales to our customers, and may lead to uncertainty in
our sugar product margins. We mitigate against this risk by hedging the sugar products which are exposed to open positions by trading
sugar futures over the futures exchanges, including the ICE Futures Europe and ICE Futures U.S. Our hedging positions enable us to fix
the price of the sell future contracts at the point of purchase for the total purchase amount of the sugar products purchased from certain
suppliers against adverse fluctuations in the sugar product prices and, upon maturity of such sell future contract. In addition, a buy
future contract is simultaneously executed at sugar product&rsquo;s spot price in order to close such sell future contract.</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">Although we have thus far been able to pass on
any increased costs to our customers by increasing prices for our products, and may be adequately hedged against adverse fluctuations
in commodity product prices through our practice of hedging our purchases, we cannot assure you that we will always be successful in doing
so. It is difficult to predict the specific price fluctuations that may occur and the exact impact which they may have on our earnings,
and such price fluctuations may adversely affect our business, financial condition, results of operations, cash flows and prospects.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Fluctuation in the exchange rate between
the US$ and foreign currencies may have an adverse effect on our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although some of our clients and
producers are located in jurisdictions that use currencies other than US$, S$ or Euros&euro;, the majority of our trades are
conducted using US$ and we have minimal trades which are conducted using &euro; and S$. While we follow
established risk management practices, we are nevertheless exposed to risks from foreign exchange rate fluctuations, since our
business is dependent on imports and exports entailing large foreign exchange transactions, in currencies including the US$, S$ and
&euro;. Exchange rates between some of these currencies and the US$ in recent years have fluctuated significantly and may do so in
the future, thereby impacting our results of operations and cash flows in US$ terms. However, we do not hedge our exposure to
foreign exchange fluctuations through derivatives or any other means. For the six months ended June 30, 2022 and 2021, we recognized
a foreign exchange loss of US$2,986 and a foreign exchange gain of US$391,205, respectively; for the fiscal years ended December 31,
2020 and 2021, we recognized a foreign exchange gain of US$51,330 and a foreign exchange loss of US$30,729, respectively. Further,
given that we rely on the importation of commodity products, any adverse movement in currency exchange rates may result in an
increase in the costs of the commodity products that we procure, which could have an adverse effect on our business, financial
condition, results of operations, cash flows and prospects.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our inability to effectively manage our
growth could have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have experienced rapid growth. For the six
months ended June 30, 2022 and 2021, our total revenue was approximately US$100.7 million and US$84.4 million, respectively, representing
an increase by approximately 19.2%; our net profit was approximately US$1.2 million and US$1.2 million, respectively, representing a decrease
by approximately 3.3%. For the fiscal years ended December 31, 2021 and 2020, our total revenue was approximately US$194.2 million and
US$131.6 million, respectively, representing an increase by approximately 47.6%; our net profit was approximately US$4.7 million and US$0.5
million, respectively, representing an increase by approximately 930.7%. Our inability to manage our expansion effectively and execute
our growth strategy in a timely manner, or within budget estimates, or our inability to meet the expectations of our customers and other
stakeholders, could have an adverse effect on our business, financial condition, results of operations, cash flows and prospects. We intend
to continue expanding our business. In this regard, we plan to utilize approximately 80% of the net proceeds from this offering to strengthen
our market position, expand the scope of our product offerings, engage in strategic acquisitions and investments, joint venture partnerships,
and investing in equipment and technology. Our future prospects will depend on our ability to grow our business and operations, which
could be affected by many factors, including our ability to introduce new products and maintain the quality of the products, general political
and economic conditions, government policies or strategies in respect of specific industries, prevailing interest rates, price of commodity
products we procure, energy supply and currency exchange rates.</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">In order to manage our growth effectively, we
must implement, upgrade and improve our operational systems, procedures and internal controls on a timely basis. If we fail to implement
these systems, procedures and controls on a timely basis, or if there are weaknesses in our internal controls that would result in inconsistent
internal standard operating procedures, we may not be able to meet our customers&rsquo; needs, hire and retain new employees or operate
our business effectively. Moreover, our ability to sustain our rate of growth depends significantly upon our ability to select and retain
key managerial personnel, maintain effective risk management practices and train managerial personnel to address emerging challenges.</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">We cannot assure you that our existing or future
management, operational and financial systems, procedures and controls will be adequate to support future operations or establish or develop
business relationships beneficial to future operations. Failure to manage growth effectively could have an adverse effect on our business,
financial condition, results of operations, cash flows and prospects.</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"><B><I>The improper handling or storage of commodity
products, spoilage of and damage to such commodity products, or any real or perceived contamination in the commodity products, could subject
us to regulatory and legal action, damage our reputation and have an adverse effect on our business, financial condition, results of operations,
cash flows and prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The commodity products that we procure and distribute
are subject to risks of contamination, adulteration and product tampering during their processing, transport or storage. In the event
that our products fail to meet quality standards, including as prescribed by the Singapore Food Agency, or are alleged to result in harm
to our customers, we may be exposed to the risks of product liability or recall claims. For example, any occurrence of negligence and/or
oversight in the process of refining by our suppliers, may result in us selling impure oil to our customers which may cause harm to their
health. Although we only purchase finished commodity products from our suppliers and have no involvement in the processing, refining or
milling of commodities, such incidents may nonetheless expose us to liabilities and claims by our customers, which could adversely affect
our reputation, growth and profitability. Additionally, storage of our products entails risks associated with the storage environment,
including the risk of moisture, adverse temperature and humidity levels and pests. Excessively high or low levels of moisture, temperature
or humidity may result in damage to our stored products, which may have a material adverse effect on our business, financial condition,
results of operations, cash flows and prospects.</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">While such risks may be controlled, albeit not
eliminated, by adherence to good manufacturing practices and finished product testing, we have little control over the manufacturing processes
of our suppliers or their third-party manufacturers. We cannot assure you that there will not be incidents of contaminated products or
ingredients in the future which may result in product liability claims, product recalls and negative publicity. Such product liability
claims may also result legal proceedings brought against us by our consumers, distributors and government agencies. If we are made a party
to product liability proceedings, we may incur considerable expenses in defending such claims which would also require the diversion of
management&rsquo;s attention and the diversion of significant resources away from our core profitable business areas. For the six months
ended June 30, 2022 and the fiscal years ended December 31, 2020 and 2021, we did not incur any costs associated with product liability
claims. We do not maintain product liability insurance coverage for our domestic and international markets. We are, accordingly, not able
to claim any losses and/or receive compensation from insurers in connection with any product liability claims. Any product recalls, product
liability claims or adverse regulatory action may adversely affect our reputation and brand image, as well as entail significant costs,
which could adversely affect our reputation, business, financial condition, results of operations, cash flows and prospects.</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We rely heavily on our existing brands,
the dilution of which could adversely affect our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our product portfolio spans various brands
which are owned by our Company, including two main brands: <I>Maxwill</I> and <I>Taff</I>y. We distribute sugar products and oil and
fat products under these brands to customers both in Singapore and in overseas markets. Additionally, we distribute the <I>Lin</I>
brand sugar products in Singapore through our exclusive distributorship with the Thai Roong Ruang Sugar Group.  The amount of
revenues that are generated through our exclusive distributorship with Thai Roong Ruang Sugar Group was less than 1.0% of our total
revenues in each of the fiscal years 2020 and 2021, and for each of the six months ended June 30, 2021 and 2022. We have also
appointed Tong Seng Produce Pte. Ltd., an established distributor of rice, oil, sugar, flour and fiber products in Singapore, for
the exclusive distribution of certain sugar products under our <I>Taffy</I> brand. Similar to our distributorship relationship with
Thai Roong Ruang Sugar Group, the amount of revenues that were generated through our exclusive distributorship with Tong Seng
Produce Pte. Ltd. was also less than 1.0% of our revenues in each of the fiscal years 2020 and 2021, and for each of the six months
ended June 30, 2021 and 2022. We have no commitment from any customer to purchase a certain amount of our products, even under these
exclusive or established distributorships. Our brands and reputation are among our most important assets and serve in attracting
customers to our products in preference over those of our competitors. We believe that continuing to develop awareness of these
brands, through focused and consistent branding and marketing initiatives, among retail consumers and institutional customers, is
important for our ability to increase our sales volumes and our revenues, grow our existing market share and expand into new
markets. Any decrease in product quality due to reasons beyond our control or allegations of product defects, even when false or
unfounded, could tarnish the image of the established brands and may cause consumers to choose other products. Our brands and
reputation could also be affected by social, health and cultural organizations and any negative publicity campaigns (such as the
introduction of low-sugar or low-fat campaigns), which could lead to a decline in our sales volume. Further, the considerable
expansion in the use of social media over recent years has compounded the impact of those groups&rsquo; negative publicity.
Consequently, any adverse publicity involving these brands, our Company or our products may impair our reputation, dilute the impact
of our branding and marketing initiatives and adversely affect our business and our prospects. Any adverse publicity involving our
brands may result in a substantial impairment to our reputation and negatively affect our business, financial condition, results of
operations, cash flows and prospects.</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"><B><I>We procure commodity products from our suppliers
and utilize the services of certain third-party service providers for our operations. Any deficiency or interruption in their services
could adversely affect our business, financial condition, results of operations, cash flows and prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on global suppliers for the supply of
finished sugar, rice, and oil and fat products which we purchase. We also utilize and depend on the services of certain third-party service
providers for our operations. For instance, we depend on third-party transport providers, such as international haulers, shipping lines
and transport companies, for freight forwarding and shipping services. The agreements entered into with such third parties include provisions
which may allow the third-party to terminate the agreement with limited prior notice. In the event that any of such third parties determine
to terminate or breach their respective agreements, we cannot assure you that we will be able to obtain a replacement in a timely manner,
or at all, which may reduce our sales volumes and adversely affect our business, financial condition, results of operations, cash flows
and prospects.</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">We cannot assure you that we will be successful
in continuing to receive uninterrupted, high quality service from various third parties on whom we rely for materially all of our current
and future products and related services. Any termination or breach of contract, disruption or inefficiencies in the operations of these
third parties may adversely affect our business, financial condition, results of operations, cash flows and prospects.</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"><B><I>Our inability to expand or effectively manage
our distribution network may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our customers in Asia, Africa and the Middle East
are located in over 20 countries. In addition to traditional distribution channels, we have utilized third-party e-commerce platforms
to market and distribute the sugar, rice, and oil and fat products. Our ability to expand and grow our product reach significantly depends
on the reach and effective management of our distribution network. We continuously seek to increase the market penetration of our products
by appointing new distributors targeted at different customer groups and geographies. We cannot assure you that we will be able to successfully
identify or appoint new distributors or effectively manage our existing distribution network. If the terms offered to such distributors
by our competitors are more favorable than those offered by us, distributors may decline to distribute our products and terminate their
arrangements with us. We may be unable to appoint replacement distributors in a timely fashion, or at all, which may reduce our sales
volumes and adversely affect our business, financial condition, results of operations, cash flows and prospects.</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">Further, our competitors may have exclusive arrangements
with certain distributors who may be unable to stock and distribute our products, which may limit our ability to expand our distribution
network. Similarly, our competitors may adopt innovative distribution models, which could be more effective than traditional distribution
models resulting in a reduction in the sales of our products. We may also face disruptions in the distribution and delivery of the products
for various reasons beyond our control, including poor handling by distributors of our products, transportation bottlenecks, natural disasters
and labor issues which could lead to delayed or lost deliveries, and any failure to provide distributors with sufficient inventories of
our products may result in a reduction in the sales. If our distributors fail to distribute our products in a timely manner, or adhere
to the terms of the distribution arrangement, or if our distribution arrangements are terminated, our business, financial condition, results
of operations, cash flows and prospects may be adversely affected.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B><I>We may utilize a portion of the net proceeds
from this offering for strategic acquisitions or joint venture partnerships. If we pursue strategic acquisitions or joint ventures, we
may not be able to successfully consummate favorable transactions or successfully integrate acquired businesses.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, we have not
identified any such strategic acquisitions. We may evaluate potential acquisitions or joint ventures that would further our strategic
objectives, from time to time. However, we may not be able to identify suitable target assets or companies, consummate a transaction on
terms that are favorable to us, or achieve the anticipated synergies, expected returns and other benefits as a result of integration challenges
or anti-monopoly regulations. Companies or operations acquired, or joint ventures created by us may not be profitable or may not achieve
sales levels and profitability that justify the investments made. Our corporate development activities may entail financial and operational
risks, including diversion of management attention from its existing core businesses, difficulty in integrating or separating personnel,
financial, information technology and other systems, difficulty in retaining key employees, and negative impacts on existing business
relationships with suppliers and customers. The potential for future acquisitions could also result in potentially dilutive issuances
of equity securities, the incurrence of debt and such issuances or incurrences, or the perception that such issuances or incurrences may
occur, could depress the market price of our equity securities. Potential future acquisitions may also increase our contingent liabilities
and operating expenses, all of which could adversely affect our business, financial condition, results of operations, cash flows and prospects.</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"><B><I>Our funding requirements and proposed deployment
of the net proceeds from this offering are based on management estimates and may be subject to changes based on various factors, some
of which are beyond our control.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our funding requirements and deployment of the
net proceeds from this offering are based on internal management estimates, based on assumptions, current market conditions and our business
plan. Our funding requirements may be subject to changes based on various factors such as financial and market conditions, business and
strategy, competition, negotiation with vendors, variation in cost estimates on account of factors and other external factors such as
changes in the business environment and interest or exchange rate fluctuations, which may not be within the control of our management.
We operate in a highly competitive and dynamic industry and may have to revise our estimates from time to time on account of changes in
external circumstances or costs, or changes in other financial conditions, business or strategy. This shift may entail rescheduling, revising
or cancelling planned expenditure and funding requirements at our discretion, which may increase our overall operating expenses and reliance
on third party advisory services to access any material variations, all of which could adversely affect our business, financial condition,
results of operations, cash flows and prospects.</P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We intend to utilize a portion of the net
proceeds from this offering for business expansion, but may face problems in the implementation of such expansion plans and the actual
capital expenditure necessary for such expansion may significantly exceed our budgets or we may not be able to maximize returns from the
capital expenditure.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We propose to utilize 80% of the net proceeds
from this offering towards business expansion by strengthening our market position, expanding the scope of our product offerings, engaging
in strategic acquisitions and joint venture partnerships, and investing in equipment and technology. While, as of the date of this prospectus,
we have not identified any such strategic acquisitions or have any concrete plans for investments in equipment and technology, any future
capital expenditure may be subject to the potential problems and uncertainties that such business expansion activities face, including
cost overruns or delays. Problems that could adversely affect the implementation of such expansion plans include labor shortages, increased
costs of equipment or manpower, inadequate performance of equipment and machinery, delays in completion, the possibility of unanticipated
future regulatory restrictions, delays in receiving governmental, statutory and other regulatory approvals, incremental pre-operating
expenses, taxes and duties, interest and finance charges, working capital margin, environment and ecology costs and other external factors
which may not be within the control of our management. There can be no assurance that our business expansion plans will be completed as
planned or on schedule, and any delay could have an adverse impact on our growth, business, financial condition, results of operations,
cash flows and prospects.</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">In addition, if the actual capital expenditure
significantly exceeds our budgets and we do not have sufficient financial resources (including the net proceeds from this offering) to
meet the requirements of any proposed business expansion plans, we may need to utilize external financing sources to fund the balance
at additional finance costs, and the proposed business expansion plans may not be completed as planned or on schedule, if at all. Even
if our budgets were sufficient to cover such activities, we may not be able to achieve the intended economic benefits of such capital
expenditure, which, in turn, may materially and adversely affect our business, financial condition, results of operations, cash flows and
prospects. Furthermore, even if we are able to raise adequate capital to fund our capital expenditure in maintaining and growing our business,
we cannot assure you that we will be able to maximize the utility and profitability of any businesses that we may acquire or invest in,
or equipment and technology that we may invest in. This may occur for various reasons, and we may therefore not be able to fully maximize
returns from our capital expenditure.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B><I>The deployment of the portion of the net
proceeds from this offering towards our business expansion may not take place within the intended period, and may be reduced or extended.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We propose to utilize 80% of the net proceeds
in this offering towards business expansion by strengthening our market position, expanding the scope of our product offerings, engaging
in strategic acquisitions and joint venture partnerships, and investing in equipment and technology. As we have not identified potential
acquisition targets nor finalized any acquisition costs, this amount is based on our management&rsquo;s current estimates, budgets and
other relevant consideration and may not be the total value or cost of any such expenditure. In the event the portion of the net proceeds
from this offering to be utilized for the business expansion plans are insufficient, we may have to seek alternative sources of funding
at additional finance costs which in turn may adversely affect our business, financial condition, results of operations, cash flows and
prospects of completing any proposed business expansion plans on schedule, if at all.</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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are unable to introduce new products
and respond to changing consumer preferences in a timely and effective manner, the demand for our products may decline, which may have
an adverse effect on our business, financial condition, results of operations, cash flows and prospects. There is no guarantee that we
will be successful in the new business segments or products that we plan to expand into.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The success of our business depends upon our ability
to anticipate and identify changes in consumer preferences and offer commodity products that consumers require. For example, according
to the Frost &amp; Sullivan Report, health awareness of Asian consumers is increasing and is being driven by the rising standard of living
in Asia. Consumer inclination towards purchasing healthier food varieties has increased. Consumers are now seeking healthier, less processed,
raw sugar varieties such as brown and organic sugar to reduce its negative impact on the body following its consumption. Many sugar manufacturers
are developing innovative varieties to keep up with market demand. The growing concerns with regards to lifestyle related health conditions
such as obesity and diabetes is expected to further drive demand for healthier sugar varieties. Additionally, such consumer preferences
are influenced by a number of factors beyond our control, such as the prices of alternative products and economic conditions. Although
we seek to identify such trends and introduce new products, we recognize that customer tastes cannot be predicted with certainty and can
change rapidly, and that there is no certainty that these will be commercially viable or effective or accepted by our customers, or that
we will be able to successfully compete in such new product segments. Our failure to successfully predict such consumer preferences and
trends as they relate to our selection of products in a cost effective and/or timely manner could increase our costs and lead to us being
less competitive in terms of our prices or variety of products we sell, which could adversely affect our business, financial condition,
results of operations, cash flows and prospects.</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">Before we can introduce a new product, we must
successfully execute a number of steps, including obtaining required approvals and registrations, effective branding and marketing strategies
for target customers, while engaging with the relevant third-party suppliers to increase or change the nature and quantities of the finished
commodity products supplied. We also depend on the successful introduction of new production and manufacturing processes by our suppliers
such as manufacturing facilities and processing plants to create innovative products, achieve operational efficiencies and adapt to advances
in, or obsolescence of technology. We cannot assure you that our suppliers will be able to successfully keep up with technological improvements
in order to meet our customers&rsquo; needs or that the technology developed by others will not render our products less competitive or
attractive. Our failure to successfully adopt such technologies in our selection of third-party suppliers and/or service providers in
a cost effective and/or timely manner could increase our costs and lead to us being less competitive in terms of our prices or quality
of products we sell, which may adversely affect our business, financial condition, results of operations, cash flows and prospects.</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 commercialization process of a new product
would require us to spend considerable time and capital. Delays in any part of the process, our inability to obtain necessary regulatory
approvals for the products or failure of a product to be successful at any stage could adversely affect our business. Consequently, any
failure on our part to successfully introduce new products may have an adverse effect on our business, financial condition, results of
operations, cash flows and prospects.</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"><B><I>Our inability to accurately forecast demand
for our products may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business depends on our estimate of the demand
for the sugar products from our customers. We typically pre-order the sugar products from certain suppliers for the upcoming calendar
year based on the annual forecasted demand. We constantly monitor our inventory levels and will place additional orders with the relevant
suppliers when inventory levels run low. If we underestimate demand or have inadequate capacity due to conditions for which we are unable
to meet the demand for the sugar products, we may place orders for fewer quantities of products than required, which could result in the
loss of business. While we forecast the demand for the sugar products and accordingly plan our purchase volumes, any error in our forecast
could result in a reduction in our profit margins and/or surplus or insufficient stock, which may result in additional storage cost and
any surplus stock may not be sold in a timely manner, or at all. In the event we overestimate demand, we may incur additional costs to
secure capacity from suppliers or purchase more products than required. Additionally, our inability to accurately forecast demand for
our products may have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><B><I>Our suppliers and customers may be subject
to extensive government regulations and if they fail to obtain, maintain or renew required statutory and regulatory licenses, permits
and approvals required for the import and/or export of the commodity products, our business, financial condition, results of operations,
cash flows and prospects may be adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our suppliers and customers may be subject to
extensive government regulations and may be required to obtain and maintain a number of statutory and regulatory licenses, permits, certificates
and approvals. Customers may also be required to comply with international rules and regulations in respect of the delivery and importation
of the commodity products. To ensure that our operations are not disrupted by such regulatory requirements, we seek customers that have
the relevant licenses, permits, certificates and approvals required to import the commodity products into their markets and to receive
deliveries of such commodity products.</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">While we have not encountered any incident in
the past involving non-compliance by any of our suppliers or customers, we cannot assure you that all our suppliers and/or customers would
have obtained or renewed the relevant permits, certificates and approvals prior to entering into any transaction with us. If our suppliers
and customers do not receive such approvals or are not able to renew the approvals in a timely manner, our business and operations may
be adversely affected. Further, the relevant authorities may initiate penal action against them, restrain their operations, impose fines
or penalties, or initiate legal proceedings for their inability to renew/obtain approvals in a timely manner or at all, which will consequently
have an adverse impact on our business, financial condition, results of operations, cash flows and prospects.</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 approvals required by our suppliers and customers
may also be subject to numerous conditions and we cannot assure you that these would not be suspended or revoked in the event of non-compliance
or alleged non-compliance with any terms or conditions thereof, or pursuant to any regulatory action. If there is any failure by our suppliers
and customers to comply with the applicable regulations or if the regulations governing their businesses are amended, they may incur increased
costs, be subject to penalties, have their approvals and permits revoked or suffer a disruption in their operations, any of which would
in turn adversely affect our business.</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">We engage various third-party suppliers, some
of which may operate manufacturing facilities and processing plants. We cannot assure you that the suppliers operating such manufacturing
facilities and processing plants will be able to obtain and maintain relevant approvals for continuous operations of such facilities.
Failure of such suppliers to maintain requisite government approvals may lead to a disruption at the manufacturing facilities and consequently
in the production and supply of the commodity products that we distribute, which may adversely affect our business, financial condition,
results of operations, cash flows and prospects.</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"><B><I>We may inadvertently deliver genetically
modified organisms (&ldquo;GMOs&rdquo;) to those customers that request GMO-free products.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adverse publicity about genetically modified food
has led to governmental regulations that limit or prevent sales of GMO products in some of the markets in which we distribute commodity
products. It is possible that new restrictions on GMO products will be imposed in major markets for the commodity products or that our
customers will decide to purchase lower levels of GMO products or not buy GMO products.</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">We may not always be able to verify all aspects
of how and where the raw materials that are used to produce the finished commodity products that we procure from our suppliers, and under
what conditions they are so produced, and it is therefore possible that we may inadvertently deliver products that contain GMOs to those
customers that request GMO-free products. As a result, we could lose customers and may incur liability. We may also incur significant
expenses related to upgrading procedures to detect GMO-derived materials and/or produce products which are completely GMO-free. GMO products
that have not received regulatory approval may also enter the food chain that are used to produce the finished commodity products that
we procure. If we encounter incidents of this type, they can be costly and time-consuming to rectify, may damage our reputation and may
subject us to litigation. If regulators in the countries that restrict or prohibit the sale of GMO products or customers who request GMO-free
products do not have confidence in our products, we could lose customers and could be prohibited from selling our commodity products in
those countries, which could, in turn, affect our business, financial condition, results of operations, cash flows and prospects.</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>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our inability to protect or use our intellectual
property rights may adversely affect our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consider our brands and intellectual property
to be one of our most valuable assets and we have several trademarks registered in Singapore, Malaysia, Vietnam and the People&rsquo;s
Republic of China. The applications to register trademarks for certain of our brands are still pending, and we have not applied for trademark
registration for certain of our other brands. If our trademark registration applications are unsuccessful for reasons which may include
our inability to remove objections to our trademark applications, or if any of our unregistered trademarks are first registered in favor
of or used by a third-party, we may not be able to claim registered ownership of such trademarks and, consequently, we may not be able
to seek adequate remedies for infringement of those trademarks by third parties, which may cause damage to our business prospects, reputation
and goodwill.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">It is possible that third parties may adopt trade
service names that are similar to our trademarks which are registered or pending registration. It is also possible that third parties
may register trademarks that are identical or similar to ours overseas which may create barriers to our entry in such markets in the future.
If any of our trademarks is infringed or if our trademark applications are challenged or revoked, or if we are unsuccessful in enforcing
our intellectual property rights in legal proceedings at a reasonable cost, or at all, or if such legal proceedings result in monetary
liability in the form of damages and/or prevent us from further using our trademarks, our business, financial condition and results of
operations may be materially and adversely affected.</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">While we take care to ensure that we comply with
the intellectual property rights of others, we cannot determine with certainty whether we will infringe or are infringing upon any existing
third-party intellectual property rights, which may force us to alter our product offerings. We may also be susceptible to claims from
third parties asserting infringement and other related claims. If such claims are raised in the future, these claims could result in costly
litigation, divert management&rsquo;s attention and resources, subject us to significant liabilities and require us to enter into potentially
expensive royalty or licensing agreements or to cease offering certain products. Any of the foregoing could have an adverse effect on
our business, financial condition, results of operations, cash flows and prospects.</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"><B><I>We are dependent on the strength of brands
and reputation of our Company.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our revenue, results of operation, business and
prospects are, to a certain extent, dependent on the strength of the brands and reputation of our Company. While we believe that our <I>Maxwill</I>
and <I>Taffy</I> brands are well-recognized, we may be vulnerable to adverse market and customer perception, particularly in an industry
where integrity, trust and customer confidence are paramount. The risk of litigation, misconduct, operational failure, adverse publicity
(including through social media) or press speculation could adversely affect our brands and reputation. Our reputation could also be affected
if the commodity products that we offer under our brands do not meet expected expectations, whether or not the expectations are founded.
We may also be exposed to adverse publicity relating to the commodities industry as a whole. An incident related to us, or the conduct
of a competitor unrelated to us, may taint the reputation of the industry as a whole and may affect the perception of customers and the
attitude of market regulators. Further, adverse publicity may result in greater regulatory scrutiny of our operations and of the industry
generally. If we are unable to maintain our brand name and our reputation, or if there is reputational harm to our Company, our business,
financial condition, results of operations, cash flows and prospects could be adversely affected.</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"><B><I>Competition could result in a reduction
in our market share or require us to incur substantial expenditure on advertising and marketing, either of which could adversely affect
our business, financial condition, results of operations, cash flows and prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We compete with several regional and local companies,
as well as large multi-national companies that are larger and have substantially greater resources than we do, including the ability to
spend more on advertising and marketing. We also face competition from new entrants, who may have more flexibility in responding to changing
business and economic conditions. Competition in our business can be based on, among other things, pricing, innovation, perceived value,
brand recognition, promotional activities, advertising, special events, new product introductions and other activities. It is difficult
for us to predict the timing and scale of our competitors&rsquo; actions in these areas. We expect competition to continue to be intense
as our existing competitors expand their operations and introduce new products. Our failure to compete effectively, including any delay
in responding to changes in the industry and market, together with increased spending on advertising, may affect the competitiveness of
our products, which may result in a decline in our revenues and profitability.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of our competitors may be larger than us,
or develop alliances to compete against us, have more financial and other resources and have products with greater brand recognition than
ours. Our competitors in certain regions may also have better access or exclusive arrangements to procure similar products as us and may
procure them at lower costs than us and are consequently able to sell their products at lower prices. Some of our international competitors
may be able to capitalize on their overseas experience to compete in our markets. As a result, we cannot assure you that we will be able
to compete successfully in the future against our existing or potential competitors, or that our business, financial condition, results
of operations, cash flows and prospects will not be adversely affected by increased competition.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are unable to raise additional capital,
our business prospects could be adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to fund our expansion plans through
our cash on hand, cash flow from operations and from the net proceeds in this offering. We will continue to incur significant expenditure
in maintaining and growing our existing business. We cannot assure you that we will have sufficient capital resources for our current
operations or any future expansion plans that we may have. While we expect our cash on hand and cash flow from operations to be adequate
to fund our existing commitments, our ability to incur any future borrowings is dependent upon the success of our operations. Additionally,
the inability to obtain sufficient financing could adversely affect our ability to complete expansion plans. Our ability to arrange financing
and the costs of capital of such financing are dependent on numerous factors, including general economic and capital market conditions,
credit availability from banks, investor confidence, the continued success of our operations and other laws that are conducive to our
raising capital in this manner. If we decide to meet our capital requirements through debt financing, we may be subject to certain restrictive
covenants. If we are unable to raise adequate capital in a timely manner and on acceptable terms, or at all, our business, financial condition,
results of operations, cash flows and prospects could be adversely affected.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B><I>We are dependent on a number of key personnel,
including our senior management, and the loss of, or our inability to attract or retain such persons could adversely affect our business,
financial condition, results of operations, cash flows and prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our performance depends largely on the efforts
and abilities of our senior management and other key personnel. We believe that the inputs and experience of our key managerial personnel
are valuable for the development of business and operations and the strategic directions taken by us. We cannot assure you that we will
be able to retain these employees or find adequate replacements in a timely manner, or at all. We may require a long period of time to
hire and train replacement personnel if or when such qualified personnel terminate their employment with us. We may also be required to
increase our levels of employee compensation more rapidly than in the past to remain competitive in attracting employees that our business
requires. Competition for qualified personnel with relevant industry expertise is intense and the loss of the services of our key personnel
may adversely affect our business, financial condition, results of operations, cash flows and prospects.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Pandemics and epidemics, natural disasters,
terrorist activities, political unrest and other geopolitical risks could disrupt our production, delivery, and operations, which could
materially and adversely affect our business, financial condition, results of operations, cash flows and prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Global pandemics, epidemics, or fear of the spread
of contagious diseases, as well as hurricanes, earthquakes, tsunamis, or other natural disasters could disrupt our business operations,
reduce or restrict our supply of materials and services, cause us to incur significant costs to protect our employees and facilities,
or result in regional or global economic distress, any of which events may materially and adversely affect our business, financial condition,
results of operations, cash flows and prospects. Actual or threatened war, terrorist activities, political unrest, civil strife, and other
geopolitical risks could have a similar adverse effect on our business, financial condition, results of operations, cash flows and prospects.
Such events may cause our customers to suspend their decisions on purchasing our products, as well as giving rise to sudden significant
changes in regional and global economic conditions and cycles. These events also pose significant risks to our personnel, physical facilities,
and operations, which could materially adversely affect our financial results.</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">In February 2022, Russian military forces launched
a military action in Ukraine. The ongoing military action between Russia and Ukraine, sanctions and other measures imposed against Russia,
Belarus, the Crimea Region of Ukraine, the so-called Donetsk People&rsquo;s Republic and the so-called Luhansk People&rsquo;s Republic
by the U.S. and other countries and bodies around the world, as well as the existing and potential further responses from Russia or other
countries to such sanctions, tensions and military actions, has in the past and in the future could continue to adversely affect the global
economy and financial markets and could adversely affect our business, financial condition and results of operations. Additional potential
sanctions and penalties have also been proposed and/or threatened. Although our operations have not experienced any material and adverse
impact on our supply chain or other aspects of our business from the ongoing conflict between Russia and Ukraine, during times of war
and other major conflicts, we and the third parties upon which we rely may be vulnerable to a heightened risk of these attacks, that could
materially disrupt our systems and operations, supply chain of finished commodity products from our suppliers, and ability to produce,
sell and distribute our products. Furthermore, travel restrictions and protective measures could cause us to incur additional unexpected
labor costs and expenses or could restrain our ability to retain highly skilled personnel we need for our operations. We cannot predict
the progress or outcome of the conflict in Ukraine or its impacts in Ukraine, Russia or Belarus, as the conflict, and any resulting government
reactions, are rapidly developing and beyond our control. The extent and duration of the military action, sanctions and resulting market
disruptions could be significant, could result in increases in commodity, freight, logistics and input costs and could potentially have
substantial impacts on the global economy and our business for an unknown period of time.</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">In August 2022, Nancy Pelosi, the Speaker of the
U.S. House of Representatives, visited Taiwan despite comments in opposition of the visit from the People&rsquo;s Republic of China (&ldquo;PRC&rdquo;)
government. The PRC government subsequently conducted military exercises in the region and imposed a ban on certain exports and imports
with Taiwan. Against this backdrop, we cannot assure you that future developments in the relationship between mainland China and Taiwan
will not adversely affect our supply chain, our industry and the global economy and our business, financial condition and results of operations.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to this Offering and the Trading
Market</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"><B><I>There has been no public market for our
Ordinary Shares prior to the completion of this offering, and you may not be able to resell our Ordinary Shares at or above the price
you pay for them, or at all.</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: justify">Prior to the completion of this offering, there
has not been a public market for our Ordinary Shares. We plan to apply for the listing of our Ordinary Shares on the [Nasdaq Capital
Market/NYSE American]. An active public market for our Ordinary Shares, however, may not develop or be sustained after the offering,
in which case the market price and liquidity of our Ordinary Shares will be materially and adversely affected.</P>

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

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

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

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin: 0pt 0; text-align: justify"><B><I>The initial public offering price for our
Ordinary Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile.</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: justify">The initial public offering price for our Ordinary
Shares will be determined by negotiations between us and the underwriters, and may not bear a direct relationship to our earnings, book
value, or any other indicia of value. We cannot assure you that the market price of our Ordinary Shares will not decline significantly
below the initial public offering price. The financial markets in the United States and other countries have experienced significant price
and volume fluctuations in the last few years. Volatility in the price of our Ordinary Shares may be caused by factors outside of our
control and may be unrelated or disproportionate to changes in our results of operations.</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"><B><I>We will be a &ldquo;controlled company&rdquo;
within the meaning of [Nasdaq rules/NYSE American corporate governance rules] and we will qualify for and may rely on exemptions
from certain corporate governance requirements in the future. </I></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">Upon completion of this offering, our Executive
Chairwoman and Executive Director, Ms. Li Peng Leck, will beneficially own approximately [ ]% of the aggregate voting power of our issued
and outstanding Ordinary Shares, assuming no exercise of the over-allotment option, or [ ]%, assuming full exercise of the over-allotment
option. As a result, we will be deemed a &ldquo;controlled company&rdquo; for the purpose of the [Nasdaq Listing Rules/NYSE Listed
Company Manual]. As a controlled company, we are permitted to elect to rely on certain exemptions from the obligations to comply
with certain corporate governance requirements, including the requirements that:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a majority of our board of directors consist of independent directors;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our director nominees be selected or recommended solely by independent directors; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we have a nominating committee and a remuneration committee that are composed entirely of independent directors with a written charter addressing the purposes and responsibilities of the committees.</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">Although we do not intend to rely on the controlled
company exemptions under the [Nasdaq Listing Rules/NYSE Listed Company Manual] even if we are a controlled company, we could elect
to rely on these exemptions in the future, and if so, you would not have the same protection afforded to shareholders of companies that
are subject to all of the corporate governance requirements of [Nasdaq/NYSE American], which could make our Ordinary Shares less
attractive to investors or otherwise harm our share price.</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"><B><I>You will experience immediate and substantial
dilution in the net tangible book value of Ordinary Shares purchased.</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: justify">The initial public offering price of our Ordinary
Shares is substantially higher than the (pro forma) net tangible book value per share of our Ordinary Shares. Consequently, when you purchase
our Ordinary Shares in the offering, upon completion of the offering you will incur immediate dilution of $[&#9679;] per share, assuming
an initial public offering price of $[&#9679;]. See &ldquo;<A HREF="#a_010">Dilution</A>.&rdquo; In addition, you may experience further dilution to the extent
that additional Ordinary Shares are issued upon exercise of outstanding options we may grant from time to time.</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"><B><I>If we fail to implement and maintain an
effective system of internal controls, we may be unable to accurately or timely report our results of operations or prevent fraud, and
investor confidence and the market price of our Ordinary Shares may be materially and adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the completion of this offering, we have
been a private company with limited accounting personnel. Furthermore, prior to the completion of this offering, our management has not
performed an assessment of the effectiveness of our internal control over financial reporting, and our independent registered public accounting
firm has not conducted an audit of our internal control over financial reporting. Effective internal control over financial reporting
is necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, is designed
to prevent fraud.</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">Our failure to implement and maintain effective
internal controls over financial reporting could result in errors in our financial statements that could result in a restatement of our
financial statements, cause us to fail to meet our reporting obligations and cause investors to lose confidence in our reported financial
information, which may result in volatility in and a decline in the market price of our Ordinary Shares.</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">Upon the completion of this offering, we will
become a public company in the United States subject to the Sarbanes- Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002,
or Section 404, will require that we include a report of management on our internal control over financial reporting in our annual report
on Form 20-F. In addition, if we cease to be an &ldquo;emerging growth company&rdquo; as such term is defined in the JOBS Act, our independent
registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting on an
annual basis. Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management
concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting
its own independent testing, may issue a report that is qualified if it is not satisfied with our internal controls or the level at which
our controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition,
after we become a public company, our reporting obligations may place a burden on our management, operational and financial resources
and systems for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">During the course of documenting and testing our
internal control procedures, in order to satisfy the requirements of Section 404, we may identify material weaknesses and deficiencies
in our internal control over financial reporting. The Public Company Accounting Oversight Board, or PCAOB, has defined a material weakness
as &ldquo;a deficiency, or a combination of deficiencies in internal control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the annual or interim statements will not be prevented or detected on a timely basis.&rdquo;</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">In addition, if we fail to maintain the adequacy
of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time, we may
not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section
404. Generally speaking, if we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements
in our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our
reported financial information. This could in turn limit our access to capital markets, harm our results of operations and lead to a
decline in the trading price of our Ordinary Shares. Additionally, ineffective internal control over financial reporting could expose
us to increased risk of fraud, misuse of corporate assets and legal actions under the United States securities laws and subject us to
potential delisting from [Nasdaq/NYSE American], to regulatory investigations and to civil or criminal sanctions.&nbsp;</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">In addition, if we fail to maintain the adequacy
of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time, we may
not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section
404. Generally speaking, if we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements
in our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our
reported financial information. This could in turn limit our access to capital markets, harm our results of operations and lead to a
decline in the trading price of our Ordinary Shares. Additionally, ineffective internal control over financial reporting could expose
us to increased risk of fraud, misuse of corporate assets and legal actions under the United States securities laws and subject us to
potential delisting from [Nasdaq/NYSE American], to regulatory investigations and to civil or criminal sanctions.&nbsp;</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"><B><I>We are an &ldquo;emerging growth company&rdquo;
within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging
growth companies, this could make it more difficult to compare our performance with other public companies.</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: justify">We are an &ldquo;emerging growth company&rdquo;
within the meaning of the Securities Act, as modified by the JOBS Act. Section&nbsp;102(b)(1)&nbsp;of the JOBS Act exempts emerging growth
companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that
have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange
Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to
opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an
election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard
is issued or revised, and it has different application dates for public or private companies, we, as an emerging growth company, can adopt
the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial
statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out
of using the extended transition period difficult or impossible because of the potential differences in accountant standards used.</P>

<P STYLE="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><I>As an &ldquo;emerging growth company&rdquo; under applicable
law, we will be subject to lessened disclosure requirements. Such reduced disclosure may make our Ordinary Shares less attractive to
investors.</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: justify">For as long as we remain an &ldquo;emerging growth
company,&rdquo; as defined in the JOBS Act, we will elect to take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not &ldquo;emerging growth companies&rdquo;, including, but not limited to, not
being required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure obligations
regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding
advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Because of
these lessened regulatory requirements, our shareholders would be left without information or rights available to shareholders of more
mature companies. If some investors find our Ordinary Shares less attractive as a result, there may be a less active trading market for
our Ordinary Shares and our share price may be more volatile.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We will incur substantial increased costs
as a result of being a public company, particularly after we cease to qualify as an emerging growth company.</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: justify">Upon consummation of this offering, we will incur
significant legal, accounting, and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley
Act of 2002, as well as rules&nbsp;subsequently implemented by the SEC and [Nasdaq/NYSE American], impose various requirements
on the corporate governance practices of public 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; text-align: justify">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Compliance with these rules&nbsp;and regulations
increases our legal and financial compliance costs and makes some corporate activities more time-consuming and costlier. We have incurred
additional costs in obtaining director and officer liability insurance. In addition, we incur additional costs associated with our public
company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as
executive officers.</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">We are an &ldquo;emerging growth company,&rdquo;
as defined in the JOBS Act and will remain an emerging growth company until the earlier of (1)&nbsp;the last day of the fiscal year (a)&nbsp;following
the fifth anniversary of the completion of this offering, (b)&nbsp;in which we have total annual gross revenue of at least $1.235 billion,
or (c)&nbsp;in which we are deemed to be a large accelerated filer, which means the market value of our Ordinary Shares that is held by
non-affiliates exceeds $700 million as of the prior April&nbsp;30, and (2)&nbsp;the date on which we have issued more than $1.0 billion
in non-convertible debt during the prior three-year period. An emerging growth company may take advantage of specified reduced reporting
and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor
attestation requirement under Section&nbsp;404 in the assessment of the emerging growth company&rsquo;s internal control over financial
reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private 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; text-align: justify">After we are no longer an &ldquo;emerging growth
company,&rdquo; or until five years following the completion of our initial public offering, whichever is earlier, we expect to incur
significant additional expenses and devote substantial management effort toward ensuring compliance with the requirements of Section&nbsp;404
and the other rules&nbsp;and regulations of the SEC. For example, as a public company, we have been required to increase the number of
independent directors and adopt policies regarding internal controls and disclosure controls and procedures.</P>

<P STYLE="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 currently evaluating and monitoring
developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount
of additional costs we may incur or the timing of such costs.</P>

<P STYLE="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><I>Substantial future sales of our Ordinary
Shares or the anticipation of future sales of our Ordinary Shares in the public market could cause the price of our Ordinary Shares to
decline.</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: justify">Sales of substantial amounts of our Ordinary Shares
in the public market after this offering, or the perception that these sales could occur, could cause the market price of our Ordinary
Shares to decline. An aggregate of 10,000 Ordinary Shares are issued and outstanding before the consummation of this offering and [&#9679;]
Ordinary Shares will be issued and outstanding immediately after the consummation of this offering. Sales of these shares into the market
could cause the market price of our Ordinary Shares to decline.</P>

<P STYLE="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><I>We do not intend to pay dividends for the
foreseeable future and you must rely on price appreciation of our Ordinary Shares for a return on your investment.</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: justify">We currently intend to retain any future earnings
to finance the operation and expansion of our business, and we do not expect to declare or pay any dividends in the foreseeable future.
As a result, you may only receive a return on your investment in our Ordinary Shares if the market price of our Ordinary Shares increases.
Therefore, you should not rely on an investment in our Ordinary Shares as a source for any future dividend income. All dividends are subject
to certain restrictions under Cayman Islands law, namely that the Company may only pay dividends out of profits or share premium account,
and provided that under no circumstances may a dividend be paid out of its share premium if this would result in the Company being unable
to pay its debts as they fall due in the ordinary course of business. Even if our board of directors decides to declare and pay dividends,
the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash
flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition,
contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our
Ordinary Shares will likely depend entirely upon any future price appreciation of our Ordinary Shares. We cannot assure you that our Ordinary
Shares will appreciate in value after this offering or even maintain the price at which you purchased the Ordinary Shares. You may not
realize a return on your investment in our Ordinary Shares and you may even lose your entire investment in our Ordinary 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"><B><I>If securities or industry analysts do not
publish research or reports about our business, or if the publish a negative report regarding our Ordinary Shares, the price of our Ordinary
Shares and trading volume could decline.</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: justify">Any trading market for our Ordinary Shares may
depend in part on the research and reports that industry or securities analysts publish about us or our business. We do not have any control
over these analysts. If one or more of the analysts who cover us downgrade us, the price of our Ordinary Shares would likely decline.
If one or more of these analysts cease coverage of our Company or fail to regularly publish reports on us, we could lose visibility in
the financial markets, which could cause the price of our Ordinary Shares and the trading volume to decline.</P>

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

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

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

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

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin: 0pt 0; text-align: justify"><B><I>The market price of our Ordinary Shares
may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the
initial public offering price.</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: justify">The initial public offering price for our Ordinary
Shares will be determined through negotiations between the underwriters and us and may vary from the market price of our Ordinary Shares
following our initial public offering. If you purchase our Ordinary Shares in our initial public offering, you may not be able to resell
those shares at or above the initial public offering price. We cannot assure you that the initial public offering price of our Ordinary
Shares, or the market price following our initial public offering, will equal or exceed prices in privately negotiated transactions of
our shares that have occurred from time to time prior to the completion of our initial public offering. The market price of our Ordinary
Shares may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">actual or anticipated fluctuations in our revenue and other operating results;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our Company, or our failure to meet these estimates or the expectations of investors;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">announcements by us or our competitors of significant products or features, technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">lawsuits threatened or filed against us; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">other events or factors, including those resulting from war or incidents of terrorism, or responses to these events.</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">In addition, the stock markets have experienced
extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies.
Stock prices of many companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies.
In the past, stockholders have filed securities class action litigation following periods of market volatility. If we were to become involved
in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business,
and adversely affect our business.</P>

<P STYLE="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><I>Our management has broad discretion to determine
how to use the funds raised in the offering and may use them in ways that may not enhance our results of operations or the price of our
Ordinary Shares.</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: justify">We anticipate that we will use the net proceeds
from this offering for working capital and other corporate purposes. Our management will have significant discretion as to the use of
the net proceeds to us from this offering and could spend the net proceeds in ways that do not improve our results of operations or enhance
the market price of our Ordinary Shares. The failure by our management to apply these funds effectively could harm our business and financial
condition. Pending their use, we may invest the net proceeds from our public offering in a manner that does not produce income or that
loses value.</P>

<P STYLE="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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we cease to qualify as a foreign private issuer, we would
be required to comply fully with the reporting requirements of the Exchange Act applicable to U.S. domestic issuers, and we would incur
significant additional legal, accounting and other expenses that we would not incur as a foreign private issuer.</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: justify">We expect to qualify as a foreign private issuer
upon the completion of this offering. As a foreign private issuer, we will be exempt from the rules&nbsp;under the Exchange Act prescribing
the furnishing and content of proxy statements, and our officers, directors and principal shareholders will be exempt from the reporting
and short-swing profit recovery provisions contained in Section&nbsp;16 of the Exchange Act. In addition, we will not be required under
the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as United States domestic
issuers, and we will not be required to disclose in our periodic reports all of the information that United States domestic issuers are
required to disclose. While we currently expect to qualify as a foreign private issuer immediately following the completion of this offering,
we may cease to qualify as a foreign private issuer in the future, in which case we would incur significant additional expenses that could
have a material adverse effect on our results of operations.</P>

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

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

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

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

<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin: 0pt 0; text-align: justify"><B><I>Because we are a foreign private issuer
and are exempt from certain [Nasdaq/NYSE American] corporate governance standards applicable to U.S. issuers, you will have less
protection than you would have if we were a domestic issuer.</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: justify"> The [Nasdaq Listing Rules/NYSE Listed Company
Manual]&nbsp;require listed companies to have, among other things, a majority of its board members be independent. As a foreign private
issuer, however, we are permitted to, and we may follow home country practice in lieu of the above requirements, or we may choose to
comply with the above requirement within one year of listing. The corporate governance practice in our home country, the Cayman Islands,
does not require a majority of our board to consist of independent directors. Thus, although a director must act in the best interests
of the Company, it is possible that fewer board members will be exercising independent judgment and the level of board oversight on the
management of our Company may decrease as a result. In addition, the [Nasdaq Listing Rules/NYSE Listed Company Manual]&nbsp;also require
U.S. domestic issuers to have a compensation committee, a nominating/corporate governance committee composed entirely of independent
directors, and an audit committee with a minimum of three members. We, as a foreign private issuer, are not subject to these requirements.
The [Nasdaq Listing Rules/NYSE Listed Company Manual]&nbsp;may require shareholder approval for certain corporate matters, such as requiring
that shareholders be given the opportunity to vote on all equity compensation plans and material revisions to those plans, certain ordinary
share issuances. We intend to comply with the requirements of the [Nasdaq Listing Rules/NYSE Listed Company Manual]&nbsp;in determining
whether shareholder approval is required on such matters and to appoint a nominating and corporate governance committee. We may, however,
consider following home country practice in lieu of the requirements under the [Nasdaq Listing Rules/NYSE Listed Company Manual]&nbsp;with
respect to certain corporate governance standards which may afford less protection to investors. </P>

<P STYLE="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><I>Although as a Foreign Private Issuer we
are exempt from certain corporate governance standards applicable to US issuers, if we cannot satisfy, or continue to satisfy, the initial
listing requirements and other rules&nbsp;of the [Nasdaq Capital Market/NYSE American], our securities may not be listed or may
be delisted, which could negatively impact the price of our securities and your ability to sell them.</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: justify">We will seek to have our securities approved
for listing on the [Nasdaq Capital Market/NYSE American] upon consummation of this offering. We cannot assure you that we will
be able to meet those initial listing requirements at that time. Even if our securities are listed on the [Nasdaq Capital Market/NYSE
American], we cannot assure you that our securities will continue to be listed on the [Nasdaq Capital Market/NYSE American]. </P>

<P STYLE="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, following this offering, in
order to maintain our listing on the [Nasdaq Capital Market/NYSE American], we will be required to comply with certain rules
of the [Nasdaq Capital Market/NYSE American], including those regarding minimum stockholders&rsquo; equity, minimum share
price, minimum market value of publicly held shares, and various additional requirements. Even if we initially meet the listing
requirements and other applicable rules of the [Nasdaq Capital Market/NYSE American], we may not be able to continue to
satisfy these requirements and applicable rules. If we are unable to satisfy the Nasdaq Capital Market criteria for maintaining our
listing, our securities could be subject to delisting.</P>

<P STYLE="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 [Nasdaq Capital Market/NYSE American]
does not list our securities, or subsequently delists our securities from trading, we could face significant consequences, including:</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a limited availability for market quotations for our securities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reduced liquidity with respect to our securities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a determination that our Ordinary Share is a &ldquo;penny stock,&rdquo; which will require brokers trading in our Ordinary Shares to adhere to more stringent rules&nbsp;and possibly result in a reduced level of trading activity in the secondary trading market for our Ordinary Shares;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">limited amount of news and analyst coverage; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a decreased ability to issue additional securities or obtain additional financing in the future.</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">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin: 0pt 0; text-align: justify"><B><I>Anti-takeover provisions in our memorandum
and articles of association may discourage, delay, or prevent a change in control.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some provisions of our amended and restated memorandum
of association (the &ldquo;Memorandum&rdquo;) and the amended and restated articles of association (the &ldquo;Articles of Association&rdquo;),
as amended from time to time (collectively the &ldquo;Memorandum and Articles of Association&rdquo;) may discourage, delay or prevent
a change in control of our Company or management that shareholders may consider favorable, including, among other things, the following:</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">provisions that authorize our board of directors to issue preference shares in one or more series and to designate the rights, preferences and restrictions of such preference shares without any further vote or action by our shareholders; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">provisions that limit the ability of our shareholders to requisition and convene general meetings of shareholders.</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><I>Our board of directors may decline to register
transfers of Ordinary Shares in certain circumstances.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except in connection with the settlement of trades,
transactions or transfers of Ordinary Shares entered into through the facilities of a stock exchange or automated quotation system on
which our Ordinary Shares are listed or traded from time to time, our board of directors may, in its sole discretion, decline to register
any transfer of any Ordinary Share which is not fully paid up or on which we have a lien. Our directors may also decline to register
any transfer of any Ordinary Share unless (i)&nbsp;the instrument of transfer is lodged with us, accompanied by the certificate for the
shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor
to make the transfer; (ii)&nbsp;the instrument of transfer is in respect of only one class of shares; (iii)&nbsp;the instrument of transfer
is properly stamped, if required; (iv)&nbsp;in the case of a transfer to joint holders, the number of joint holders to whom the share
is to be transferred does not exceed four; (v)&nbsp;the shares transferred are free of any lien in favor of us; and (vi)&nbsp;a fee of
such maximum sum as the [Nasdaq Capital Market/NYSE American] may determine to be payable, or such lesser sum as our board of
directors may from time to time require, is paid to us in respect thereof.</P>

<P STYLE="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: justify">If our directors refuse to register a transfer
they shall, within two months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee
notice of such refusal. The registration of transfers may, after compliance with any notice required in accordance with the rules of the
relevant stock exchange, be suspended and our register of members closed at such times and for such periods as our board of directors
may from time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register of members
closed for more than 30 days in any year.</P>

<P STYLE="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, however, is unlikely to affect market transactions
of the Ordinary Shares purchased by investors in the public offering. Once the Ordinary Shares have been listed on the [Nasdaq Capital
Market/NYSE American], the legal title to such Ordinary Shares and the registration details of those Ordinary Shares in the Company&rsquo;s
register of members will remain with the Depository Trust Company (&ldquo;DTC&rdquo;). All market transactions with respect to those
Ordinary Shares will then be carried out without the need for any kind of registration by the directors, as the market transactions will
all be conducted through the DTC systems.</P>

<P STYLE="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><I>Because we are an &ldquo;emerging growth
company,&rdquo; we may not be subject to requirements that other public companies are subject to, which could affect investor confidence
in us and our Ordinary Shares.</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: justify">For as long as we remain an &ldquo;emerging growth
company,&rdquo; as defined in the JOBS Act, we will elect to take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not &ldquo;emerging growth companies&rdquo;, including, but not limited to, not
being required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure obligations
regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of shareholder approval
of any golden parachute payments not previously approved. Because of these lessened regulatory requirements, our shareholders would be
left without information or rights available to shareholders of more mature companies. If some investors find our Ordinary Shares less
attractive as a result, there may be a less active trading market for our Ordinary Shares and our share price may be more volatile. See
&ldquo;<A HREF="#a_042">Implications of Our Being an &ldquo;Emerging Growth Company</A>.&rdquo;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B><I>The laws of the Cayman Islands may not provide
our shareholders with benefits comparable to those provided to shareholders of corporations incorporated in the United States.</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: justify">Our corporate affairs are governed by our Memorandum
and Articles of Association, by the Companies Act (As Revised) of the Cayman Islands and by the common law of the Cayman Islands. The
rights of shareholders to take action against our directors, actions by minority shareholders and the fiduciary duties of our directors
to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands
is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the
decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders
and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or
judicial precedents in the United States. In particular, the Cayman Islands has a less developed body of securities laws than the United
States. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court
of the United States. Therefore, our public shareholders may have more difficulty protecting their interests in the face of actions by
our management, directors or controlling shareholders than they would as public shareholders of a corporation incorporated in a jurisdiction
in the United States.</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"><B><I>It is unclear what ramifications, if
any, the addition of the Cayman Islands to the &ldquo;FATF grey list&rdquo; will have for us.</I></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">In 2021, the Cayman Islands was added to the
Financial Action Task Force (&ldquo;FATF&rdquo;) list of jurisdictions whose anti-money laundering practices are under increased monitoring,
commonly referred to as the &ldquo;FATF grey list&rdquo;. When the FATF places a jurisdiction under increased monitoring, it means the
country has committed to resolve swiftly the identified strategic deficiencies within agreed upon timeframes and is subject to increased
monitoring during such timeframes. As of the date of this prospectus, it is unclear how long this designation will remain in place and
what ramifications, if any, the designation will have for the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>It is unclear how long the designation
of the Cayman Islands to the EU AML High-Risk Third Countries List will remain in place and what ramifications, if any, the designation
will have for us.</I></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">In March&nbsp;13, 2022, the European Commission
(&ldquo;EC&rdquo;) updated its list of &ldquo;high-risk third countries&rdquo; (&ldquo;EU AML List&rdquo;) identified as having strategic
deficiencies in their anti-money laundering/counter-terrorist financing regimes to include, among others, the Cayman Islands. The EC has
noted it is committed to greater alignment with the FATF listing process and the addition of the Cayman Islands to the EU AML List is
a direct result of the inclusion of the Cayman Islands on the FATF grey list in February&nbsp;2021. It is unclear how long this designation
will remain in place and what ramifications, if any, the designation will have for 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><I>You may be unable to present proposals before
annual general meetings or extraordinary general meetings not called by shareholders.</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: justify">Cayman Islands law provides shareholders with
only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general
meeting. These rights, however, may be provided in a company&rsquo;s articles of association. Our Articles of Association allow our shareholders
holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of the Company
entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board of directors
is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Advance
notice of not less than ten clear days is required for the convening of our annual general shareholders&rsquo; meeting (if any) and any
other general meeting of our shareholders. A quorum required for a general meeting of shareholders consists of, at the time when the meeting
proceeds to business, two shareholders holding shares which carry in aggregate (or representing by proxy) not less than one-third in nominal
value of the total issued shares in the Company entitled to vote at such general meeting of the Company.</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"><B><I>It is not certain if we will be classified
as a Singapore tax resident.</I></B></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; text-align: justify">Under the Singapore Income Tax Act, a company
established outside Singapore but whose governing body, being the board of directors, usually exercises de facto control and management
of its business in Singapore could be considered a tax resident in Singapore. However, such control and management of the business should
not be deemed to be in Singapore if physical board meetings are conducted outside of Singapore. Where board resolutions are passed in
the form of written consent signed by the directors, each acting in their own jurisdictions, or where the board meetings are held by
teleconference or videoconference, it is possible that the place of de facto control and management will be considered to be where the
majority of the board of directors are located when they sign such consent or attend such conferences.</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">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin: 0pt 0; text-align: justify">We believe that the Company, which is a Cayman
Islands exempted company, is not a Singapore tax resident for Singapore income tax purposes. &nbsp;However, the tax residence status of
the Company is subject to determination by the Inland Revenue Authority of Singapore (&ldquo;IRAS&rdquo;), and uncertainties remain with
respect to the interpretation of the term &ldquo;control and management&rdquo; for the purposes of the Singapore Income Tax Act.</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 IRAS determines that the Company is a Singapore
tax resident for Singapore income tax purposes, the portion of the Company&rsquo;s single company income on an unconsolidated basis that
is received or deemed by the Singapore Income Tax Act to be received in Singapore, where applicable, may be subject to Singapore income
tax at the prevailing tax rate of 17% before applicable income tax exemptions or relief. If the Company is regarded as a Singapore tax
resident, any dividends received or deemed received by the Company in Singapore from our subsidiary located in a foreign jurisdiction
with a rate of income tax or tax of a similar nature of no more than 15% may generally be subject to additional Singapore income tax where
there is no other applicable tax treaty between such foreign jurisdiction and Singapore. Income is considered to have been received in
Singapore when it is: (i) remitted to, transmitted, or brought into Singapore; (ii) applied in or towards the satisfaction of any debt
incurred in respect of a trade or business carried on in Singapore; or (iii) applied to purchase any movable property that is brought
into Singapore.</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">In addition, as Singapore does not impose withholding
tax on dividends declared by Singapore resident companies. If the Company is considered a Singapore tax resident, dividends paid to the
holders of our ordinary shares will not be subject to withholding tax in Singapore. Regardless of whether or not the Company is regarded
as a Singapore tax resident, holders of our ordinary shares who are not Singapore tax residents would generally not be subject to Singapore
income tax on gains derived from the disposal of our ordinary shares if such shareholders do not maintain a permanent establishment in
Singapore, to which the disposition gains may be effectively connected, and the entire process (including the negotiation, deliberation,
execution of the acquisition and sale, etc.) leading up to the actual acquisition and sale of our ordinary shares is performed outside
of Singapore. For Singapore resident shareholders, if the gain from disposal of our ordinary shares is considered by IRAS as income in
nature, such gain will generally be subject to Singapore income tax, and not taxable in Singapore if the gain is considered by IRAS as
capital gains in nature.</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"><B><I>If we are classified as a passive foreign
investment company, United States taxpayers who own our Ordinary Shares may have adverse United States federal income tax consequences.</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: justify">A non-U.S. corporation such as ourselves will
be classified as a passive foreign investment company, which is known as a PFIC, for any taxable year if, for such year, either</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">At least 75% of our gross income for the year is passive income; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The average percentage of our assets (determined at the end of each quarter) during the taxable year which produce passive income or which are held for the production of passive income is at least 50%.</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">Passive income generally includes dividends, interest,
rents and royalties (other than rents or royalties derived from the active conduct of a trade or business), and gains from the disposition
of passive assets.</P>

<P STYLE="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 are determined to be a PFIC for any taxable
year (or portion thereof) that is included in the holding period of a U.S. taxpayer who holds our Ordinary Shares, the U.S. taxpayer may
be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.</P>

<P STYLE="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: justify">Depending on the amount of cash we raise in this
offering, together with any other assets held for the production of passive income, it is possible that, for our 2021 taxable year or
for any subsequent year, more than 50% of our assets may be assets which produce passive income, in which case we would be deemed a PFIC,
which could have adverse US federal income tax consequences for US taxpayers who are shareholders. We will make this determination following
the end of any particular tax year.</P>

<P STYLE="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">For a more detailed discussion of the application
of the PFIC rules&nbsp;to us and the consequences to U.S. taxpayers if we were or are determined to be a PFIC, see <A HREF="#a_021">&ldquo;Material Income Tax Consideration</A>&mdash;United States Federal Income Taxation&mdash;Passive Foreign Investment Company.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our pre-IPO shareholders will be able to
sell their shares upon completion of this offering subject to restrictions under Rule&nbsp;144 under the Securities Act.</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: justify">Our pre-IPO shareholders may be able to sell
their Ordinary Shares under Rule&nbsp;144 after the completion of this offering. See &ldquo;<A HREF="#a_020">Shares Eligible for Future
Sale</A>&rdquo; below. Because these shareholders have paid a lower price per Ordinary Share than participants in this offering, when
they are able to sell their pre-IPO shares under Rule&nbsp;144, they may be more willing to accept a lower sales price than the IPO price.
This fact could impact the trading price of the Ordinary Shares following the completion of the offering, to the detriment of participants
in this offering. Under Rule&nbsp;144, before our pre-IPO shareholders can sell their shares, in addition to meeting other requirements,
they must meet the required holding period. We do not expect any of the Ordinary Shares to be sold pursuant to Rule&nbsp;144 during the
pendency of this offering.</P>

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

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

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

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

<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our shareholders may be held liable for
claims by third parties against us to the extent of distributions received by them.</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: justify">If we make a liquidating distribution, any distributions
received by shareholders could be viewed as an unlawful payment if it was proved that immediately following the date on which the distribution
was made, we were unable to pay our debts as they fall due in the ordinary course of business. As a result, a liquidator could seek to
recover some or all amounts received by our shareholders. Furthermore, our directors may be viewed as having breached their fiduciary
duties to us or our creditors and/or may have acted in bad faith, thereby exposing themselves and our Company to claims, by paying public
shareholders prior to addressing the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons.
Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or its share premium account, provided that
in no circumstances may a dividend be paid out of the share premium account if this would result in the company being unable to pay its
debts as they fall due in the ordinary course of business. Our Company and any director or manager of the Company who knowingly and willfully
authorizes or permits any distribution or dividend to be paid out of our share premium account while we were unable to pay our debts as
they fall due in the ordinary course of business would commit an offence and may be liable to a fine of Cayman Islands dollars 15,000
and to imprisonment for five years in the 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"><B><I>You may face difficulties in protecting
your interests as a shareholder, as Cayman Islands law provides substantially less protection when compared to the laws of the United
States and it may be difficult for a shareholder of ours to effect service of process or to enforce judgements obtained in the U.S. courts.</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: justify">Our Company is an exempted company incorporated
under the laws of the Cayman Islands. Our corporate affairs are governed by our Memorandum and Articles of Association, as amended and
by the Companies Act (As Revised) and common law of the Cayman Islands. The rights of shareholders to take legal action against our directors,
officers and us, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large
extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited
judicial precedent in the Cayman Islands as well as from English common law. Decisions of the English courts are generally of persuasive
authority but are not binding on the courts of the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors
under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in the United States.
In particular, the Cayman Islands has a less developed body of securities laws as compared to the United States, and provides significantly
less protection to investors. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action
before the U.S. federal courts. The Cayman Islands courts are also unlikely to impose liabilities against us in original actions brought
in the Cayman Islands, based on the civil liability provisions of U.S. securities laws, so far as the liabilities imposed by those provisions
are penal in nature.</P>

<P STYLE="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: justify">Currently, all of our operations are conducted
outside the United States, and substantially all of our assets are located outside the United States. All of our directors and officers
are nationals or residents of jurisdictions other than the United States and all or a substantial portion of their assets are located
outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon
these persons, or to enforce against us or them judgments obtained in U.S. courts, including judgments predicated upon the civil liability
provisions of the securities laws of the United States or any state in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of all of the above, our shareholders
may have more difficulty in protecting their interests through actions against us or our officers, directors or major shareholders than
would shareholders of a corporation incorporated in a jurisdiction in the United States.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal"><B>Risks
Related to Regulations and Litigation</B></FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We are subject to
evolving laws, regulations, standards and policies, and any actual or perceived failure to comply could harm our brands and reputation,
subject us to significant fines and liability, or otherwise adversely affect our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The laws, regulations, standards
and policies governing the import and export of food products and the distribution and sale of food products vary from jurisdiction to
jurisdiction. The application of these types of laws to our operations continues to be difficult to predict but could pose operational
challenges for us in the future. Because laws vary from jurisdiction to jurisdiction, our distribution and service processes must be continually
monitored for compliance with the various rules and requirements, which may change from time to time. Furthermore, the costs of compliance,
including remediation of any discovered issues and any changes to our operations mandated by new or amended laws, may be significant,
and any failures to comply could result in additional expenses, delays or fines. The applicable laws, regulations, standards and policies
relating to the import and export of commodity products and food products in the different jurisdictions in which our customers are located
in continue to rapidly change, which increases the likelihood of a patchwork of complex or conflicting regulations, or which could adversely
increase our compliance costs or otherwise affect our business.</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">All sugar, rice, and oil and
fat products sold must comply with applicable standards and requirements, including mandated safety standards, in each market where such
commodities products are produced by our suppliers and sold to our customers. Failure by the relevant commodities products to satisfy
applicable standards and requirements would materially and adversely affect our business, financial condition, results of operations,
cash flows and prospects.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our business could be adversely affected
by trade tariffs, export control laws or other trade barriers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our business could be affected
by the imposition of tariffs, export control laws and other trade barriers, which may make it more costly or difficult for us to export
the relevant commodities products to the imposing country. We may become subject to additional tariffs, laws and barriers as we enter
into new markets. We may experience cost increases as a result of existing or future tariffs, and may not be able to pass on such additional
costs to our customers, or otherwise mitigate the costs. In the event that we raise prices to help cover the higher costs, we may face
lower demand for the relevant commodities products. A violation of export control laws could subject us to whistle-blower complaints,
adverse media coverage, investigations, and severe administrative, civil and criminal penalties, collateral consequences, remedial measures
and legal expenses. Any of the foregoing could materially and adversely affect our business, financial condition, results of operations,
cash flows and prospects.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Our Company may be involved
in certain legal proceedings from time to time. Any adverse decision in such proceedings may render us liable to liabilities and may
adversely affect our business, financial condition, results of operations, cash flows and prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Company may be involved in legal proceedings
from time to time. For example, in August 2021, BSRAT DMCC, a Dubai Limited Liability Company, which is our customer and is in the business
of general trading and distribution of mainly food stuffs, including rice, filed a claim against us in the District Court of Singapore
alleging that we had failed to supply the bags of rice in conformity with the contracts of sale and sought compensation for damages amounting
up to approximately US$255,000. The claim was dismissed on September 27, 2022. In addition to the related cost, managing and defending
litigation can divert our management's attention. We may also need to pay damages to settle the claim with a substantial amount of cash.
Any related costs could have a material adverse effect on our business, financial condition, results of operations, cash flows and prospects.</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"><B><I>Our insurance coverage may not be sufficient
or may not adequately protect us against all material hazards and other business risks, which may adversely affect our business, financial
condition, results of operations, cash flows and prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal insurance coverage is marine cargo
insurance. While we believe that the insurance coverage we maintain is reasonably adequate to cover the normal risks associated with the
operation of our business, we cannot be certain that our coverage will be sufficient to cover all future claims against us and any other
business-related risks, including any losses resulting from accidents that arise out of our operations and/or from any warehouse handling,
storage and other logistical services provided to our customers. Such incidences may lead to unforeseen costs and we may have to compensate
for any losses or damages suffered by third parties as a result of such incidents and which are not covered by our insurance policies.
In the event of personal injuries, fires or other accidents suffered by our employees or other people, we could face claims alleging that
we were negligent, provided inadequate supervision or be otherwise liable for the injuries.</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">In addition, we cannot assure you that any claim
under the insurance policies maintained by us will be honored fully, in part or on time, or that we have sufficient insurance to cover
all our losses. In addition, our insurance coverage may expire from time to time. We apply for the renewal of our insurance coverage in
the normal course of our business, but we cannot assure you that such renewals will be granted in a timely manner, at acceptable cost
or at all. To the extent that we suffer loss or damage for which we did not obtain or maintain insurance, and which is not covered by
insurance, exceeds our insurance coverage or where our insurance claims are rejected, the loss would have to be borne by us and our business,
financial condition, results of operations, cash flows and prospects could be adversely affected.</P>

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

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

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

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

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS</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">This prospectus contains forward-looking statements
that reflect our current expectations and views of future events, all of which are subject to risks and uncertainties. Forward-looking
statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not
relate strictly to historical or current facts. You can find many (but not all) of these statements by the use of words such as &ldquo;approximates,&rdquo;
&ldquo;believes,&rdquo; &ldquo;hopes,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo;
&ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;may&rdquo;
or other similar expressions in this prospectus. These statements are likely to address our growth strategy, financial results and product
and development programs. You must carefully consider any such statements and should understand that many factors could cause actual results
to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other risks and
uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results
may vary materially. Factors that could cause actual results to differ from those discussed in the forward-looking statements include,
but are not limited 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%">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assumptions about our future financial and operating results, including revenue, income, expenditures, cash balances, and other financial items;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to execute our growth strategies, including our ability to meet our goals;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">current and future economic and political conditions;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our capital requirements and our ability to raise any additional financing which we may require;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to attract customers and further enhance our brand recognition; </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to hire and retain qualified management personnel and key employees in order to enable us to develop our business;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">trends and competition in the agricultural commodity industry; </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The COVID-19 pandemic and its new variants; and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other assumptions described in this prospectus underlying or relating to any forward-looking statements.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We describe certain material risks, uncertainties,
and assumptions that could affect our business, including our financial condition and results of operations, under &ldquo;<A HREF="#a_003">Risk Factors.</A>&rdquo;
We base our forward-looking statements on our management&rsquo;s beliefs and assumptions based on information available to our management
at the time the statements are made. We caution you that actual outcomes and results may, and are likely to, differ materially from what
is expressed, implied or forecast by our forward-looking statements. Accordingly, you should be careful about relying on any forward-looking
statements.</P>

<P STYLE="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 forward-looking statements made in this prospectus
relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we
undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events,
or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this
prospectus and the documents that we refer to in this prospectus and have filed as exhibits to the registration statement, of which this
prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect.</P>

<P STYLE="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>Industry Data and Forecasts</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">This prospectus contains data related to the
agricultural commodities industry, specifically, sugar, oil and rice. This industry data includes projections that are based on a
number of assumptions which have been derived from industry and government sources which we believe to be reasonable. The agricultural
commodity industry may not grow at the rate projected by industry data, or at all. The failure of the industry to grow as anticipated
is likely to have a material adverse effect on our business and the market price of our Ordinary Shares. In addition, the rapidly changing
nature of the agricultural commodity industry subjects any projections or estimates relating to the growth prospects or future condition
of our industry to significant uncertainties. Furthermore, if any one or more of the assumptions underlying the industry data turns out
to be incorrect, actual results may, and are likely to, differ from the projections based on these assumptions.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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><A NAME="a_005"></A>ENFORCEABILITY OF CIVIL LIABILITIES</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"><B>Cayman Islands</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">We are incorporated under the laws of the Cayman
Islands as an exempted company with limited liability. We are incorporated in the Cayman Islands because of certain benefits associated
with being a Cayman Islands exempted company, such as political and economic stability, an effective judicial system, a favorable tax
system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However,
the Cayman Islands has a less developed body of securities laws than the United States and provides less protection for investors. In
addition, Cayman Islands companies may not have standing to sue before the federal courts of the United States.</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">Substantially all of our assets are located outside
the United States. In addition, all of our directors and officers are nationals or residents of jurisdictions other than the United States
and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors
to effect service of process within the United States upon us or these persons, or to enforce judgments obtained in U.S. courts against
us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state
in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions
of the U.S. federal securities laws against us and our officers and directors.</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">We have appointed Cogency Global Inc.
as our agent to receive service of process with respect to any action brought against us in the United States District Court for the
Southern District of New York under the federal securities laws of the United States or of any state in the United States or any action
brought against us in the Supreme Court of the State of New York in the County of New York under the securities laws of the State of
New York.</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">Conyers Dill &amp; Pearman Pte. Ltd., our counsel
as to the laws of the Cayman Islands, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i)
recognize or enforce judgments of U.S. courts obtained against us or our directors or executive officers that are predicated upon the
civil liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States,
or (ii) entertain original actions brought in the Cayman Islands against us or our directors or executive officers that are predicated
upon the federal securities laws of the United States or the securities laws of any state in the United States.</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">We have been advised by Conyers Dill &amp; Pearman
Pte. Ltd. that, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts
of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments
with the United States), the courts of the Cayman Islands <FONT>may</FONT> recognize as a valid judgment,
a final and conclusive judgment <I>in personam</I> obtained in the federal or state courts of the United States against the Company under
which a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature
or in respect of a fine or other penalty) or, in certain circumstances, an <I>in personam</I> judgment for non-monetary relief, and <FONT>may</FONT>
give a judgment based thereon, provided that (a) such courts had proper jurisdiction over the parties subject to such judgment; (b) such
courts did not contravene the rules of natural justice of the Cayman Islands; (c) such judgment was not obtained by fraud; (d) the enforcement
of the judgment would not be contrary to the public policy of the Cayman Islands; (e) no new admissible evidence relevant to the action
is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (f) there is due compliance with the correct
procedures under the laws of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from United
States courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the
Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because such a determination has not
yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable
in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><B>Singapore </B></P>

<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-align: justify">Rajah &amp; Tann Singapore LLP, our counsel with
respect to the laws of Singapore, has advised us that there is uncertainty as to whether the courts of Singapore would (i) recognize or
enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions
of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in Singapore
against us or our directors or officers predicated upon the securities laws of the United States.</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">Rajah &amp; Tann Singapore LLP has further advised
us that in making a determination as to enforceability of a judgment of the courts of the United States, and subject to the Singapore
courts having jurisdiction over the judgment debtor, the Singapore courts would have regard to whether the judgment was final and conclusive
and on the merits of the case, given by a court of law of competent jurisdiction, and was expressed to be for a fixed sum of money. In
general, an <I>in personam</I> foreign judgment that is final and conclusive (that is, in general, a judgment that makes a final determination
of rights between the parties and cannot be re-opened or altered by the court that delivered it, or be overridden by another body not
being an appellate or supervisory body, although it may be subject to an appeal), given by a competent court of law having jurisdiction
over the parties subject to such judgment, and for a fixed and ascertainable sum of money, may be enforceable as a debt in the Singapore
courts under common law unless procured by fraud, or the proceedings in which such judgments were obtained were not conducted in accordance
with principles of natural justice, or the enforcement thereof would be contrary to fundamental public policy, or if the judgment would
conflict with earlier judgment(s) from Singapore or earlier foreign judgment(s) recognized in Singapore, or if the judgment would amount
to the direct or indirect enforcement of foreign penal, revenue or other public laws (save where any such component of the judgment can
be duly severed from the rest of the judgment sought to be enforced). Civil liability provisions of the federal and state securities law
of the United States permit the award of punitive damages against us, our directors and officers. Singapore courts would not recognize
or enforce judgments against us, our directors and officers to the extent that doing so would amount to the direct or indirect enforcement
of foreign penal, revenue or other public laws. It is uncertain as to whether a judgment of the courts of the United States under civil
liability provisions of the federal securities law of the United States would be regarded by the Singapore courts as being pursuant to
foreign, penal, revenue or other public laws. Such a determination has yet to be made by a Singapore court in a reported decision.</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>USE OF PROCEEDS</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">Based upon an assumed initial public offering
price of $[&nbsp;&nbsp;&nbsp;&nbsp;] per Ordinary Share, which is the midpoint of the estimated initial public offering price range set forth on the cover page
of this prospectus, we estimate that we will receive net proceeds from this offering, after deducting the estimated underwriting discounts
and the estimated offering expenses payable by us, of approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], assuming the underwriters do not exercise their over-allotment
option, and $[&nbsp;&nbsp;&nbsp;&nbsp;] if the underwriters exercise their over-allotment option in full.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We plan to use the net proceeds we receive from this offering for the
following purposes:</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>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">approximately 75% for business expansion, including strengthening our market position, expanding the scope of our product offerings, engaging in strategic acquisitions and investments, joint venture partnerships, and investing in equipment and technology; </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">approximately 10% for repayment of bank borrowings with the incurred interest expenses*; and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">approximately 15% for working capital and general corporate matters.</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">In fiscal years 2021 and 2022, our subsidiary Maxwill
    Foodlink, obtained bank loans for funding business expansion and working capital purposes. As of the date of this prospectus, these
    are the only bank loans outstanding. The total amount of outstanding bank loans as of June 30, 2022 is approximately US$770,000.
    The effective interest rate on all of such bank loans is 4.5% and each loan will mature between December 2026 and January 2027. </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 foregoing represents our current intentions
based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management, however, will
have flexibility and discretion to apply the net proceeds of this offering. See &ldquo;<A HREF="#a_003">Risk Factors</A>&mdash;Risks Related to this Offering
and the Trading Market&mdash;Our management has broad discretion to determine how to use the net proceeds raised in this offering and
may use them in ways that may not enhance our results of operations or the price of our Ordinary Shares.&rdquo; To the extent that the
net proceeds we receive from this offering are not immediately used for the above purposes, we intend to invest our net proceeds in short-term,
interest-bearing bank deposits or debt instruments.</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">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_007"></A>EXCHANGE RATE INFORMATION</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">The accompanying consolidated financial
statements are presented in U.S. dollars (&ldquo;US$&rdquo;), which is the reporting currency of the Davis Commodities. The functional
currency of Davis Commodities and its subsidiaries, Maxwill (Asia), LP Grace and Maxwill are the U.S. dollar. Maxwill Foodlink uses the
Singapore dollar as its functional currency.</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">Assets and liabilities denominated in currencies
other than the reporting currency are translated into the reporting currency at the rates of exchange prevailing at the balance sheet
date. Translation gains and losses are recognized in the consolidated statements of operations and comprehensive loss as other comprehensive
income or loss. Transactions in currencies other than the reporting currency are measured and recorded in the reporting currency at the
exchange rate prevailing on the transaction date. The cumulative gain or loss from foreign currency transactions is reflected in the consolidated
statements of income and comprehensive income as other income (other expenses).</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 value of foreign currency including, the Singapore
dollar (&ldquo;S$&rdquo;), may fluctuate against the US$. Any significant variations of the aforementioned currency relative to the Singapore
dollar may materially affect the Company&rsquo;s financial condition in terms of reporting in US$. The following table outlines the currency
exchange rates that were used in preparing the accompanying consolidated financial statements:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<BR> 2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<BR> 2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">US$ to S$ Year End</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1.3500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1.3680</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">US$ to S$ Average Rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3843</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3448</TD><TD STYLE="text-align: left">&nbsp;</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: center">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30,<BR> 2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30,<BR> 2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">US$ to S$ Period End</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1.3850</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1.3320</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">US$ to S$ Average Rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3658</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3353</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<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">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>DIVIDEND POLICY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The payment of dividends
will be determined at the discretion of our board of directors, and is also subject to Cayman Islands law and our articles of association,
as amended from time to time. Under the laws of the Cayman Islands, a Cayman Islands company may pay a dividend out of profits or its
share premium account, provided that in no circumstances may a dividend be paid out of the share premium account unless, immediately following
the date on which the dividend is proposed to be paid, the company shall be able to pay its debts as they fall due in the ordinary course
of business. Even if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations
and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the board
of directors may deem relevant.</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">We have never declared
or paid cash dividends on our Ordinary Shares and, as of the date of this prospectus, we do not have any plans to pay cash dividends.
Rather, we currently intend to retain all of our available funds and any future earnings to operate and grow our business. During the
fiscal year ended December 31, 2021, our subsidiary, Maxwill (Asia), declared dividends totaling US$5,051,000 to its then shareholders
Tan Choo Kiat and  Li Peng Leck. During the six months ended June 30, 2022 and the fiscal year ended December 31, 2020, Maxwill (Asia)
did not declare any dividends.</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">If we determine to pay
dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on the receipt of dividends and other
distributions from our subsidiary, Maxwill. Maxwill will rely on payments made from its subsidiaries, Maxwill (Asia), LP Grace and Maxwill
Foodlink. Under the Companies Act 1967 of Singapore, no dividend is payable to the shareholders of any Singapore-incorporated company
except out of profits. As a result, our ability to pay dividends depends upon dividends paid by Maxwill and its subsidiaries.</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">Cash dividends on our
Ordinary Shares, if any, will be paid in U.S. dollars. All Singapore-tax resident companies are currently under a &ldquo;one-tier&rdquo;
corporate tax system, or one-tier system. Under the one-tier system, the income tax paid by a tax resident company is a final tax and
its distributable profits can be distributed to shareholders as tax exempt (one-tier) dividends. Such dividends are exempt from income
tax in the hands of shareholders, regardless of the tax residence status, shareholding level or legal form of the shareholder. Accordingly,
dividends received by our subsidiary, Maxwill, in respect of the shares held by Maxwill in its subsidiaries, Maxwill (Asia), LP Grace
and Maxwill Foodlink are not subject to Singapore income tax (whether by withholding or otherwise), on the basis that each of its subsidiaries,
Maxwill (Asia), LP Grace and Maxwill Foodlink, are a tax resident of Singapore and under the one-tier system. Likewise, dividends received
by Davis Commodities, in respect of the shares held by Davis Commodities in our subsidiary, Maxwill, are not subject to Singapore income
tax (whether by withholding or otherwise), on the basis that Maxwill is a tax resident of Singapore and under the one-tier system. See
&ldquo;<A HREF="#a_021">Material Income Tax Consideration</A>&mdash;Singapore Taxation.&rdquo;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>CAPITALIZATION</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">The following table sets forth our capitalization as of June 30, 2022:</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>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on an actual basis; and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on an as adjusted basis to reflect the issuance and sale of Ordinary Shares by us in this offering at the assumed initial public offering price of $[&nbsp;&nbsp;&nbsp;&nbsp;] per share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and the estimated offering expenses payable by us.</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; text-align: justify">You should read this capitalization table in conjunction
with &ldquo;<A HREF="#a_012">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</A>&rdquo; and the consolidated financial
statements and the related notes appearing elsewhere in this prospectus.</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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>June 30, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Actual&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>As adjusted (Over-allotment option not exercised)<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>As adjusted (Over-allotment option exercised <BR>
in full)<SUP>(1)</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">5,087,821&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Short-term loans</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">Long-term loans, including current portion</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">770,704&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Finance lease liabilities, including current portion</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">18,830&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">Shareholders&rsquo; Equity:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-align: left; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Ordinary Shares, 100,000,000 Ordinary Shares authorized, 10,000 Ordinary Shares issued and outstanding; [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Ordinary Shares issued and outstanding, as adjusted assuming the over-allotment option is not exercised, and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Ordinary Shares issued and outstanding, as adjusted assuming the over-allotment option is exercised in full*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">Additional paid-in capital</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,112,568&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Accumulated profit</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,123,428&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">Accumulated other comprehensive loss</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">20,793&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Total Shareholders&rsquo; Equity</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3,256,799&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">Total Capitalization</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">20,108,626&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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 STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects the issuance and sale of Ordinary Shares in this&nbsp;offering&nbsp;at an assumed initial public offering price of $[&nbsp;&nbsp;&nbsp;&nbsp;] per share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and estimated offering expenses payable by us. The pro forma as adjusted information is illustrative only, and we will adjust this information based on the actual initial public offering price and other terms of this offering determined at pricing. We estimate that such net proceeds&nbsp;will be approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], assuming the underwriters do not exercise their over-allotment option, and $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] if the underwriters exercise their over-allotment option in full.</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">A $1.00 increase (decrease) in the assumed initial
public offering price of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] per share, which is the midpoint of the estimated initial public offering price range set forth on the cover
page of this prospectus, would increase (decrease) each of total shareholders&rsquo; equity and total capitalization by $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] million if
the underwriters&rsquo; over-allotment option is not exercised, or $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] million if the underwriters&rsquo; over-allotment option is exercised
in full, assuming the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same and
after deducting the estimated underwriting discounts and estimated expenses payable by us. An increase (decrease) of 1,000,000 Ordinary
Shares in the number of Ordinary Shares offered by us would increase (decrease) each of total shareholders&rsquo; equity and total capitalization
by $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] million if the underwriters&rsquo; over-allotment option is not exercised, or $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] million if the underwriters&rsquo; over-allotment
option is exercised in full, based on an assumed initial public offering price of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] per share, which is the midpoint of the estimated
initial public offering price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts
and estimated expenses payable by us.</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>DILUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you invest in our Ordinary Shares, your interest
will be diluted for each Ordinary Share you purchase to the extent of the difference between the initial public offering price per Ordinary
Share and our net tangible book value per Ordinary Share after this offering. Dilution results from the fact that the initial public offering
price per Ordinary Share is substantially in excess of the net tangible book value per Ordinary Share attributable to the existing shareholders
for our presently issued and outstanding Ordinary 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">Our net tangible book value as of June 30, 2022,
was $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], or $[&nbsp;&nbsp;&nbsp;&nbsp;] per Ordinary Share. Net tangible book value represents the amount of our total consolidated tangible assets, less the
amount of our total consolidated liabilities. Dilution is determined by subtracting the net tangible book value per Ordinary Share (as
adjusted for the offering) from the initial public offering price per Ordinary Share and after deducting the estimated underwriting discounts
to the underwriters and the estimated offering expenses payable by us.</P>

<P STYLE="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">After giving effect to our sale of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Ordinary
Shares offered in this offering based on the initial public offering price of $[&nbsp;&nbsp;&nbsp;&nbsp;] per Ordinary Share after deduction of the estimated
underwriting discounts and non-accountable expense allowance to the underwriters and the estimated offering expenses payable by us, our
as adjusted net tangible book value as of June 30, 2022, would have been $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], or $[&nbsp;&nbsp;&nbsp;&nbsp;  per issued and outstanding Ordinary Share. This
represents an immediate increase in net tangible book value of $[&nbsp;&nbsp;&nbsp;&nbsp;] per Ordinary Share to the existing shareholders, and an immediate
dilution in net tangible book value of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] per Ordinary Share to investors purchasing Ordinary Shares in this offering. The as adjusted
information discussed above is illustrative only.</P>

<P STYLE="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 following table sets forth the estimated net
tangible book value per Ordinary Share after the offering and the dilution to persons purchasing Ordinary Shares based on the foregoing
firm commitment offering assumptions, and full exercise of the Underwriters&rsquo; over-allotment option. See &ldquo;<A HREF="#a_019">Description of Share Capital</A>&rdquo; for more details:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Post-<BR> Offering <SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Full <BR> Exercise of<BR> Over-<BR> Allotment <BR> Option</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 68%; text-align: left">Assumed Initial public offering price per Ordinary Share</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 13%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Net tangible book value per Ordinary Share as of June 30, 2022</TD><TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">As adjusted net tangible book value per Ordinary Share attributable to payments by new investors</TD><TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Pro forma net tangible book value per Ordinary Share immediately after this offering</TD><TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Amount of dilution in net tangible book value per Ordinary Share to new investors in the offering</TD><TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>$</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;Assumes that the underwriters&rsquo; over-allotment option
has not been exercised.</P>

<P STYLE="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 underwriters exercise their over-allotment
option in full, the pro forma as adjusted net tangible book value per Ordinary Share after the offering would be $[&#9679;], the increase
in net tangible book value per Ordinary Share to existing shareholders would be $[&#9679;], and the immediate dilution in net tangible
book value per Ordinary Share to new investors in this offering would be $[&#9679;].</P>

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

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

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

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

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

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

<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables summarize, on a pro forma
as adjusted basis as of June 30, 2022, the differences between existing shareholders and the new investors with respect to the number
of Ordinary Shares purchased from us, the total consideration paid and the average price per Ordinary Share before deducting the estimated
underwriting discounts and non-accountable expense allowance to the underwriters and the estimated offering expenses payable by us.</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: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ordinary Shares<BR>
purchased</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total consideration</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Average<BR>
price per<BR>
Ordinary</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Over-allotment option not exercised</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Share</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>($ in thousands)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing shareholders</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New investors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ordinary Shares<BR>
purchased</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total consideration</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Average<BR>
price per<BR>
Ordinary</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Over-allotment option exercised in full</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Share</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>($ in thousands)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing shareholders</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New investors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pro forma as adjusted information as discussed
above is illustrative only. Our net tangible book value following the completion of this offering is subject to adjustment based on the
actual initial public offering price of our Ordinary Shares and other terms of this offering determined at the pricing.</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">&nbsp;</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">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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><A NAME="a_011"></A>CORPORATE HISTORY AND STRUCTURE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Corporate History</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">Our operations commenced on September 11,
1999 through our wholly owned subsidiary, Maxwill (Asia), in Singapore, of which our Executive Chairwoman and Executive Director Ms.
Li Peng Leck has been a director since December 2003. On January 15, 2004, Maxwill Foodlink was established as a private company
limited by shares in Singapore. On November 1, 2004, Maxwill was established as a private company limited by shares in Singapore. On
January 11, 2008, LP Grace was established in Singapore as a private company limited by shares. On July 1, 2022, Ms.  Li Peng Leck,
our Executive Chairwoman and Executive Director, was appointed as a director to the boards of directors of each of Maxwill, LP Grace
and Maxwell Foodlink.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with this offering, we have undertaken
a reorganization of our corporate structure (the &ldquo;Reorganization&rdquo;) in the following steps:</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%">
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">on August 29, 2022, Maxwill acquired 100% of the equity interests in LP Grace and Maxwill Foodlink;
    and on August 30, 2022, Maxwill acquired 100% of the equity interests in Maxwill (Asia);</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on September 20, 2022, we incorporated Davis Commodities Limited as an exempted company limited by shares under the laws of the Cayman Islands; and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on September 20, 2022, Davis Commodities Limited acquired 100% of the equity interests in Maxwill from its original shareholders. &nbsp;Consequently, Davis Commodities Limited, through a restructuring which is accounted for as a reorganization of entities under common control, became the ultimate holding company of all other entities mentioned above. </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"><B>Our Corporate Structure </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 following diagram illustrates our corporate
structure as of the date of this prospectus and upon completion of our IPO based on a proposed number of 10,000 Ordinary Shares being
offered, assuming no exercise of the underwriters&rsquo; over-allotment option.</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 262px; width: 624px"></P>

<P STYLE="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">For details of our principal shareholders&rsquo;
ownership, please refer to the beneficial ownership table in the section captioned &ldquo;<A HREF="#a_017">Principal Shareholders</A>.&rdquo;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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><A NAME="a_012"></A>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF<BR>
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</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>The following discussion and analysis of our
financial condition and results of operations should be read in conjunction with our financial statements and the related notes included
elsewhere in this prospectus. This discussion contains forward-looking statements reflecting our current expectations that involve risks
and uncertainties. See <A HREF="#a_004">&ldquo;Disclosure Regarding Forward-Looking Statements</A>&rdquo; for a discussion of the uncertainties, risks, and
assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in
our forward-looking statements as a result of many factors, including those set forth under &ldquo;<A HREF="#a_003">Risk Factors</A>&rdquo; and elsewhere in
this prospectus.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Overview</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">We are an agricultural commodity trading company
based in Singapore which specializes in trading of three main categories of agricultural commodities: sugar, rice, and oil and fat products.
We distribute agricultural commodities to various markets, including Asia, Africa and the Middle East. We also provide customers of our
commodity offerings with complementary, ancillary services such as warehouse handling and storage and logistics services. We are
an asset light business and utilize an established global network of third-party commodity suppliers and logistics service providers in
order to distribute sugar, rice, and oil and fat products to customers in over 20 countries as of the fiscal year ended December 31, 2021.</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">We source and market the commodities we distribute
under two main brands: <I>Maxwill</I> and <I>Taffy</I>. We are also the exclusive distributor of the <I>Lin</I> brand in Singapore. The
<I>Maxwill</I> brand is owned by us and is used for the sugar products and oil and fat products that we distribute outside of Singapore.
We have an exclusive distributorship with the Thai Roong Ruang Sugar Group, a large sugar producer in Thailand, for the exclusive distribution
of sugar products under their <I>Lin</I> brand in Singapore. We have also appointed Tong Seng Produce Pte. Ltd., an established distributor
of rice, oil, sugar, flour and fiber products in Singapore, for the exclusive distribution of certain sugar products under our
<I>Taffy</I> brand.</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">We specialize in the sourcing and distribution
of sugar products, with sugar products contributing to approximately 80.8% and 73.6% of our revenue for the six months ended June 30,
2022 and 2021, respectively, &nbsp;and 69.6% and 66.4% of our revenue for the fiscal years ended December 31, 2021 (&ldquo;FY2021&rdquo;)
and 2020 (&ldquo;FY2020&rdquo;), respectively. We procure sugar products from various origins in order to offer a wide range of sugar
products to our customers in Singapore, as well as in different markets in Asia, Africa and the Middle East regions. We are a member of
The Refined Sugar Association in London, which is the trade association for the international white refined sugar trade. We also source
and sell a wide selection of rice products and oil and fat products to our customers in Africa and the People&rsquo;s Republic of China,
or the PRC.</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">We pride ourselves on the quality of our products
and our ability to provide a &lsquo;one-stop service&rsquo; to customers. We engage third-party service providers for services such as
warehouse handling and storage and logistics services (including distribution, freight forwarding and shipping services) to distribute
the commodity products from our suppliers to our customers. We also arrange for our customers&rsquo; insurance and security coverage,
including cargo insurance for the commodities which pass through our supply chain. Our operations are connected to a large network of
such service providers, including freight and shipping companies, which are experienced in handling commodities. Their experienced network,
in turn, enables us to coordinate, organize and manage our operations efficiently and offer our customers timely and cost-effective services.
We are also able to oversee the quality of the products from the point of procurement to the point of distribution to our customers.</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">We are led by a devoted management team
which is highly experienced in the agricultural commodities industry and has a keen understanding of market dynamics through our
regional network of customers, suppliers and service providers. Since our establishment in 1999, we have experienced significant
growth. For the six months ended June 30, 3021 and 2022, we had total revenue of approximately US$84.5 million and US$100.7 million,
respectively, representing an increase by 19.2%; for the fiscal years ended December 31, 2020 and 2021, we had total revenue of
approximately US$131.6 million and US$194.2 million, respectively, representing an increase by 47.6%. According to Frost &amp;
Sullivan Limited, whom we commissioned in June 2022 to produce the Frost &amp; Sullivan Report, we were the largest sugar supplier
in Singapore, based on revenue in 2021, with an approximate market share of 7.5% in the sugar market in Singapore.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

<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: justify"><B>Key Factors that Affect Operating Results</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">We believe the following key factors may affect
our financial condition and results of operations:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our business is geographically concentrated, which subjects us to greater risks from changes in local
or regional conditions. In addition, import or export restrictions by other countries on the commodity products may have a material adverse
impact on our business, financial condition, results of operations, cash flows and prospects.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Our business operations are concentrated in Asia,
Africa and the Middle East regions. Due to this geographic concentration, our results of operations and financial conditions are subject
to greater risks from changes in general economic and other conditions in these countries, than the operations of more geographically
diversified competitors. These risks include:</TD></TR>
                                                                                                       </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in economic conditions and unemployment rates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in laws and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in competitive environment; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">adverse weather conditions and natural disasters (including weather or road conditions that limit access
to our stores).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As a result of the geographic concentration
of our business, we face a greater risk of a negative impact on our business, financial condition, results of operations, and prospects,
in the event that any of the countries to which we sell our products is more severely impacted by any such adverse condition, as compared
to other countries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition, official and unofficial
policies implemented by other countries or international organizations to limit imports from certain countries and/or exports of sugar,
rice, and oil and fat products (such as the imposition of qualitative or quantitative restrictions, increased inspections and quarantines
or additional requirements for sales) may affect our ability to sell such products abroad. For example, we procure raw and white sugar
products from India and in May 2022, the Indian government implemented an export quota for sugar to curb overseas sales and protect food
supplies. Such export restrictions by countries from which we procure sugar or any import restrictions implemented on the commodity products
by other countries or international organizations that we sell to may have a material adverse effect on our business, financial condition,
results of operations, cash flows and prospects. While import or export restrictions implemented by countries have not affected our ability
to procure and export commodity products into the markets where our customers are based in the past, we cannot assure you that we will
not encounter such disruptions in the future, which may have a material adverse effect on our business, financial condition, results of
operations, cash flows and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our operations are dependent on the availability and price of raw materials such as sugar, rice, palm
oil, palm olein, and coconut oil. Unfavorable global weather conditions, the lack of long-term contracts at fixed prices with our suppliers,
and the seasonal nature of crops, may have an adverse effect on the price and availability of such raw materials. Any increase in the
cost of or shortfall in the availability of such raw materials could have an adverse effect on our business, financial condition, results
of operations, cash flows and prospects. Seasonable variations could also result in fluctuations in our results of operations. We also
depend significantly on the procurement of finished products, and various factors may result in an inadequate supply or result in an increase
in our costs in order to secure sufficient products to meet our deliverable requirements to customers.</TD></TR></TABLE>

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

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

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

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

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

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

<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">We source our finished package commodity
products from global suppliers, which are predominantly sugar products from Brazil, India, Malaysia, Thailand and Indonesia, rice products
from Thailand, India, Vietnam and Pakistan, and oil and fat products from Indonesia and Malaysia. We are not involved in the milling,
processing and/or refining of raw materials used to produce the finished package commodity products that we sell to our customers. We
purchase finished packaged commodities from our suppliers, after which we engage with third-party freight and/or shipping companies for
the transportation of these products, and then distribute these products to our customers. Nevertheless, our business is highly dependent
on the price reasonability and availability of high quality raw agricultural commodity materials which serve as inputs that our suppliers
use to manufacture the commodity products that we distribute to our customers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The price and availability of such raw
materials depend on several factors beyond our control, including overall economic conditions, production levels, market demand and competition
for such raw materials, production and transportation costs, duties and taxes and trade restrictions. Unfavorable global weather conditions,
including extreme weather, such as drought, floods and natural disasters, may have an adverse effect on the availability of raw materials.
There is growing concern that carbon dioxide and other greenhouse gases in the atmosphere will have an adverse impact on global temperatures,
weather patterns and the frequency and severity of extreme weather and natural disasters. The availability of raw materials used to manufacture
the finished commodity products for our business, which include, among others, sugar, rice, palm oil, palm olein, and coconut oil, may
be adversely affected by longer than usual periods of heavy rainfall in certain regions or a drought caused by weather conditions such
as El Ni&ntilde;o. For example, excessive rainfall may lead to poor pollination of palms, decrease the effectiveness of fertilizers and
affect harvesting. Adverse weather conditions may also result in decreased availability of water, which could impact the processing and
refining of the raw materials. Such events may have an adverse impact on the availability and prices of raw materials used in our suppliers&rsquo;
manufacturing operations, which may consequently increase the costs of our operations, as well as negatively affect our business, financial
condition, results of operations, cash flows and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Additionally, we do not have long-term
supply contracts with any of our suppliers. We typically place orders with them in advance of our anticipated requirements for some of
our products. For example, we typically pre-order sugar products based on the annual forecasted demand, purchasing approximately 50% of
total forecasted demand. We will place additional orders with the relevant suppliers when inventory levels run low. The absence of long-term
contracts at fixed prices exposes us to volatility in the prices of raw materials that are used to manufacture the sugar, rice, and oil
and fat products and we cannot assure you that we will always be able to pass on any consequential cost increases from our suppliers to
our customers, nor that volumes purchased by our customers can be maintained should selling prices to our customers increase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Furthermore, the supply of raw materials
used by our suppliers to manufacture our commodity products is subject to seasonal variations. For example, the supply of raw materials
is generally dependent on the harvesting season of various crops such as sugar cane, rice and palm. As a result of such seasonal fluctuations,
and given that we do not have access to storage infrastructure such as warehouses for off-season sales, our sales and results of operations
may vary by financial quarter, and the sales and results of operations of any given financial quarter may not be relied upon as indicators
of the sales or results of operations of other financial quarters or of our future performance. Such seasonal fluctuations may also result
in a shortfall in the availability of the raw materials required by our suppliers to manufacture the commodity products during certain
periods, which could lead to a shortage in production of the finished commodity products we distribute to our customers, and, consequently,
have an adverse effect on our business, financial condition, results of operations, cash flows and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Although all the finished commodity
products are imported from global suppliers which are typically reliable, it is nevertheless possible for there to be an inadequate supply
of finished commodity products, due to a breach in performance obligation(s) by a certain supplier, by export restrictions imposed by
governments of foreign countries from which we export the finished commodity products, or for any other reason, any of which could hamper
our business and operations. Additionally, we have to estimate the transportation time for the export of the finished commodities several
months in advance of the actual time that they are required by our customers, and any error in our estimate or any change in market conditions
by the time the products are delivered may lead to a shortfall in the relevant sugar, rice, and oil and fat products to meet the orders
placed by our customers. Even in situations where it is possible to meet our customers' requirements or demands, our costs may increase
if we are required to secure sufficient products from alternative sources or suppliers. Although we may seek to pass on some or all of
any such additional costs to customers, we cannot assure you that we will be successful in doing so. This may adversely affect our business,
financial condition, results of operations, cash flows and prospects.</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">It is also possible that one or more
of our existing suppliers may discontinue their supply of finished commodity products to us, and any inability on our part to procure
the commodity products from alternative suppliers in a timely fashion, or on commercially acceptable terms, may adversely affect our operations.
If, for any reason, primary suppliers curtail or discontinue their delivery of the commodity products to us in the quantities we need,
or on commercially acceptable terms, our delivery schedules could be disrupted, and our business, financial condition, results of operations,
cash flows and prospects could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We have a diverse range of products in three main categories of agricultural commodities and our inability
to manage our diversified operations may have an adverse effect on our business, financial condition, results of operations, cash flows
and prospects.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">We offer a diverse range of products
across three main categories of agricultural commodities: sugar, rice, and oil and fat products. Accordingly, our management requires
considerable expertise and skill to manage and allocate an appropriate amount of time and attention to each category of commodity products.
Merchandizing a diverse range of products also makes forecasting future revenue and operating results difficult, which may impair our
operations and your ability to assess our prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We derive a significant portion of our revenue from sugar products and any reduction in demand or in the
production of sugar products could have an adverse effect on our business, financial condition, results of operations, cash flows and
prospects.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">We derive a significant portion of our
revenue from the sale and distribution of sugar products. For the six months ended June 30, 2022 and 2021, our revenue from the sale of
sugar products amounted to approximately US$81.4 million and US$62.1 million, or approximately 80.8% and 73.6% of our revenue, respectively;
for the fiscal years ended December 31, 2021 and 2020, our revenue from the sale of sugar products amounted to approximately US$135.1
million and US$87.4 million, or approximately 69.6% and 66.4% of our revenue, respectively. Consequently, any reduction in demand or a
temporary or permanent discontinuation of manufacturing of the sugar products by any of our suppliers could have an adverse effect on
our business, financial condition, results of operations, cash flows and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our products are commodities in nature, and their prices are subject to fluctuations that may affect our
profitability and fluctuation in the exchange rate between the US$ and foreign currencies may have an adverse effect on our business.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Our earnings are to a large extent
dependent on the prices of the sugar, rice, and oil and fat products that we sell, which are commodities in nature. These prices fluctuate
due to factors beyond our control, including, among other things, world supply and demand, supply of raw materials, weather, crop yields,
trade disputes between governments of key producing and consuming countries and governmental regulations. Global demand for agricultural
commodities may be adversely affected in periods of sustained economic downturn, while supply may be affected due to weather conditions
or long-term technological developments, all of which are factors are beyond our control. According to data obtained from Bloomberg
Finance L.P., from January 2020 to January 2023, the price of sugar has been on an upward trend, rising from a low of US$0.1141/lb on
May 13, 2020 to a high of US$0.2098/lb on December 23, 2022. As of January 11, 2023, the price of sugar was US$0.1964/lb. The price of
rice has been on a general upward trend, trading with more volatility than sugar. Rice was traded from US$12.935/hundredweight (&ldquo;CWT&rdquo;)
from January 1, 2020 to a high of $22.065/CWT on June 4, 2020, before falling to US$11.385/CWT on July 29, 2020. Since then, it has recovered
on an upward trend. As of January 11, 2023, the price of rice was US$17.71/CWT. The price of oils and fats, specifically crude palm oil,
has been on a general upward trend, trading from 2,211 Malaysian ringgit (&ldquo;MYR&rdquo;)/metric ton (&ldquo;MT&rdquo;) on May 5,
2020 to a high of 6,209 MYR/MT on April 29, 2022 and a low of 3,349 MYR/MT on September 28, 2022, before recovering to 3,349 MYR/MT on
January 11, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Although we have thus far been able
to pass on any increased costs to our customers by increasing prices for our products, and may be adequately hedged against adverse fluctuations
in commodity product prices through our practice of hedging our purchases, we cannot assure you that we will always be successful in
doing so. It is difficult to predict the specific price fluctuations that may occur and the exact impact which they may have on our earnings,
and such price fluctuations may adversely affect our business, financial condition, results of operations, cash flows and prospects.
We have, nevertheless, managed to record gross profits with respect to all of our products for FY2020, FY2021 and the six months ended
June 30, 2022, being sugar, rice and oil and fat products, as a result of our cost-plus pricing and hedging strategy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The results from our operations
are generally in line with the prices of these commodities, as we sell our products on a cost-plus basis. As the prices of these goods
increase, our revenues, as well as cost of revenues, would similarly increase in tandem and our margins have been fairly consistent for
fiscal years 2020 and 2021, and for the six months ended June 30, 2021 and 2022. </P>

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

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

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

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

<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">We primarily utilize our cost-plus
pricing as well as derivative instruments to manage our exposure to movements associated with sugar prices. In terms of derivative instruments,
we generally use futures contracts to minimize the effects of changes in the prices of commodities held as inventories or subject to purchase
and sale contracts, which are settled in cash at maturity or termination based on quoted futures prices. Changes in fair values of futures
contracts, representing the unrealized gains and/or losses on these instruments, are settled on specific dates, generally through a well-established
brokerage firm. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Although we follow established risk
management practices, we are nevertheless exposed to risks from foreign exchange rate fluctuations, since our business is dependent on
imports and exports entailing large foreign exchange transactions, in currencies including the US$, S$ and &euro;. Exchange rates between
some of these currencies and the US$ in recent years have fluctuated significantly and may do so in the future, thereby impacting our
results of operations and cash flows in US$ terms. However, we do not hedge our exposure to foreign exchange fluctuations through derivatives
or any other means. For the six months ended June 30, 2021 and 2022, we recognized a foreign exchange gain of US$391,205 and a foreign exchange
loss of US$2,986, respectively; for the fiscal years ended December 31, 2020 and 2021, we recognized a foreign exchange gain of US$51,330
and a foreign exchange loss of US$30,729, respectively. Further, given that we rely on the importation of commodity products, any adverse
movement in currency exchange rates may result in an increase in the costs of the commodity products that we procure, which could have
an adverse effect on our business, financial condition, results of operations, cash flows and prospects.</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Impact of the COVID-19 Pandemic</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">On March 11, 2020, the World Health Organization
declared the COVID-19 outbreak a pandemic. The pandemic resulted in the implementation of significant governmental measures, including
lockdowns, closures, quarantines, and travel bans, intended to control the spread of the virus. Companies were also taking precautions,
such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses.</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">As of the date of this prospectus, the impact
of COVID-19 on our business has been limited, but prospects and results of operations will depend on future developments, which are highly
uncertain and cannot be predicted as of the date of this prospectus. However, as a whole, our business and operations have not been
affected by the pandemic-related lockdowns in China. As sugar is a key staple commodity, demand for our products, including sugar, rice
and oil and fat products, remain strong in China, and we have not experienced a decline in consumer demand for our products in China.
The impact of the COVID-19 pandemic on our business going forward will depend on a range of factors which we are not able to accurately
predict, including the duration and scope of the pandemic, a repeat of the spike in the number of COVID-19 cases, the geographies impacted,
the impact of the pandemic on economic activity and the nature and severity of measures adopted by governments, including restrictions
on travel, mandates to avoid large gatherings and orders to self-quarantine or shelter in place. The COVID-19 pandemic could also limit
the ability of customers, suppliers and business partners to perform. Even after the COVID-19 pandemic has subsided, we may continue to
experience an adverse impact to our business as a result of the COVID-19 pandemic&rsquo;s global economic impact, including any economic
recession that has occurred or may occur in the future that will have an impact in the growth of the agricultural commodities industry.</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 extent to which the COVID-19 pandemic continues
to impact our business will depend on future developments, which are highly uncertain and cannot be predicted at this time, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">new variant of disease which may emerge concerning the severity of such diseases in Southeast Asia (or
&ldquo;<B>SEA</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the duration and spread of the pandemic;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the severity of travel restrictions imposed by geographic areas in which we operate, mandatory or voluntary
business closures;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><B><FONT STYLE="font-family: Symbol">&middot;</FONT></B></TD><TD STYLE="text-align: justify">regulatory actions to be taken in response to the pandemic, which may impact supplier operations, supplier
pricing, consumer purchase patterns and our product offerings;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other business disruptions that affect our workforce, such as work from home arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">continuing challenges to onboard new customers through on-ground marketing events;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the impact on capital and financial markets; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">action taken throughout the world, including in markets in which we operate, to contain the COVID-19 pandemic
or dampen its impact.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><I>Supply Chain Disruptions</I></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">Although there have been global supply chain
disruptions as a result of the COVID-19 pandemic that may have affected the operations of some of our suppliers, these disruptions have
not had a material adverse effect on our business as of the date of this prospectus. We will continue to monitor the effects of supply
chain disruptions on our business in future periods.<BR STYLE="clear: both"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Comparison of Results of Operations for
the six months ended June 30, 2021 and 2022</I></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 following table sets forth certain operational
data for the six months ended June 30, 2021 and 2022, respectively, and provides information regarding the dollar and percentage increase
or (decrease) during such periods.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Variances</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; font-weight: bold">Revenues</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">84,465</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">100,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">16,235</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">19.2%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Cost of revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(80,180</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(94,032</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,852</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17.3%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,285</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,383</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55.6%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Selling and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,676</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,906</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,230</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46.0%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">General and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(778</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,536</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(758</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">97.4%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,454</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,442</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,988</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">57.6%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Income from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,226</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47.5%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Other income/(expense):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">643</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(465</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(72.3%</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(32</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(17</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(53.1%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">611</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">163</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(448</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(73.3%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income before tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,442</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(53</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.7%</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(231</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(218</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5.6%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,211</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,171</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(40</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(3.3%</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Foreign currency translation gain/(loss), net of taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,200.0%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total comprehensive income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,212</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,184</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(28</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2.3%</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><I>Revenue</I></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">For the six months ended June 30, 2021 and 2022,
we derived our revenue from the sales of sugar, rice and oil and fat products. Our breakdown of revenue in terms of products for the six
months ended June 30, 2021 and 2022 are summarized below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change (%)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 22%">Sale of sugar</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">62,154</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">73.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">81,400</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">80.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">19,246</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">31.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sale of rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,624</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,564</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Sale of oil and fat products</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,687</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,112</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,575</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(81.9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total revenue</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">84,465</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100,700</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,235</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">19.2</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our breakdown of revenue in terms of geographic
regions for the six months ended June 30, 2021 and 2022 are summarized below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change (%)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 22%">Africa</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">27,612</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">32.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">23,361</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">23.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(4,251</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(15.4</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Indonesia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,971</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,787</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Vietnam</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,372</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,241</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,869</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other countries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,510</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,340</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,170</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(19.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total revenue</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">84,465</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100,700</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,235</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">19.2</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">Our total revenue increased by approximately US$16.2
million, or 19.2%, from approximately US$84.5 million for the six months ended June 30, 2021 to approximately US$100.7 million for the
six months ended June 30, 2022. This increase was mainly attributable to an increase in demand for sugar and rice from our customers in
South East Asia, notably, Indonesia and Vietnam, compared to the same corresponding period in 2021, offset by a decrease in revenue from
oil and fat products.</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">Our revenue from sales of sugar increased from
approximately US$62.2 million for the six months ended June 30, 2021 to approximately US$81.4 million for the six months ended June 30,
2022, representing an increase of approximately US$19.2 million, or 31.0%. The increase in revenue from the sales of sugar is attributable
equally to both an increase in volumes of sugar sold as well as an increase in the average price of sugar sold, in the six months ended
June 30, 2022 compared to the six months ended June 30, 2021.</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">Our revenue from sales of rice increased from
approximately US$10.6 million for the six months ended June 30, 2021 to approximately US$17.2 million for the six months ended June 30,
2022, representing an increase of US$6.6 million, or 61.8%. The increase in revenues from the sales of rice is mainly attributable to
an increase in volumes of rice sold.</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 increase in demand for our products was due
to the easing of global COVID-19 lockdowns and global supply chain disruptions, and the opening up of international borders, all of which
led to an increase in revenue.</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">Our revenue from sales of oil and fat products decreased by approximately
US$9.6 million, or 81.9%, from approximately US$11.7 million for the six months ended June 30, 2021 to approximately US$2.1 million for
the six months ended June 30, 2022. The decrease was due to a decrease in demand from our oil and fat products customers, who decreased
the volumes purchased due to the fluctuations in the price of oil, making it not commercially viable for them to purchase oil and fat
products from us. The decrease in revenues from the sales of oil and fat products is due to the declining volume of products, as demand
had decreased due to the increased volatility in prices despite an increase in the average prices of oil and fats.</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cost of revenue</I></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 following table sets forth the breakdown of
our cost of revenue for the six months ended June 30, 2021 and 2022:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Change (%)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 22%; text-align: left">Raw materials cost &ndash; sugar</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">58,954</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">73.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">75,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">80.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">16,711</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">28.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Raw materials cost &ndash; rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,061</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,499</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; padding-bottom: 1pt">Raw materials cost &ndash; oil and fat products</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,165</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,868</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,297</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(83.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total cost of revenue</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">80,180</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">94,032</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,852</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">17.3</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">Our cost of revenue increased by US$13.9 million,
or 17.3%, from US$80.2 million for the six months ended June 30, 2021 to US$94.0&nbsp;million for the six months ended June 30, 2022,
in tandem with the increase in revenue as stated above. The increase in our cost of revenue was primarily due to the increased revenue
as above, due to a higher demand for our sugar and rice products from our customers. Accordingly, our cost of revenue has increased correspondingly.</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"><I>Gross Profit and Gross Margin </I></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">Our gross profit and gross margins in terms
of products for the six months ended June 30, 2021 and 2022 are summarized below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change (%)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; width: 22%">Gross profit - sugar</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">3,200</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">74.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">5,735</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">86.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,535</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">79.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gross profit - rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">563</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">126</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; padding-bottom: 1pt">Gross profit - oil and fat products</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">522</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">244</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(278</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(53.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total revenue</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,285</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,668</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,383</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">55.6</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 61%; text-align: left">Gross margin - sugar</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">5.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">7.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gross margin - rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.3</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Gross margin - oil and fat products</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total revenue</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5.1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6.6</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.5</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">Due to the increase in revenue and corresponding
increase in cost of revenue, our gross profit increased by US$2.4 million, or 55.6%, from US$4.3 million for the six months ended June
30, 2021 to US$6.7 million for the six months ended June 30, 2022. We have managed to record gross profits with respect to all of our
products for FY2020, FY2021 and six months ended June 30, 2022, being sugar, rice and oil and fat products, as a result of our cost-plus
pricing and hedging strategy. Gross profit and gross margin for sugar had improved for the six months ended June 30, 2022, compared to
the same period in 2021, due to the easing of global COVID-19 lockdowns and global supply chains. Gross profit for rice had increased
for the six months ended June 30, 2022, compared to the same period in 2021, due to the increased revenues generated as mentioned above,
while gross margin had weakened marginally. Gross profit for oil and fat products had decreased for the six months ended June 30, 2022,
compared to the same period in 2021, due to the decrease in buyers, as mentioned above. However, gross margins had increased for the six
months ended June 30, 2022, compared to the same period in 2021, because our Company built in a higher margin for the trades to compensate
for the increased volatility in the oil prices.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total operating expenses increased by US$2.0
million, or 57.6%, from US$3.5 million for the six months ended June 30, 20201 to US$5.4&nbsp;million for the six months ended June 30,
2022. The increase was mainly due to: (1) an increase in selling and marketing expenses by US$1.2 million, or 46.0%, from US$2.7 million
for the six months ended June 30, 2021 to US$3.9 million for the six months ended June 30, 2022, primarily due to an increase in sales
commissions payable which rose as a result of the increase in revenue; and (2) an increase in general and administrative expenses by
US$0.8 million, or 97.4%, from US$0.8 million for the six months ended June 30, 2021 to US$1.5 million for the six months ended June
30, 2022, primarily due to an increase in employee benefits, due to the increase in bonuses paid up due to the improved performance of
the Company in FY2021 compared to FY2020 and an increase in professional fees incurred for the IPO.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Other income and interest expense</I></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">Other income decreased by US$0.4 million, or 73.3%,
from US$0.64 million for the six months ended June 30, 2021 to US$0.18 million for the six months ended June 30, 2022. This was due to
the absence of a gain recognized from a waiver of debts from a creditor, which happened during the six months ended June 30, 2021, as
well as the absence of realized exchange gains during the six months ended June 30, 2022, compared to the six months ended June 30, 2021.</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">Interest expense decreased by US$0.01 million,
or 53.1%, from US$0.03 million to US$0.02 million, as we had a lower amount of bank loans for the six months ended June 30, 2022 compared
to the six months ended June 30, 2021.</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"><I>Profit before tax and income tax expense</I></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">As a result of the above data, profit before tax
decreased by US$0.05 million, or 3.7%, from US$1.44 million for the six months ended June 30, 2021 to US$1.39 million for the six months
ended June 30, 2022. Correspondingly, income tax also decreased from US$0.23&nbsp;million for the six months ended June 30, 2021 to US$0.22
million for the six months ended June 30, 2022.</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"><I>Profit for the year</I></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">Taking into account all of the above data, the
profit of the period decreased by US$0.04 million from US$1.21 million for the six months ended June 30, 2021 to US$1.17 million for the
six months ended June 30, 2022.</P>

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

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

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

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

<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As
of <BR>
December 31, 2021</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of <BR>
June 30, 2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Current assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 20pt">Cash and cash equivalents</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">7,087</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">5,088</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accounts receivable, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,868</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,664</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Prepaid expenses and other current assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,646</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; padding-bottom: 1pt">Inventory</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">95</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">288</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,217</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19,686</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">406</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">404</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Right-of-use asset</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">443</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">422</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">TOTAL ASSETS</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,660</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20,108</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Bank loans - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Lease payable - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,341</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,217</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accruals, and other current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,956</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Amount due to director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Amount due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Income taxes payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">939</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">887</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,378</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,235</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Bank loans &ndash; non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">209</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">616</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Deferred tax liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">210</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">617</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">TOTAL LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,588</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,852</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Commitments and contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Ordinary shares US$0.001 par value per share; 10,000 authorized as of December 31, 2021 and June 30, 2022; 10,000 shares issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,113</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,113</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">952</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,123</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Accumulated other comprehensive income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,072</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,256</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">TOTAL LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,660</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20,108</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* - denotes amount less than US$&rsquo;000</P>

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

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

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

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

<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Non-current asset</I></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 total non-current assets comprise of property,
plant and equipment and right-of-use asset, which decreased by US$0.02 million from US$0.44 million as of December 31, 2021 to US$0.42
million as of June 30, 2022, mainly due to a decrease in our right-of-use asset as well as depreciation.</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"><I>Current assets</I></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 current assets decreased by US$4.53 million
from US$24.2 million as of December 31, 2021 to US$19.7 million as of June 30, 2022, mainly due to a decrease in net account receivables
of US$3.2 million and cash and cash equivalents of US$2.0 million; offset by an increase in prepaid expenses and other current assets
such as margin deposits of US$0.48 million.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Current liabilities</I></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 current liabilities decreased substantially
by US$6.14 million from US$22.4 million as of December 31, 2021 to US$16.2 million as of June 30, 2022, mainly due to a decrease in accounts
payable, accruals and other liabilities of US$6.18 million.</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"><I>Non-current liabilities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The non-current liabilities increased by US$0.4
million from US$0.2 million as of December 31, 2021 to US$0.6 million as of June 30, 2022, mainly due to an increase in non-current bank
loans. Non-current bank loans amounted to US$0.6 million as of June 30, 2022.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Comparison of Results of Operations for
the Fiscal Years Ended December 31, 2021 and 2020</I></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 following table sets forth certain operational
data for the FY2021 and FY2020, respectively, and provides information regarding the dollar and percentage increase or (decrease) during
such years.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the fiscal years ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Variances</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; font-weight: bold">Revenues</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">131,625</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">194,239</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">62,614</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">47.6%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Cost of revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(125,768</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(181,994</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(56,226</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">44.7%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,245</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,388</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109.1%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Selling and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,430</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,396</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">966</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.8%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">General and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,502</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,871</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">369</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24.6%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,932</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,267</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,335</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22.5%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">(Loss)/Income from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,978</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,053</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6737.3%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Other income/(expense):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">619</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.4%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(56</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(48</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(14.3%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">563</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">623</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">60</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10.7%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Income before tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">488</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,601</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,113</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1047.7%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(32</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(901</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">869</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2715.6%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">456</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,700</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,244</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">930.7%</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Foreign currency translation gain/(loss), net of taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(200.0%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total comprehensive income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">459</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,697</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,238</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">923.3%</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><I>Revenue</I></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">For FY2020 and FY2021 we derived our revenue from
the sales of sugar, rice and oil and fat products. Our breakdown of revenue in terms of products for FY2020 and FY2021 is summarized below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the fiscal years ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change (%)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 22%">Sale of sugar</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">87,410</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">66.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">135,140</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">69.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">47,730</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">54.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sale of rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,166</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,064</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,898</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Sale of oil and fat products</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,049</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,035</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,986</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19.9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total revenue</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">131,625</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">194,239</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">62,614</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">47.6</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">Our breakdown of revenue in terms of geographical
regions for FY2020 and FY2021 is summarized below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the fiscal years ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change (%)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 22%">Africa</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">54,631</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">41.5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">63,231</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">32.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">8,600</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">15.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>China</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,390</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,809</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">419</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Indonesia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,984</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,971</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,013</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24.1</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Vietnam</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,866</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,563</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,697</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other countries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,754</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,665</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,911</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20.9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total revenue</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">131,625</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">194,239</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">62,614</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">47.6</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">Our total revenue increased by approximately US$62.6
million, or 47.6%, from approximately US$131.6 million in FY2020 to approximately US$194.2 million in FY2021. This increase was mainly
attributable to an increase in demand for sugar, rice and oil and fat products from our customers in South East Asia, notably, Vietnam,
and an increase in the prices of sugar and oil, compared to the same corresponding period.</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">Our revenue from sales of sugar increased from
approximately US$87.4 million in FY2020 to approximately US$135.1 million in FY2021, representing an increase of approximately US$47.7
million, or 54.6%. The increase in revenue from the sales of sugar is attributable to an increase in volumes of sugar sold, notably in
Vietnam, and an increase in the average price of sugar in FY2021 compared to FY2020. The increase in volumes of sugar sold accounted
for 39.1% of the increase in revenue from sales of sugar. The increase in the average price of sugar in FY2021 compared to FY2020 accounted
for 60.9% of the increase in revenue from sales of sugar.</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">Our revenue from sales of rice increased from
approximately US$24.2 million in FY2020 to approximately US$35.1 million in FY2021, representing an increase of approximately US$10.9
million, or 45.1%. The increase in revenues from the sales of rice is mainly attributable to an increase in volumes of rice sold, most
notably in Africa.</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">Our revenue from sales of oil and fat products
increased from approximately US$20.0 million in FY2020 to approximately US$24.0 million in FY2021, representing an increase of approximately
US$4.0 million, or 19.9%. The increase in revenues from the sales of oil and fat products is due to the increase in the average prices
of oil and fats. However, this was offset by the declining volume of products, as demand had decreased due to the increased volatility
in prices.</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 increase in demand for our sugar, rice and
oil and fat products was due to the easing of global COVID-19 lockdowns and global supply chains, and the opening up of international
borders, all of which led to an increase in revenue. Accordingly, our cost of revenue has increased correspondingly.</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"><I>Cost of revenue</I></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 following table sets forth the breakdown of
our cost of revenue for the fiscal years ended December 31, 2021 and 2020, respectively:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the fiscal year ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change (%)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 22%; text-align: left">Raw materials cost &ndash; sugar</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">84,774</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">67.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">126,855</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">69.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">42,081</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">49.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Raw materials cost &ndash; rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,782</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,118</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Raw materials cost &ndash; oil and fat products</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,212</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23,239</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,027</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total cost of revenue</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">125,768</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">181,994</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">56,226</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">44.7</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">Our cost of revenue increased by US$56.2 million,
or 44.7%, from US$125.8 million in FY2020 to US$182.0&nbsp;million in FY2021 in tandem with the increase in revenue as stated above. The
increase in our cost of revenue was primarily due to the increase revenues as stated above, due to a higher demand for our products from
our customers. Accordingly, our cost of revenues has increased correspondingly.</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"><B></B></P>

<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our gross profit and gross margins in terms
of products for FY2020 and FY2021 is summarized below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the fiscal years ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">%</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Change (%)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; width: 22%">Gross profit - sugar</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,636</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">45.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">8,285</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">67.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">5,649</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">214.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gross profit - rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,384</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,164</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,780</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Gross profit - oil and fat products</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,837</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">796</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,041</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(56.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total revenue</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,857</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,245</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,388</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">109.1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the fiscal years ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2021</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Change</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 61%; text-align: left">Gross margin - sugar</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">3.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">6.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">3.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gross margin - rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Gross margin - oil and fat products</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5.9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total revenue</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4.4</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6.3</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.9</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">Due to the increase in revenues and corresponding
increase in cost of revenues, our gross profit increased by US$6.4 million, or 109.1%, from US$5.9 million in FY2020 to US$12.2 million
in FY2021. We have managed to record gross profits with respect to all of our products for FY2020, FY2021 and six months ended June
30, 2022, being sugar, rice and oil and fat products, as a result of our cost-plus pricing and hedging strategy. Gross profit and gross
margin for sugar had improved in FY2021 compared to FY2020, due to the easing of global COVID-19 lockdowns and global supply chain disruptions
and increased demand for sugar in South East Asia, as mentioned above. Similarly, gross profit and gross margin for rice had also increased
in FY2021 compared to FY2020, for the same reasons as sugar. However, gross profit and gross margins for oil and fat products had decreased
in FY2021 compared to FY2020, due to the decrease in buyers as a result of the increasingly volatility in oil prices.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The total operating expenses increased by US$1.3
million, or 22.5%, from US$5.9 million in FY2020 to US$7.3&nbsp;million in FY2021. The increase was mainly due to: (1) an increase
in selling and marketing expenses by US$1.0 million, or 21.8%, from US$4.4 million in FY2020 to US$5.4 million in FY2021, primarily due
to due to an increase in freight charges, as well as sales commissions payable, both of which rose as a result of the increase in revenue
as above; and (2) an increase in general and administrative expenses by US$0.4 million, or 24.6% from US$1.5 million in FY2020 to US$1.9
million in FY2021, primarily due to an increase in employee benefits by US$0.3 million, or 37.5%, from US$0.8 million in FY2020 to
US$1.1 million in FY2021, due to the increase in bonuses paid up due to the improved performance of the Company in FY2021 compared to
FY2020.</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"><I>Other income and interest expense</I></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 other income increased by US$0.05 million,
or 8.1%, from US$0.62 million in FY2020 to US$0.67 million in FY2021. This was due to an increase in interest received from its investments
as well as gains recognized from waiver of debts from a creditor, offset by a decrease in handling, courier, profit sharing income as
well as absence of exchange gains in FY2021 compared to FY2020.</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">Interest expense decreased by US$0.01 million,
or 14.3%, from US$0.06 million to US$0.05 million as we had a lower amount of bank loans in FY2021 compared to FY2020, because we repaid
certain outstanding bank loans in FY2021.</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"><I>Profit before tax and income tax expense</I></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">As a result of the above, profit before tax increased
by US$5.1 million, or 1,047.7%, from US$0.5 million in FY2020 to US$5.6 million in FY2021. Correspondingly, income tax also increased
from US$0.03&nbsp;million in FY2020 to US$0.9 million in FY2021.</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"><I>Profit for the year</I></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">Taking into account all of the above, the profit
of the year increased by US$4.2 million from US$0.5 million in FY2020 to US$4.7 million in FY2021.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><B><I><U>Consolidated Balance Sheets</U></I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Current assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 20pt">Cash and cash equivalents</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">5,856</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">7,087</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accounts receivable, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,990</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,868</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Prepaid expenses and other current assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">921</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,167</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Amount due from directors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt">Inventory</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">336</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">95</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,163</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,217</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">411</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">406</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Right-of-use asset</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">75</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">486</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">443</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">TOTAL ASSETS</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,649</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,660</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Bank loans - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,039</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Lease payable - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,541</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,341</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accruals and other current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,379</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,013</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Amount due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Income taxes payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">939</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,184</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,378</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Bank loans &ndash; non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">209</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Lease payable &ndash; non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Deferred tax liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">39</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">210</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">TOTAL LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,223</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,588</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><B>Commitments and contingencies</B></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Ordinary shares US$0.001 par value per share; 10,000 authorized as of December 31, 2020 and 2021; 10,000 shares issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,113</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,113</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,303</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">952</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Accumulated other comprehensive income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,426</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,072</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">TOTAL LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,649</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,660</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* - denotes amount less than US$&rsquo;000</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>

<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>

<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><I>Non-current asset</I></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 total non-current assets, comprised of only
property, plant and equipment, decreased by US$0.04 million from US$0.49 million as of December 31, 2020 to US$0.44 million as of December
31, 2021, mainly due to a decrease in our right-of-use asset amounting to US$0.04 million.</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"><I>Current assets</I></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 current assets increased substantially by
US$12.0 million from US$12.2 million as of December 31, 2020 to US$24.2 million as of December 31, 2021, mainly due to an increase in
net account receivables of US$8.9 million; cash and cash equivalents of US$1.23 million; and prepaid expenses and other current assets
such as margin deposits of US$3.2 million, offset by a decrease in amounts due from director amounting to US$1.1 million. Increases in
net accounts receivable and margin deposits are in line with increased business activity as evidenced by the increase in revenues in FY2021
compared to FY2020.</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"><I>Current liabilities</I></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 current liabilities increased substantially,
by US$12.2 million from US$10.2 million as of December 31, 2020 to US$22.4 million as of December 31, 2021, mainly due to an increase
in accounts payable, accruals and other liabilities of US$13.4 million, and an increase in income tax payables of US$0.9 million, offset
by a reduction of borrowings of US$1.8 million and reduction of amount due to related parties, which were both pared down during FY2021.</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"><I>Non-current liabilities</I></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">In line with the decrease in our right-of-use
asset, lease liabilities also decreased by US$0.04 million, which accounted for the entire reduction in the non-current liabilities.</P>

<P STYLE="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>Liquidity and Capital Resources</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 consolidated financial statements included
in this prospectus have been prepared on a going concern basis, which assumes that the Company will be able to continue in operation for
the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.</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">We were incorporated in the Cayman Islands as
a holding company and did not have active business operations as of December 31, 2021 and as of the date of this prospectus. Our consolidated
assets and liabilities and consolidated revenue and net income are the operation results of our subsidiaries in Singapore. Our Singaporean
subsidiaries&rsquo; ability to transfer funds to us in the form of loans or advances or cash dividends is not materially restricted by
regulatory provisions in accordance with laws and regulations in Singapore. Our subsidiaries in Singapore are free to remit divestment
proceeds, profits, dividends, or any income arising from our investment in Singapore.</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">Our Company has been financed through a combination
of: (a) net cash generated from operations; and (b) shareholders&rsquo; equity (including retained earnings). Our principal uses of cash
in the short-term have been for: (a) financing of working capital, (b) repayment of bank borrowings with the incurred interest expenses,
and (c) lease payments. In the short-term, net cash generated from operations as well as our shareholders&rsquo; equity is expected to
be sufficient to generate adequate amounts of cash to meet our required uses of cash.</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">In the long-term, net cash generated from operations
as well as our shareholders&rsquo; equity, including the funds raised from the proposed initial public offering, is expected to be sufficient
to generate adequate amounts of cash to meet our long-term requirements, of which the uses include: (a) the financing of working capital,
(b) repayment of certain bank borrowings with the incurred interest expenses, (c) lease payments, and (d) funding all our long-term growth
plans.</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">Our main financial objectives are to prudently
manage financial risks, ensure consistent access to liquidity and minimize cost of capital in order to efficiently finance our business
and maintain balance sheet strength. We generally finance our ongoing operations with cash flows generated from operations and term loans.</P>

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

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

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

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

<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin: 0pt 0"><B><I>Working Capital</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">5,856</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">7,087</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounts receivables, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,990</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,868</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">336</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,981</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,167</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Total current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,163</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,217</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current portion of long-term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,039</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Accounts payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,541</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,341</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current operating lease obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,566</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,952</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,184</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,378</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Working capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,979</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,839</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Current ratio</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.19</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.08</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our working capital was approximately US$1.8
million at December 31, 2021, a decrease of approximately US$0.1 million, or 7.61% from working capital of approximately US$1.9 million
at December 31, 2020.</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"><I>Current assets</I></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">Our cash and cash equivalents were approximately
US$7.1 million, an increase of approximately US$1.2 million from approximately US$5.9 million at December 31, 2020, primarily as a result
of improved operating results. </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">Our accounts receivables, net were approximately
US$12.9 million at December 31, 2021, an increase of approximately US$8.9 million from approximately US$4.0 million at December 31, 2020.
The increase is primarily due to an increase of revenue.</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">Our inventories were approximately US$0.1 million
at December 31, 2021, a decrease of approximately US$0.2 million from approximately US$0.3 million at December 31, 2020. We endeavor
to move inventories in the course of business to meet customer demand while also remaining cost effective.</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">Our other current assets were approximately
US$4.2 million at December 31, 2021, an increase of approximately US$2.2 million from approximately US$2 million at December 31, 2020.
The increase was primarily attributed to the increase in the margin deposits and unrealized gains on commodity future contracts. During
FY2021, the Company granted a convertible loan of US$2.3 million to a related party, Carfax Commodities (Asia) Pte Ltd. </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"><I>Current liabilities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our current portion of long-term debt was approximately
US$0.04 million at December 31, 2021, a decrease of approximately US$2 million from approximately US$2.04 million at December 31, 2020.
The lower short-term debt level at December 31, 2021 compared to December 31, 2020 was primarily associated with full repayment of two
bank borrowings in 2021, despite the addition of a new bank borrowings of a lower total quantum compared to the repaid bank borrowings
during the same period, which resulted in only a minor amount being recognized as the current portion of the long-term debt. </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">&nbsp;</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>

<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">Our account payables were approximately US$15.3
million at December 31, 2021, an increase of approximately US$9.8 million at December 31, 2020. The increase in account payables was primarily
due to higher sales during the FY2021 as well as the timing of payments.</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">Our other current liabilities were approximately
US$6.9 million, an increase of approximately US$4.3 million from approximately US$2.6 million at December 31, 2020. The increase was primarily
due to a dividend of US$3 million declared and payable in January 2022, expenses incurred for the application of listing and an income
tax of US$0.9 million payable. </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"><B><I>Debt</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financing arrangements &ndash; We conduct the
financing activities through funds from short-term and long-term debt obtained from financial institutions. The short-term and long-term
debt decreased by approximately US$1.8 million at December 31, 2021, compared to that as of December 31, 2020, primarily due to cash inflows
from operation. These cash inflows helped to reduce the debt required to fund the increased working capital requirements throughout the
year. For FY2021, Maxwill (Asia) Pte. Ltd. made full repayment of US$2.04 million for outstanding the bank borrowings. During the same
fiscal year, Maxwill Foodlink Pte. Ltd. obtained a bank loan for funding the expansion and working capital purposes.</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 following table summarizes our short-term
and long-term debt activity at December 31, 2020 and 2021.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Bank loans</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Currency</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Period</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Effective Interest rate</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third Party guarantee</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Directors&rsquo; joint and several guarantee</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">SGD&rsquo;000</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 35%; text-align: left">Secured fixed rate bank loan</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 10pt; text-align: center">SGD</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center">2021</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%; text-align: left">3%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 10pt; text-align: center">NIL</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 10pt; text-align: center">Yes</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1,866</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Secured floating rate bank loan</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">SGD</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">2021</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">3-month SIBOR plus 3%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">NIL</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">Yes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">173</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">December 31, 2020</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,039</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Secured fixed rate bank loan</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">SGD</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">2026</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">4.5%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">NIL</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">Yes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">256</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">December 31, 2021</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 2.5pt">&#12288;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 2.5pt">&#12288;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">256</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Bank loans</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Carrying amount</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Within 1 year</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>2022</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>2023</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>2024</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>2025</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Thereafter</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">US$&rsquo;000</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 30%">Secured fixed rate bank loan</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right">1,866</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right">1,866</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Secured floating rate bank loan</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">173</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">173</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">December 31, 2020</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,039</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,039</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Carrying amount</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Within 1 year</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>2023</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>2024</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>2025</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>2026</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Thereafter</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt">Secured fixed rate bank loan</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">256</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">47</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">49</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">51</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">53</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">56</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid">&ndash;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; width: 30%">December 31, 2021</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">256</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">47</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">49</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">51</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">53</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">56</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">In assessing our liquidity, management monitors
and analyzes our cash on-hand, our ability to generate sufficient revenue in the future, and our operating and capital expenditure commitments.
However, we may incur additional capital needs in the long term and we may use part of the proceeds from this offering to support our
long-term business expansion. We may also seek additional financing, to the extent required, and there can be no assurance that such financing
will be available on favorable terms, or at all. All of our business expansion endeavors involve risks and will require significant management,
human resources, and capital expenditure. There is no assurance that the investment to be made by us as contemplated under our future
plans will be successful and generate the expected return. If we are not able to manage our growth or execute our strategies effectively,
or at all, our business, results of operations, and prospects may be materially and adversely affected. </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"><B><I>Cash Flows for the Six Months Ended June
30, 2022 Compared to the Six Months Ended June 30, 2021</I></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">As of June 30, 2022 and as of the date of this
prospectus, there were no cash transfers between our Cayman Islands holding company and our subsidiaries in Singapore, in terms of loans
or advances or cash dividends.</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">As of June 30, 2022, we had US$5.1 million in
cash and cash on hand as compared to US$7.1 million as of December 31, 2021. We also had US$9.7 million and US$12.9 million in accounts
receivable as of June 30, 2022 and December 31, 2021, respectively. Our accounts receivable primarily included balances due from customers
for sales of goods and services rendered, where our performance obligations had been satisfied and our charges had been billed but had
not been collected as of the balance sheet date. The December 31, 2021 accounts receivable balance has been fully collected. Approximately
99.9% of the June 30, 2022 accounts receivable was collected on or before September 30, 2022. The following table summarizes our outstanding
accounts receivable and subsequent collection by aging bucket:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Within 30 days</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">3,686</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">12,680</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Between 31 and 60 days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Between 61 and 90 days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">More than 90 days</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">137</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,990</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,868</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <BR>
2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June 30, </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2022</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Within 30 days</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">12,680</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">9,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Between 31 and 60 days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Between 61 and 90 days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">More than 90 days</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,868</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,664</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><I>Consolidated Statement of Cash Flows</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the six months ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Net income</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1,211</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1,171</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Adjustments:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Unrealized loss on derivative contract at fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Unrealized gain on foreign exchange</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Interest expense on lease liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Interest income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(26</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,412</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,194</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Changes in operating assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Decrease/(increase) in inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(193</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Decrease in margin deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">889</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">(Increase)/decrease of accounts and other receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,520</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,836</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10.05pt; padding-left: 20pt">Increase/(decrease) in accounts and other payables, and accruals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,175</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Decrease in amount due from directors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Increase/(decrease) in income tax payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">229</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(51</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash provided by operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,382</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Interest received</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Dividend paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,000</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Purchase of property, plant and equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash provided by/(used in) investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,981</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Amount due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Proceeds from bank borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">578</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Repayment of bank borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(224</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(60</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Interest paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Principal payment of lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Payment of interest on lease liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash (used in)/provided by financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(228</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">482</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net change in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,999</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents as of beginning of the period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,856</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,087</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents as of the end of the period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,017</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,088</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Supplementary Cash Flows Information</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Cash refunded/(paid) for taxes</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(269</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>



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

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

<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">For the six months ended June 30, 2022, our
net change in cash and cash equivalents decreased to approximately US$1.99 million, compared to approximately US$2.16 million for the
six months ended June 30, 2021.</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"><I>Operating</I>: Cash provided for operating
activities was approximately US$0.5 million for the six months ended June 30, 2022, compared to cash provided by operating activities
of approximately US$2.38 million for the six months ended June 30, 2021. The change in cash provided by operating activities was due to
lower net income, lower working capital funding requirements and net of non-cash gains and losses during the six months ended June 30,
2022. </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 financial statements of local currency
and non-functional currency transactions were translated into U.S. dollars. The resulting gain is included in our consolidated statements
of income. For the six months ended June 30, 2022, we recorded a foreign currency gain of US$3,000, which was included as adjustments
to reconcile net income to cash provided by operating activities in our consolidated statements of cash flows. This adjustment is required
as the unrealized gain on foreign exchange are non-cash items and will have no impact on cash flows from operations.</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"><I>Investing</I>: Cash used in investing activities
was approximately US$2.98 million for the six months ended June 30, 2022, compared to approximately US$6,000 cash provided by investing
activities for the six months ended June 30, 2021, representing a decrease of approximately US$2.99 million. The decrease was primarily
due to a dividend of US$3 million paid to the shareholders of the Company and payment made for capital expenditure of US$7,000. It was
partially offset by the interest income of US$26,000 paid from a convertible loan granted to a related party, Carfax Commodities (Asia)
Pte. Ltd.</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"><I>Financing</I>: Cash provided by financing
activities was approximately US$0.48 million for the six months ended June 30, 2022, representing an increase of approximately US$0.71
million, compared to cash used by financing activities of approximately US$0.23 million for the six months ended June 30, 2021. The increase
was driven by net cash proceeds from new bank borrowings of approximately US$0.58 million, partially offset by the repayment of bank
borrowings of approximately US$60,000. The short-term and long-term debts were primarily used to fund working capital requirements. For
the six months ended June 30, 2021, we made net cash repayments from short-term and long-term debts of approximately US$0.22 million
and lease payment of approximately US$19,000.</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"><B><I>Cash Flows for the Fiscal Year Ended
December 31, 2020 Compared to the Fiscal Year Ended December 31, 2021</I></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">As of December 31, 2021 and as of the date of
this prospectus, there were no cash transfers between our Cayman Islands holding company and our subsidiaries in Singapore, in terms of
loans or advances or cash dividends.</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">As of December 31, 2021, we had US$7.1 million in
cash and cash on hand as compared to US$5.9 million as of December 31, 2020. We also had US$12.9 million and US$4.0 million in accounts receivable
as of December 31, 2021 and December 31, 2020, respectively. Our accounts receivable primarily included balances due from customers for
sales of goods and services rendered, where our performance obligations had been satisfied and our charges had been billed but had not
been collected as of the balance sheet date. The December 31, 2021 accounts receivable balance has been fully collected. The following
table summarizes our outstanding accounts receivable and subsequent collection by aging bucket:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Within 30 days</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">3,686</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">12,680</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Between 31 and 60 days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Between 61 and 90 days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">More than 90 days</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">137</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,990</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,868</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><I>Consolidated Statement of Cash Flows</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">For the years ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Net income</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">456</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">4,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Adjustments:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Unrealized loss/(gain) on derivative contract at fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">397</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(389</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Reversal of allowance for doubtful debts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(92</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Interest expense on lease liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Interest income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(53</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">866</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,360</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Changes in operating assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">(Increase)/ decrease in inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(224</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">241</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Increase in margin deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(166</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(599</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Decrease/(increase) of accounts and other receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,203</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,140</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Increase in accounts and other payables, and accruals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,433</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Decrease in amount due from directors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(660</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(990</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Decrease in income tax payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">910</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash provided by operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,944</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,215</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Interest received</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Purchase of property, plant and equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash (used in)/provided by investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">42</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Amount due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(157</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Proceeds from bank borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,104</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Repayment of bank borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(292</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,039</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Interest paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Principal payment of lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Payment of interest on lease liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash provided by/(used in) financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,672</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,026</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Net change in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,614</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,231</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents as of beginning of the year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,242</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,856</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents as of the end of the year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,856</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,087</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Supplementary Cash Flows Information</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Cash (paid)/refunded for taxes</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(32</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; background-color: white">For
FY2021, our net change in cash and cash equivalents was approximately US$1.23 million, compared to approximately US$4.61 million for
FY2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.75pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; background-color: white"><I>Operating:&nbsp;</I>Cash
provided by operating activities was approximately US$3.21 million for FY2021, an increase of approximately US$0.27 million compared to
cash provided by operating activities of approximately US$2.94 million for FY2020. The increase in cash provided was primarily due to
higher net income. However, this was offset by the cash required to fund the increase in working capital, driven by increased sales during
FY2021. Cash provided by operating activities, adjusted for unrealized gain from derivative contract of approximately US$0.39 million
for FY2021, associated with an increase in margin deposits, compared to unrealized loss of approximately US$0.40 million for FY2020. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.75pt; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; background-color: white"><I>Investing:&nbsp;</I>Cash
provided by investing activities was approximately US$42,000 for FY2021, compared to cash used of approximately US$2,000 for FY2020, representing
an increase of approximately US$44,000. The increase was primarily due to interest income of US$53,000 for a convertible loan granted
to a related party, Carfax Commodities (Asia) Pte. Ltd. The increase was offset by payments for capital expenditure of US$11,000. For
FY2020, we also made a payment for capital expenditure of US$3,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.75pt; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; background-color: white"><I>Financing:&nbsp;</I>Cash
used for financing activities was approximately US$2.03 million for FY2021, representing a decrease of approximately US$3.70 million,
compared to cash provided by financing activities of approximately US$1.67 million for FY2020. The decrease was due to repayments of approximately
US$2.04 million of certain bank borrowings of approximately US$2.10 million obtained during FY2020. The cash used was offset by proceeds
from new bank borrowings of US$256,000 obtained by one of our subsidiaries for funding working capital purposes. </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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; background-color: white"><B>Capital Expenditures, Divestments</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"><B>Commitments and Contingencies</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"><B><I>Capital Expenditures</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capital expenditures made by our Company in
FY2020, FY2021, and during the six months ended June 30, 2021 and 2022 were as follows. We did not make any capital expenditures from
June 30, 2022 through to the date of this prospectus. </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><B>FY2020</B></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><B>(US$)</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FY2021</B></P>
                                                                               <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(US$)</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Six
                                            Months ended June 30, 2021</B></P>
                                                                               <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(US$)
                                            </B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Six
                                            Months ended June 30, 2022</B></P>
                                                                               <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(US$)
                                            </B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 44%; text-align: left">Furniture and fittings</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">586</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Office equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,182</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Computers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,565</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,342</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,593</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accounting software</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,222</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50,522</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,787</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">58,864</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,361</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">The above capital expenditures were primarily
financed by internally generated resources and were all made in Singapore. All capital expenditures have been paid in full as of the date
of this prospectus.</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"><B><I>Divestments</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Company did not make any divestments in
FY2020, FY2021, during the six months ended June 30, 2021 and 2022, and through to the date of this prospectus.</P>

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

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

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

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

<!-- Field: Page; Sequence: 66 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Capital Commitments</I></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">Save as disclosed above, no other capital commitments
were made by our Company in FY2020, FY2021, during the six months ended June 30, 2021 and 2022, and through to the date of this prospectus.</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"><B><I>Contingencies</I></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">In the ordinary course of business, the Company
may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records
contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable.
In the opinion of management, there were no pending or, to the knowledge of management, threatened claims and litigation as of December
31, 2020 and 2021 and through the date of this prospectus.</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"><B>Critical Accounting Policies and Estimates</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"><B><I>Summary of significant accounting policies</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our discussion and analysis of our financial condition
and results of operations are based upon our consolidated financial statements. These financial statements are prepared in accordance
with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and
revenue and expenses, to disclose contingent assets and liabilities on the date of the consolidated financial statements, and to disclose
the reported amounts of revenue and expenses incurred during the financial reporting period. We continue to evaluate these estimates and
assumptions that we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for making judgments about
the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates is an integral
component of the financial reporting process, actual results could differ from those estimates. Some of our accounting policies require
higher degrees of judgment than others in their application. We believe that the critical accounting policies as disclosed in this prospectus
reflect the more significant judgments and estimates used in preparation of our consolidated financial statements. Further, we elected
to use the extended transition period for complying with new or revised accounting standards that have different effective dates for public
and private companies until the earlier of the date that we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably
opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies
that comply with the new or revised accounting pronouncements.</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 following critical accounting policies rely
upon assumptions and estimates and were used in the preparation of our consolidated financial statements:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include
the financial statements of the Company and its subsidiaries. All inter-company transactions, if any, and balances due to, due from,
long-term investment subsidiary, and registered paid in capital have been eliminated upon consolidation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">On consolidation the entities should be combined
for all periods that the relationship of common control started and the transaction would be treated as a capital transaction with any
gain or loss on acquisition adjusted through equity. The consolidated entity would not recognize any goodwill and/or gain/losses from
the acquisition and results of operations would be presented for all periods under common control.</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 financial statements of the Company were prepared
by applying the pooling of interest method. Under this method, the Company has been treated as the holding company of the subsidiaries
for the financial years presented. Accordingly, the results of the Company include the results of the subsidiaries for two-year period
ended December 31, 2021 and 2020. Such manner of presentation reflects the economic substance of the companies, which were under common
control throughout the relevant period, as a single economic enterprise, although the legal parent-subsidiary relationships were not established.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 67 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><I>(b)&nbsp; Use of estimates</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in
conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts
of revenues and expenses during the periods presented. Significant accounting estimates reflected in our consolidated financial statements
include the allowance for uncollectible accounts receivable, useful lives for property, plant and equipment and impairment of long-lived
assets, revenue recognition, fair value of financial instruments and deferred taxes and uncertain tax position. Actual results could
vary from the estimates and assumptions that were used. Actual results could differ from these estimates.</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"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Given the uncertainty regarding the length,
severity, and ability to combat the COVID-19 pandemic, we cannot reasonably estimate the impact on our future results of operations, cash
flows, or financial condition. As of the date of this prospectus, we are not aware of any specific event or circumstance that would require
us to update our estimates, our judgments, or the carrying value of our assets or liabilities. These estimates may change as new events
occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known.
Actual results could differ from those estimates, and any such differences may be material to our consolidated financial statements.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(c)&nbsp; Accounts
Receivable</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Account receivable include trade accounts due
from clients. Accounts are considered overdue after 30&nbsp;days. Management reviews our receivables on a regular basis to determine if
the bad debt allowance is adequate, and provides allowance when necessary. The allowance for impairment loss is estimated based upon the
Company&rsquo;s assessment of various factors including historical experience, the age of the accounts receivable balances, current general
economic conditions, future expectations and customer specific quantitative and qualitative factors that may affect the customers&rsquo;
ability to pay. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood
of collection is not probable. An allowance is also made when there is objective evidence for the Company to reasonably estimate the amount
of probable loss. There are no allowances made for doubtful debts during the fiscal years ended December 31, 2021 and 2020, and the six
months ended June 30, 2021 and 2022.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(d) Property,
plant and equipment, net</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant and equipment are stated at
cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of
the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated
useful lives are as follows:</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 STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Category</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 38%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Estimated useful lives</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment property</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40 years</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use asset</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4 years</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture and fittings, office equipment, renovation and computer and software</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 years</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">Expenditures for repair and maintenance costs,
which do not materially extend the useful lives of the assets, are charged to expenses as incurred, whereas the expenditures for major
renewals and betterments that substantially extend the useful lives of property and equipment are capitalized as additions to the related
assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any
resulting gain or loss recognized in the consolidated statements of income.</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">Long-lived assets, including property and equipment
and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant
adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not
be recoverable. We assess the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate
and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds
expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, we would
reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate,
to comparable market values. As of December 31, 2020, December 31, 2021 and June 30, 2022, no impairment of long-lived assets was recognized.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 68 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(e)&nbsp; Revenue
recognition</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May&nbsp;2014, the Financial Accounting
Standards Board (&ldquo;FASB&rdquo;) issued Topic 606, &ldquo;Revenue from Contracts with Customers&rdquo;. This topic clarifies the principles
for recognizing revenue and develops a common revenue standard for U.S. GAAP. Simultaneously, this topic supersedes the revenue recognition
requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification.
The core principle of the guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.</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 Company currently generates its revenue
from the following main sources:</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"><I><U>Revenue from goods sold and services
provided&nbsp;</U></I></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">Revenue from sales of goods and services in
the ordinary course of business is recognized when the Company satisfies a performance obligation (&lsquo;&lsquo;PO&rsquo;&rsquo;) by
transferring control of a promised good or service to the customer. The amount of revenue recognized is the amount of the transaction
price allocated to the satisfied PO.</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 transaction price is allocated to each
PO in the contract on the basis of the relative stand-alone selling prices of the promised goods or services. The individual stand-alone
selling price of a good or service that has not previously been sold on a stand-alone basis, or has a highly variable selling price, is
determined based on the residual portion of the transaction price after allocating the transaction price to goods and/or services with
an observable stand-alone selling price. A discount or variable consideration is allocated to one or more, but not all, of the performance
obligations if it relates specifically to those performance obligations.</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">Transaction price is the amount of consideration
in the contract to which the Company expects to be entitled in exchange for transferring the promised goods or services. The transaction
price may be fixed or variable and is adjusted for time value of money if the contract includes a significant financing component. Consideration
payable to a customer is deducted from the transaction price if the Company does not receive a separate identifiable benefit from the
customer. When consideration is variable, if applicable, the estimated amount is included in the transaction price to the extent that
it is highly probable that a significant reversal of the cumulative revenue will not occur when the uncertainty associated with the variable
consideration is resolved.</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">Revenue may be recognized at a point in time
or over time following the timing of satisfaction of the PO. If a PO is satisfied over time, revenue is recognized based on the percentage
of completion, reflecting the progress towards complete satisfaction of that PO. Typically, POs for products and services where the process
is as described below, the PO is satisfied at a point in time.</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">For the sale of sugar, rice and oil products,
the&nbsp;Company typically receives purchase orders from its customers which will set forth the terms and conditions, including the transaction
price, products to be delivered, terms of delivery, and terms of payment.&nbsp;The terms serve as the basis of the performance obligations
that the Company must fulfil in order to recognize revenue.&nbsp;The key performance obligation is the delivery of the finished product
to the customer at their location, at which point title to that asset passes to the customer.&nbsp;The completion of this earning process
is evidenced by a transport document such as bill of lading or delivery order.&nbsp;Typical payment terms set forth in the purchase order
range from 30 to 90 days from the date of delivery.&nbsp;The amount of revenue recognized from contract liabilities to the Company&rsquo;s
result of operations can be found in Note 14 in our consolidated financial statements.</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"><I><U>Revenue from rental of investment property</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC 842 Lease Topics, the
Company accounts for the rental of investment property as direct finance leases where, lease income from the perspective of lessor is
recognized on the Company&rsquo;s statement of income on a straight-line basis over the term of the lease once management has determined
that the lease payments are reasonably expected to be collected. The performance obligation under these leasing arrangements is to lease
the investment property to the lessee, and to ensure that the investment property is available for use over the life of the lease contract.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 69 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>(f) <I>Fair Value Measurement</I></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounting guidance defines fair value as the
price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded
at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions
that market participants would use when pricing the asset or liability.</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">Accounting guidance establishes a fair value hierarchy
that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
A financial instrument&rsquo;s categorization within the fair value hierarchy is based upon the lowest level of input that is significant
to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 2pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 1 applies to assets or liabilities for which there are quoted
prices, in active markets for identical assets or liabilities.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 2 applies to assets or liabilities for which there are inputs
other than quoted prices included within Level 1 that are observable for the asset or liability, such as quoted prices for similar assets
or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent
transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally
from, or corroborated by, observable market data.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 3 applies to asset or liabilities for which there are unobservable
inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents, accounts receivable,
other current assets, amount due from directors, financial instruments, bank loans, leases payable, accounts payables, amount due to related
parties, accruals and other current liabilities are financial assets and liabilities. Cash and cash equivalents, accounts receivable,
other currents, amount due from directors, accounts payables, amount due to related parties, accruals and other current liabilities are
subject to fair value measurement; however, because of their being short term in nature management believes their carrying values approximate
their fair value. Financial instruments are fair value financial assets that are marked to fair value and are accounted for as under Level
3 under the above hierarchy except for derivative instruments that are marked to fair value and are accounted for as under Level 2. The
Company accounts for bank loans and leases payables at amortized cost and has elected not to account for them under the fair value hierarchy.</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"><I>(g) Income Tax</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">The Company is not subject to tax on income
or capital gains under the current laws of the Cayman Islands. In addition, upon payments of dividends by the company and our subsidiaries
in Singapore, to our shareholders, no Cayman Islands withholding tax will be imposed.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred income taxes are recognized when temporary
differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements.
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates
is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred
tax assets to the amount expected to be realized.</P>

<P STYLE="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">An uncertain tax position is recognized only
if it is &ldquo;more likely than not&rdquo; that the tax position would be sustained in a tax examination. The amount recognized is the
largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the &ldquo;more
likely than not&rdquo; test, no tax benefit is recorded. No significant penalties or interest relating to income taxes were incurred during
the six months ended June 30, 2022, and during the fiscal years ended December 31, 2021 and 2020. We do not believe there was any uncertain
tax provision as of June 30, 2022 and December 31, 2021 and 2020. We do not expect that out assessment regarding unrecognized tax positions
will materially change over the next 12 months.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 70 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
operating subsidiaries in Singapore are subject to the income tax laws of Singapore. No income was generated outside Singapore for the
six months ended June 30, 2022 and for the fiscal years ended December 31, 2021 and 2020</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>(h) Foreign currency translation and transaction
and Convenience translation</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements
are presented in U.S. dollar (&ldquo;US$&rdquo;), which is the reporting currency of the Company. The functional currency of the Company
and its subsidiaries, Maxwill (Asia), LP Grace and Maxwill are the U.S. dollar. Maxwill Foodlink uses the Singapore dollar as its functional
currency.</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">Assets and liabilities denominated in currencies
other than the reporting currency are translated into the reporting currency at the rates of exchange prevailing at the balance sheet
date. Translation gains and losses are recognized in the consolidated statements of operations and comprehensive loss as other comprehensive
income or loss. Transactions in currencies other than the reporting currency are measured and recorded in the reporting currency at the
exchange rate prevailing on the transaction date. The cumulative gain or loss from foreign currency transactions is reflected in the consolidated
statements of income and comprehensive income as other income (other expenses).</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 value of foreign currency including, the
Singapore dollar (&ldquo;S$&rdquo;), may fluctuate against the US$. Any significant variations of the aforementioned currency relative
to the Singapore dollar may materially affect the Company&rsquo;s financial condition in terms of reporting in US$. The following table
outlines the currency exchange rates that were used in preparing the accompanying consolidated financial statements:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: justify">US$ to S$ Year End</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1.3500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1.3680</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">US$ to S$ Average Rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3843</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3448</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>(i</I>)<I> Related parties</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We adopted ASC 850, Related Party Disclosures,
for the identification of related parties and disclosure of related party transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(j) Inventories</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are measured at the lower of cost
and net realizable value. The cost of inventories is based on the first-in, first-out principle, and includes expenditure incurred in
acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition.</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">There were no estimates adopted for inventories
during FY2020, FY2021, and the six months ended June 30, 2021 and 2022.</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"><I>(k)
Recent accounting pronouncements </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is an &ldquo;emerging growth company&rdquo;
(&ldquo;EGC&rdquo;) as defined in the JOBS Act. Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued
subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.</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">In February&nbsp;2016, the FASB issued ASU No.&nbsp;2016-02,
Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases
are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present
value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy
election not to recognize lease assets and liabilities. In July&nbsp;2018, ASU 2016-02 was updated with ASU 2018-11, Targeted Improvements
to ASC Topic 842, which provides entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically,
under the amendments in ASU 2018-11, (1) entities may elect not to recast the comparative periods presented when transitioning to ASC
842 and (2)&nbsp;lessors may elect not to separate lease and non-lease components when certain conditions are met. In November&nbsp;2019,
ASU 2019-10, Codification Improvements to ASC 842 modified the effective dates of all other entities. In June&nbsp;2020, ASU 2020-05 defer
the effective date for one year for entities in the &ldquo;all other&rdquo; category. For all other entities, the amendments in ASU 2020-05
are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15,
2022. Early application of the guidance continues to be permitted. The Company adopted ASU 2016-02 from January 1, 2019.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 71 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">In June&nbsp;2016, the FASB issued ASU No.&nbsp;2016-13,
&ldquo;Financial Instruments&nbsp;&mdash; Credit Losses&rdquo;, which will require the measurement of all expected credit losses for
financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts.
Subsequently, the FASB issued ASU No.&nbsp;2018-19, Codification Improvements to Topic 326, to clarify that receivables arising from
operating leases are within the scope of lease accounting standards. Further, the FASB issued ASU No.&nbsp;2019-04, ASU 2019-05, ASU
2019-10, ASU 2019-11 and ASU 2020-02 to provide additional guidance on the credit losses standard.</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">For all other entities, the amendments for ASU
2016-13 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early
adoption permitted. Adoption of the ASUs is on a modified retrospective basis. The Company will adopt ASU 2016-13 from January 1, 2023.
The Company is in the process of evaluating the effect of the adoption of this ASU.</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">Other accounting standards that have been issued
by the FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial
statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated
to its consolidated financial condition, results of operations, cash flows or disclosures.</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"><B>Concentrations and Risks</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"><B><I>Concentrations</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially expose
the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its
customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and
long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial
condition and payment practices of its customers to minimize collection risk on accounts receivable.</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 following table sets forth a summary of single
customers who represent 10% or more of the Company&rsquo;s total revenue:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the years ended <BR> December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">PT Industri Gula Nusantara</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">24,984</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(i)</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</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">(i) Revenue from the relevant customer was
less than 10% of the Company&rsquo;s total revenue for the respective year.</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 following table sets forth a summary of single
customers who represent 10% or more of the Company&rsquo;s total accounts receivable:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Customer A</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">448</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(ii)</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Customer B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">511</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(ii)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Customer C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(ii)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,880</TD><TD STYLE="text-align: left">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 72 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">(ii) Accounts receivable from relevant customers
was less than 10% of the Company&rsquo;s total accounts receivable for the respective year.</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 following table sets forth a summary of suppliers
who represent 10% or more of the Company&rsquo;s total purchases:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the years ended <BR> December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Supplier A</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">13,111</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iii)</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplier B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,074</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Supplier C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iii)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,861</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplier D</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iii)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,200</TD><TD STYLE="text-align: left">&nbsp;</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">(iii) Purchase from relevant suppliers was less
than 10% of the Company&rsquo;s total purchase for the respective year.</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 following table sets forth a summary of suppliers
who represent 10% or more of the Company&rsquo;s total accounts payable:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; width: 66%">Supplier A</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">683</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplier B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">621</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Supplier C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">957</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplier D</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">719</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,991</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Supplier E</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,071</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplier F</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,471</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Supplier G</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,935</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplier H</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,652</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Supplier I</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,707</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
        <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="text-align: justify">(iv) Accounts payable from relevant suppliers was less than 10% of the Company&rsquo;s total accounts payable for the respective year.</TD><TD STYLE="text-align: left">&nbsp;</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>

<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">&nbsp;</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>

<!-- Field: Page; Sequence: 73 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><B><I>Risks</I></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"><I>Credit Risk</I></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">Credit risk is the potential financial loss to
the Company resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Company,
as and when they fall due. As the Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of
trade and other receivables (exclude prepayments), financial instrument and cash and bank deposits presented on the consolidated statements
of financial position. The Company has no other financial assets which carry significant exposure to credit risk.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Liquidity Risk</I></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">Liquidity risk is the risk that the Company will
encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another
financial asset. The Company&rsquo;s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company&rsquo;s reputation.</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">Typically, the Company ensures that it has sufficient
cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of financial obligations; this excludes
the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.</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"><B><I>Off-balance Sheet Arrangements</I></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">We did not have any off-balance sheet arrangements
as of December 31, 2020 and December 31, 2021.</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"><B><I>Trend Information</I></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">Other than as disclosed elsewhere in this prospectus,
we are not aware of any trends, uncertainties, demands, commitments, or events that are reasonably likely to have a material effect on
our net revenue, income from continuing operations, profitability, liquidity, or capital resources, or that would cause reported financial
information not necessarily indicative of future operating results or financial condition.</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"><B><I>Inflation</I></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">We do not believe that inflation has had a material
adverse effect on our business as of December 31, 2021, but we will continue to monitor the effects of inflation on our business in future
periods.</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"><B><I>Seasonality</I></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 supply of raw materials used by our suppliers
to manufacture our commodity products is subject to seasonal variations. For example, the supply of raw materials is generally dependent
on the harvesting season of various crops such as sugar cane, rice and palm. As a result of such seasonal fluctuations, and given that
we do not have access to storage infrastructures, such as warehouses for off-season sales, our sales and results of operations may vary
by financial quarter, and the sales and results of operations of any given financial quarter may not be relied upon as indicators of the
sales or results of operations of other financial quarters or of our future performance. Such seasonal fluctuations may also result in
a shortfall in the availability of the raw materials required by our suppliers to manufacture the commodity products during certain periods,
which could lead to a shortage in production of the finished commodity products we distribute to our customers, and, consequently, have
an adverse effect on our business, financial condition, results of operations, cash flows and prospects.</P>

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 74 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_013"></A>INDUSTRY</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"><I>All the information and data presented in this
section have been derived from Frost &amp; Sullivan Limited (&ldquo;Frost &amp; Sullivan&rdquo;)&rsquo;s industry report commissioned
by us in June 2022 entitled &ldquo;The Agricultural Commodity Market Independent Market Research Report&rdquo; (the &ldquo;Frost &amp;
Sullivan Report&rdquo;) unless otherwise noted. Frost &amp; Sullivan has advised us that the statistical and graphical information contained
herein is drawn from its database and other sources. The following discussion contains projections for future growth, which may not occur
at the rates that are projected or at all. </I></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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agricultural commodities are crops and
livestock that are raised and harvested to provide for human or livestock consumption, and can be both raw and processed
commodities. Broad categories may include livestock, crops, edible forestry products, dairy, fish farming and other miscellaneous
products. Among them, the crop category includes products such as sugar, rice, edible oil, soybeans and hay.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 2pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify; width: 90%"><B>Sugar:</B> a sweet material that consists essentially of sucrose obtained from sugarcane or sugar beets,
  is typically colorless or white when pure, and is commonly used to sweeten foods and beverages.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify"><B>Rice:</B> is the seed of the monocot plants and as a cereal grain, it is the most widely consumed staple food for a large part
  of the world&rsquo;s human population.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify"><B>Edible Oil:</B> is a fatty liquid that is physically extracted from several vegetables and also some animal tissues.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify"><B>Others:</B> examples including soybeans, wheat and barley</TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value chain of the agricultural commodity
market consists of upstream raw material providers, midstream manufacturers, and downstream end-customers.</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_005.jpg" ALT="" STYLE="height: 367px; width: 624px"></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">&nbsp;</P>

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

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

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

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

<!-- Field: Page; Sequence: 75 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market size of Sugar in Asia</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 sugar market size in Asia reached US$16.4
billion in 2021. The COVID-19 pandemic has had a dramatic market impact, with sugar witnessing lower-than-anticipated demand across Asia
compared to pre-COVID-19 levels. The sugar market in Asia recorded a decline from US$17.5 billion in 2019 to US$15.7 billion in 2020.</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 market is projected to rise from US$16.6 billion
in 2022 to US$18.6 billion in 2026, reflecting an anticipated compound annual growth rate (&ldquo;CAGR&rdquo;) of 2.9% during 2022 to
2026. The sugar market in Asia is expected to witness prominent growth due to the expansion of food processing activities in Indonesia
and Malaysia. The growing demand for alcoholic and non-alcoholic beverages has contributed to the market growth. The increasing demand
for baked goods, sugar confectioneries, and dairy products, namely milk-based drinks, yogurt, and ice cream, is forecasted to increase
the market demand for sugar in the future.</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_006.jpg" ALT="" STYLE="height: 201px; width: 528px"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Source: The Frost &amp; Sullivan Report</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market size of Sugar in Singapore</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 market size of sugar in Singapore is projected
to reach US$137.1 million by 2026, primarily due to the extensive application of sugar in various industries such as bakery, confectionery,
canned foods, frozen foods, and pharmaceuticals.</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">Together with the rising consumption of sweet
dishes and desserts, increasing investment and product innovation by major players, coupled with new product launches, may further bolster
the growth of the market.</P>

<P STYLE="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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_007.jpg" ALT="" STYLE="height: 223px; width: 540px"></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"><I>Source: The Frost &amp; Sullivan Report</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">&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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 76 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market size of Sugar in Vietnam</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market size of sugar in Vietnam increased
from US$354.9 million in 2016 to US$458.6 million in 2021, reflecting a CAGR of 5.3%, as a result of growing urbanization and consumers&rsquo;
disposable income.</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 market size of sugar in Vietnam is forecasted
to reach US$584.1 million in 2026, at a CAGR of 4.9% from 2022 to 2026. Expected growth of the domestic economy and improved quality of
living will continue to underpin the development of sugar market in the future.</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_008.jpg" ALT="" STYLE="height: 205px; width: 552px"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Source: The Frost &amp; Sullivan Report</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"><B>Market size of Sugar in Indonesia</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market size of sugar in Indonesia reached
a positive CAGR of 1.5%, from US$2,495.8 million in 2016 to US$2,683.2 million in 2021, primarily due to the introduction of affordably
priced foreign brands to the local market.</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">Supported by the increasing income levels, rising
imported brands and development of distribution channel, the market size of sugar market in Indonesia is estimated to reach US$2,919.1
million in 2026, at a CAGR of 1.7%.</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_009.jpg" ALT="" STYLE="height: 226px; width: 624px"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Source: The Frost &amp; Sullivan Report</I></P>

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

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

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

<!-- Field: Page; Sequence: 77 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market Size of Oil in Asia</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The change in lifestyle, the increase in the disposable
income and the rise in awareness regarding the benefits of the nutrition plan positively affect the oil market. The oil market was valued
at US$41.3 billion in 2021 and is expected to reach US$60.2 billion by 2026, reflecting a CAGR of 7.8% during 2022 to 2026. The increase
in the consumer preference for dietary improvements acts as one of the major market drivers. The increase in the functional food products
further drives the market growth. Also, increase in consumers seeking healthy and sustainable food options along with growing number of
sports and gym enthusiasts assist in the expansion of the market.</P>

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_010.jpg" ALT="" STYLE="height: 212px; width: 557px"></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"><I>Source: The Frost &amp; Sullivan Report</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market size of rice in Asia</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 market size of rice in Asia was valued at
US$ 220.1 billion in 2021 and is projected to expand at a CAGR of 2.5% from 2022 to 2026. Rice is the staple food of the population in
Asia and continued development in rice mill machinery and improved packaging increase the product demand in Asia. Additionally, the growing
population, coupled with increasing disposable income, is translating into the growth of the global market. The growing demand for specialty
rice varieties has increased the trade for long grain rice. Changing lifestyles and food habits among consumers are accelerating the fast-food
industry market, which, in turn, drive significant growth of the market.</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">Going forward, the expanding food and restaurant
sector is forecasted to promote market growth in Asia. As the manufacturers are offering a wide range of products, such as jasmine, basmati,
white, brown, and wild rice, among many other products, rice is expected to be further promoted as a staple food.</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_011.jpg" ALT="" STYLE="height: 206px; width: 562px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Source: The Frost &amp; Sullivan Report</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">&nbsp;</P>

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

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

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

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

<!-- Field: Page; Sequence: 78 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Booming of E-commerce and enhanced logistics
network: </I>E-commerce in Asia has been rapidly growing, recently. E-commerce has greatly enhanced the connectivity between the retailers
and customers which allows the consumers to access various types of agricultural products on the same e-commerce platform. On the other
hand, the enhanced logistic networks in Asia have greatly reduced the delivery time, allowing timely delivery of products. As a result,
the rapid e-commerce development enables the agricultural commodity to reach broader customer groups, which in turn boosts the sales value.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Expansion in distribution channels:</I> At
present, agricultural commodity products can be distributed through different online and offline channels. In addition to conventional
supermarkets, hypermarkets and convenience stores, the rapid logistic development and the prevalence of online shopping has created a
driving force for agricultural commodity retail market as the way of distribution channel is more improved and diversified. More downstream
customers can be reached through the internet and it has enabled retailers to sell their products in more cities, which potentially further
boosts the sales.</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"><I>Growing demand for healthier products:</I>
Driven by the rising living standard in Asia, the health awareness of customers is increasing. Consumer inclination toward purchasing
healthier food varieties has increased. Currently, consumers are seeking healthier, less processed and raw sugar varieties, such as brown
and organic sugar, to reduce its negative impact on the body after consumption. Many sugar manufacturers are developing innovative varieties
to keep up with market demand. The growing concerns regarding lifestyle-related health conditions such as obesity and diabetes are expected
to further drive the demand for healthier sugar substitutes.</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"><I>Increasing utilization in processed food and
beverages:</I> The food and beverage industry is driven by the continued innovation and development of new products, and evolution of
consumer demand. Thanks to its vast array of applications, sugar has become one of the major ingredients in food processing. The growing
demand for processed food and beverages among consumers is the primary driver for the market growth. In addition, sugar is increasingly
used in alcoholic and non-alcoholic beverages. The rising trend of consuming drinks has increased the demand for various beverages, including
dairy-based drinks, soft drinks and functional beverages. On the other hand, the intensifying demand for desserts among consumers is projected
to fuel the demand for sugar in the upcoming years.</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"><I>Rising affluence in regions across the globe</I>:
According to the International Monetary Fund (the &ldquo;IMF&rdquo;), the nominal gross domestic product (&ldquo;GDP&rdquo;) of ASEAN-5,
the major economies in the South-East Asia including Indonesia, Malaysia, the Philippines, Singapore, and Thailand, has grown at a CAGR
of approximately 5.0% during 2016 to 2021, while it is projected by the IMF that the CAGR is estimated to be 8.2% during 2022 to 2026.
The nominal GDP similarly in Sub-Saharan Africa has grown at a CAGR of approximately 4.4% from 2016 to 2021 and is expected to grow at
a CAGR of approximately 8.5%. The rising affluence and accelerated urbanization in these regions serve as a pivotal and direct impetus
to the increasing consumption of agricultural commodities such as sugar, rice, and oil as well as other secondary products made of these
agricultural commodities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Competition Overview</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">As estimated, the sugar supplying market in Singapore
is relatively fragmented. In 2021, the Company&rsquo;s revenue was US$ 9.0 million, which represents 7.5% of market share in the sugar
market in Singapore.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold">Rank</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold">Company</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Estimated Revenue</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(US$ million)</B></P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><B>Approximate Market Share (%)</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: left">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 52%; text-align: left">Our Company</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: left">9.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: left">7.5%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">SIS '88 Pte. Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">5.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">4.4%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">3</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Cheng Yew Heng Candy Factory Pte Ltd</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">3.5</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">2.9%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">102.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">85.2%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">119.9</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">100.0%</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Source: The Frost &amp; Sullivan Report</I></P>

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

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

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

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

<!-- Field: Page; Sequence: 79 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Strong business network and established relationships
with suppliers and customers: </I> New market entrants will need to establish strong business relationships with stakeholders across the
entire supply chain. For instance, the relationships with manufacturers and upstream raw material providers are particularly vital as
it directly affects the profit margins and the sustainability of the business. Downstream sales channels also contribute significantly
to business continuity. A diversified, solid and long-standing relationship is required. Without mature setups and established networks,
new entrants will find it difficult to build close customers relationships within a short time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Capital requirements:</I> High capital requirements
for procuring products, maintaining a large product portfolio and offering marketing and promotion of products may form an entry barrier
for new participants in the agricultural commodity manufacturing and distribution industry. In order to build a comprehensive product
portfolio, sufficient capital is required for product procurement and warehousing. New entrants with limited capital may not be able to
source enough products for building a large product portfolio, and therefore may fail to approach certain end customers.</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"><I>Procurement and integration capabilities</I>:
Industry-leading companies can standardize and streamline the inner operational procedure to implement procurement of raw material and
manufactured goods in an efficient and cost-effective manner. Leading companies can also benefit from a digitalized and vertically integrated
supply chain and are able to provide customers with efficient and comprehensive services, including direct sourcing, efficient logistics,
and customized solutions. New market entrants without related experience and capability are relying on manual efforts in providing limited
services with constrained capacity and capability.</P>

<P STYLE="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>Factors of Competitions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Market know-how and response to shifts in demand:
</I>The ability of effectively synchronize demand, logistics and production has become a challenge to survival of participants in the
manufacturing and distribution of agricultural commodities. The agricultural commodity market, particularly in Asia, is highly associated
with economic circumstance, government policies, weather conditions, production capacity and technology advancement, where these factors
apply on both upstream production and downstream demand. Particularly in recent years, political and economic instabilities, owing to
global events such as the trade war between the U.S. and the PRC since 2018, the COVID-19 pandemic since 2020 and the Russian-Ukraine
crisis in 2022, could lead to significant disruptions along the supply chain from local production and logistics transportation to downstream
demand, which subsequently could lead to the rise of prices in agricultural commodities and disrupt the business modeling of industry
players. Successful manufacturers and distributors of agricultural commodities with in-depth understanding and abundant experience in
the industry may provide flexible solutions to customers and ensure the supply is adequately meeting the demand by geographical region.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Economies of scale:</I> Benefitting from the
large scale of business and operation, established and sizable agricultural manufacturers and distributors can have more working capital
for bulk purchases, enjoy higher bargaining power to negotiate with suppliers, and may benefit from cost synergies to provide comprehensive
and ancillary services to customers in different locations. Therefore, economies of scale can be a major setback for the new entrants
with limited scale of operations, products and service offerings.</P>

<P STYLE="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>Comprehensive brand portfolio</I>: A comprehensive
brand portfolio is the embodiment of a company&rsquo;s comprehensive competitiveness, which may enhance the recognition of the products
among customers. Leading companies could enhance brand awareness and enjoy price premiums by creating a brand portfolio. In addition,
leading companies may be able to replicate their successful track records in developing new brands, thereby further enhancing their market
positions.</P>

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

<!-- Field: Page; Sequence: 80 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>BUSINESS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an agricultural commodity trading company
based in Singapore which specializes in trading of three main categories of agricultural commodities: sugar, rice, and oil and fat products.
We distribute agricultural commodities to various markets, including Asia, Africa and the Middle East. We also provide customers of our
commodity offerings with complementary, ancillary services such as warehouse handling and storage and logistics services. We are
an asset light business and utilize an established global network of third-party commodity suppliers and logistics service providers
in order to distribute sugar, rice, and oil and fat products to customers in over 20 countries as of the fiscal year ended December 31,
2021.</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">We source and market the commodities we distribute
under two main brands: <I>Maxwill</I> and <I>Taffy</I>. We are also the exclusive distributor of the <I>Lin</I> brand in Singapore. The
<I>Maxwill</I> brand is owned by us and is used for the sugar products and oil and fat products that we distribute outside of Singapore.
We have an exclusive distributorship with the Thai Roong Ruang Sugar Group, a large sugar producer in Thailand, for the exclusive distribution
of sugar products under their <I>Lin</I> brand in Singapore. We have also appointed Tong Seng Produce Pte. Ltd., an established distributor
of rice, oil, sugar, flour and fiber products in Singapore, for the exclusive distribution of certain sugar products under our
<I>Taffy</I> brand.</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">We specialize in the sourcing and distribution
of sugar products, with sugar products contributing to approximately 80.8% and 73.6% of our revenue for the six months ended June 30,
2022 and 2021, respectively, and 69.6% and 66.4% of our revenue for the fiscal years ended December 31, 2021 and 2020, respectively. We
procure sugar products from various origins in order to offer a wide range of sugar products to our customers in Singapore, as well as
in different markets in Asia, Africa and the Middle East regions. We are a member of The Refined Sugar Association in London, which is
the trade association for the international white refined sugar trade. We also source and sell a wide selection of rice products and oil
and fat products to our customers in Africa and the People&rsquo;s Republic of China, or the PRC.</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">We pride ourselves on the quality of our products
and our ability to provide a &lsquo;one-stop service&rsquo; to customers. We engage third-party service providers for services such as
warehouse handling and storage and logistics services (including distribution, freight forwarding and shipping services) to distribute
the commodity products from our suppliers to our customers. We also arrange for our customers&rsquo; insurance and security coverage,
including cargo insurance for the commodities which pass through our supply chain. Our operations are connected to a large network of
such service providers, including freight and shipping companies, which are experienced in handling commodities. Their experienced network,
in turn, enables us to coordinate, organize and manage our operations efficiently and offer our customers timely and cost-effective services.
We are also able to oversee the quality of the products from the point of procurement to the point of distribution to our customers.</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">We are led by a devoted management team which
is highly experienced in the agricultural commodities industry and has a keen understanding of market dynamics through our regional network
of customers, suppliers and service providers. Since our establishment in 1999, we have experienced significant growth. For the six months
ended June 30, 3021 and 2022, we had total revenue of approximately US$84.5 million and US$100.7 million, respectively, representing an
increase by 19.2%; for the fiscal years ended December 31, 2020 and 2021, we had total revenue of approximately US$131.6 million and US$194.2
million, respectively, representing an increase by 47.6%. According to Frost &amp; Sullivan, whom we commissioned in June 2022 to produce
the Frost &amp; Sullivan Report, we were the largest sugar supplier in Singapore, based on revenue in 2021, with an approximate market
share of 7.5% in the sugar market in Singapore.</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"><B>Our Strengths</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that we are well-positioned to achieve
our strategic goals through several key business strengths, including the following:</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"><B><I>Strong Relationships across the Value Chain</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations are supported by a network of third-party
commodity product suppliers, as well as logistics service providers which have expertise in handling commodities, with whom we have established
long-standing relationships. We have developed a strong network across the value chain: from procurement of the commodity products from
various refineries and millers in Asia, to transport and warehouse handling and storage of the finished products through third-party service
providers, and then distribution to our customers across the Asia Pacific region and other distributors in the Middle East and Africa
regions. Our access to this extensive sales and distribution networks enables us to procure and distribute the sugar, rice and oil and
fat products in an efficient manner, and enjoy certain cost savings from economies of scale and efficiencies in the transportation and
logistics of the commodity products. Accordingly, we believe we are well positioned to take advantage of the growth in the respective
markets in which we operate to further increase our sales and revenue.</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">&nbsp;</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>

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

<!-- Field: Page; Sequence: 81 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">Established relationships with certain suppliers
and distributors have also supported our successful distribution of the commodity products. We have been granted an exclusive distributorship
with the Thai Roong Ruang Sugar Group, a large sugar producer in Thailand, for the distribution of sugar products under their <I>Lin
</I>brand in Singapore. In addition, we have appointed Tong Seng Produce Pte. Ltd., an established distributor of rice, oil, sugar, flour
and fiber products in Singapore, for the exclusive distribution of certain sugar products under our <I>Taffy</I> brand in Singapore.
The sugar supplying market in Singapore is relatively fragmented, according to the Frost &amp; Sullivan Report. As a result of the strong
relationships that we have established across the value chain, we are the largest sugar supplier in Singapore by revenue in 2021, according
to the Frost &amp; Sullivan Report.</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"><B><I>Diversity in Product Range and Established
Distribution Network</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While we focus only on agricultural commodities,
we do so in a highly diversified manner, covering various product categories of some of the world&rsquo;s most traded agricultural commodities,
namely, sugar, rice, and oil and fat products, according to the Frost &amp; Sullivan Report. Our sugar product offerings include cane
sugar, coconut sap sugar, natural brown sugar, refined sugar and liquid sugar. We also offer a wide selection of rice products from different
origins including long grain rice, round rice, jasmine rice, white rice and glutinous rice. Our oil and fat products include palm oil
and coconut oil.</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 various products are packaged and branded
depending on the relevant export market, with the <I>Maxwill</I> brand products packaged and exported to overseas customers, the <I>Taffy
</I>brand sugar products distributed in Singapore, and the <I>Lin </I>brand products being marketed as a retail brand and distributed
to local retail and commercial customers in Singapore. The diversity of our product offerings contributes to our de-concentration risk,
both on the market side and in terms of spreading credit risk among a wider base of market counterparties.</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">Since our establishment in 1999, we have built
up an extensive distribution network in Asia, Africa and the Middle East regions. We distributed our sugar, rice and oil and fat products
globally to customers in more than 20 countries in the fiscal year ended December 31, 2021. We believe that we can take advantage of
our extensive and long-standing product sourcing capacities globally to further develop our distribution network in the growing markets
of Asia and Africa. Our involvement at the local agri-business level through our suppliers, as well as our distribution network in the
different geographical regions may afford us unique insight into the macro-drivers, such as foreign exchange fluctuations, farming activities,
weather and government policies. Over the years, we have also developed a keen understanding of market dynamics through our regional
network of customers, suppliers and service providers, and have become more attuned to market needs. When new market opportunities are
identified, we expect to work closely with our suppliers on product improvement and packaging design for new market penetration and development.
After leveraging market information and insights from our stakeholders, we believe we are able to manage supply and demand information,
craft solutions to overcome distribution challenges and provide ancillary services to ensure timely delivery of products to fulfil
the needs of our customers. Accordingly, we believe that our diversity in terms of product offerings and the geographical reach of
our established distribution network is a key strength that allows us to improve access to evolving global commodity demands, while helping
to mitigate regional risks.</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"><B><I>An Experienced Management Team</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management team has a proven track record
of developing and growing the business. Since our establishment in 1999, our management team has overseen the expansion of our business
into new markets and geographical areas such as the Africa and Middle East regions. We also have an experienced sales team which over
the years has demonstrated the ability to identify new business opportunities, develop the business by growing our global distribution
networks and manage volatility in prices and currencies. As a result, we have grown over the last 20 years to become the largest sugar
supplier in Singapore today, according to the Frost &amp; Sullivan Report.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 82 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><B><I>Well-Managed and Flexible Financial Model</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our historical funding model has been based on
our ability to use cash generated from our operations to meet our financial needs. As of the date of this prospectus, we do not have
any material bank loans; we currently have accounts with three outstanding bank facilities with an aggregate principal balance of approximately
S$1.0 million. As we have established relationships with local banks, we believe such relationships may enable us to have access to diversified
potential sources of funding options that may permit us to expand while managing our liquidity position, should such financing become
necessary. As of December 31, 2021, our cash and cash equivalents position was approximately US$7.1 million. We believe that our
liquidity position and access to diverse funding sources has significantly contributed to our global expansion and business growth and
has allowed us to remain flexible and resilient over the years.</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"><B><I>Risk Management Capabilities</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that the ability to manage risk is
one of our key strengths. Risk management is a core function under the supervision of our senior leadership structure. Risk is also a
crucial consideration in our overall strategy, which is based on bulk sourcing, and managing transportation and delivery to our customers.
We capture margins from the high volumes of the sugar, rice, and oil and fat products procured and sold. We believe that our sound risk
management practices have contributed to our positive performance through the volatile market environment over recent years and helped
to mitigate earnings volatility.</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">In particular, our profits from the sale of sugar
products are relatively isolated from large market fluctuations, due to proactive and prudent risk management through our stringent hedging
practice and because we purchase part of the sugar product volume based on forecasted demand. While we sell most of our sugar product
volume on a cost-plus basis, historically, we have maintained open positions on sugar product prices for approximately 20% of our annual
sugar product volume. These open positions on sugar product prices are a result of the sugar product pricing at the point of purchase
from the relevant supplier possibly varying with the sugar product prices at the point of sales to our customers, and may lead to uncertainty
in our sugar product margins. We also mitigate against this risk by hedging the sugar products which are exposed to open positions by
trading sugar futures over the future exchanges, including the ICE Futures Europe and ICE Futures U.S. These hedged positions enable us
to fix the price of the sell future contracts at the point of purchase for the total purchase amount of the sugar products purchased from
certain suppliers against adverse fluctuations in the sugar product prices and, upon maturity of such sell future contract, a buy future
contract is simultaneously executed at the spot price in order to close such sell future contract.</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"><B>Our Strategies</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"><B><I>Strengthen our Edge in Merchandizing</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our success is derived from our
knowledge of the markets in which we operate, and we have drawn on our knowledge of local markets and their specific characteristics to
inform our distribution and risk management strategies. Supported by regional know-how over our diverse product range and from our distribution
network, we have utilized such &ldquo;on the ground&rdquo; knowledge to obtain critical information, build and maintain sales volume,
and support the supply chain management, in order to enjoy the synergies and economies of scale in our end-to-end operations, which is
comprised of procuring commodity products, managing logistics through third-party providers, and delivery to our customers. We intend
to further improve our core business by building up our sales team with a focus on market intelligence and by using innovative data science.</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">We plan to expand our sales team by hiring market
researchers and traders. We aim to expand the team of market researchers who will be focused on conducting in-depth market research, including
analysis of external reports and other data, and supply and demand projections, and to continuously monitor the markets to ensure that
the local market knowledge is utilized effectively.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 83 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">We also plan to increase the number of traders
on our sales team, who will utilize our market research to assist with our arbitraging activities and to maximize the arbitrage opportunities.
Apart from our five current traders as of the date of this prospectus, we also have two marketing personnel on our sales team. Each trader
covers all the different commodity products within a different geographical location and the expansion of our sales team will allow us
to potentially expand into more markets. Our traders also participate in various regional and global exhibitions and conventions, such
as the Gulfood trade fair, the Salon International de l'alimentation (SIAL) Paris trade fair, the Food &amp; Hotel Asia (FHA) trade event
and the THAIFEX tradeshow, which are also usually attended by our customers. The Gulfood trade fair is an annual food and beverage trade
fair held in Dubai which is also attended by customers from Africa. The SIAL Paris trade fair is a biennial food exhibition held in Paris
which is also attended by customers from North Africa. The FHA trade event is a biennial Asia-focused food and hospitality industry trade
fair held in Singapore. The THAIFEX tradeshow is an annual Asia-focused trade exhibition held in Bangkok, Thailand, for the food and beverage
industry.</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">We only merchandize our products at a single point
in our value chain &ndash; to our customers. We believe this reduces complexity and mitigates risks, all of which are crucial to enable
us to take advantage of market opportunities and effectively address demand and supply imbalances. We believe that our ability to procure
supply chain and logistics services also support arbitraging activities because our ability to move products quickly and efficiently from
one place to another will facilitate the optimization of geographical activities and allow us to capitalize on favorable market opportunities
and ensure optimal pricing. To support the sales team, we also plan to invest in information technology to enhance information flow, better
manage risks arising from our trading activities, and to ensure that the estimates and information gathered by our team are accurate and
up-to-date. Our investment in information technology will also allow our traders to be better utilize data science and algorithms in their
trading activities.</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"><B><I>Expanding our Business by Strengthening
our Market Position and Pursuing Strategic Acquisitions</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While we are involved in various aspects of the
value chain, we operate in an asset light manner, and engage third-party suppliers to produce and package the sugar, rice, and oil and
fat products which we sell and distribute to our customers. We aim to strengthen our market position by expanding the scope of our product
offerings and investing in equipment and technology to develop better products.</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">For example, we currently export liquid sugar
to the People&rsquo;s Republic of China, which is then further processed into rock sugar by third parties for sale and distribution to
end consumers. We are in the early stages of studying the feasibility of developing our own facility for sugar products in the People&rsquo;s
Republic of China. We believe this will enable us to increase our sugar product offerings and expand our market share and brand awareness
and other nearby regions by leveraging on our presence and our ability to distribute our products directly in the People&rsquo;s Republic
of China.</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">We also intend to pursue strategic acquisitions,
both upstream and downstream in the value chain, when suitable opportunities arise. We expect to expand our geographic presence by pursuing
upstream acquisitions or form partnerships or joint ventures with sugar mills and refineries and manufacturing facilities in Southeast
Asia and/or the People's Republic of China. We also intend to pursue potential downstream acquisitions to strengthen our downstream portfolio
across the three commodities products and solidify our presence in the relevant markets, or to consolidate market share through acquisitions
of regional players. We may also seek to acquire brands and businesses from food and fast-moving consumer goods (&ldquo;FMCG&rdquo;) companies
to expand our product and brand portfolios and to further increase our food and FMCG distribution access. We also hope to improve our
overall business performance in terms of our top line and margins through such acquisitions. Apart from pursuing strategic acquisitions,
we may also seek to form joint ventures with suitable partners.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 84 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have over 20 years of experience as a physical
commodities merchant. This has allowed us to develop and build upon our expertise in the diversified commodities portfolios which we
merchandize and to cultivate long-term relationships with an established base of suppliers, logistics providers and customers across
diverse industries and in several geographic regions. Merchandizing occurs at the end of the value chain, where we distribute products
to our customers. We source a diversified range of sugar, rice, and oil and fat products from third-party suppliers, which process the
raw materials and package the finished products based on our specifications. These finished sugar, rice, and oil and fat products are
sold, usually with ancillary services such as warehouse handling and storage and logistics services (including freight services and
arranging for insurance and security coverage) to a broad range of consumers and industrial commodity end users in Asia, the Middle East
and Africa. The ability to store and transport the products efficiently and cost-effectively using third-party service providers provides
an ancillary service which we believe enhances our product offerings.</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">Our products are sold under the <I>Maxwill</I>
and <I>Taffy </I>brands. We own the <I>Maxwill </I>and <I>Taffy</I> brands and we distribute sugar products and oil and fat products under
these brands to customers in Singapore and overseas markets, as the case may be. Through our exclusive distributorship with the Thai Roong
Ruang Sugar Group, we also distribute their <I>Lin </I>brand sugar products in Singapore.</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">With a presence in the value chain in the commodities
markets of our product categories, we regularly do business with various counterparties in a number of geographic locations. Counterparties
vary to some extent depending on the particular commodity, but generally include:</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 2pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 24px">&nbsp;</TD>
  <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD>on the product sourcing side: manufacturers and refineries;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD>in the area of logistics: warehouse handling and storage,
freight forwarding and shipping services; and</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD>in our merchandizing activities: wholesalers, food or industrial corporations.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We engage third-party service providers that have
access to a global network of logistics assets, including international haulers, shipping lines and transport companies, to provide logistics
services as part of the one-stop-service for customers of our commodities products, in order to ship cargo efficiently and cost-effectively,
while maintaining control and quality of the products throughout the entire value chain.</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">All our customers may generate a credit and performance
risk. We operate principally with short-term transactions on fixed pricing terms. Our customers may be required to pay 100% of the total
contract value upon receipt of the shipping documents, or may be required to make payment of a deposit (which is calculated as a certain
percentage of the total contract value) within a stipulated period from the date of order confirmation and with the balance amount payable
upon receipt of the shipping documents. We have not entered into long-term contracts with any of our customers and suppliers.</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">In line with the industry in which we operate,
the customer base is fragmented and there is no significant customer concentration in any of the areas in which we operate. Two customers
accounted for more than 10% of our total revenue for the six months ended June 30, 2022 and no customer accounted for more than 10% of
our total revenue for the fiscal year ended December 31, 2021. For the fiscal year ended December 31, 2020 and for the six months ended
June 30, 2021 and 2022, PT Industri Gula Nusantara accounted for more than 10% of our revenue for those respective financial periods.
Please see &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&ndash;Concentrations and
Risks &ndash; Concentrations&rdquo; and page F-24 of notes to the consolidated financial statements for fiscal years 2020 and 2021, and
page F-48 of notes to the consolidated financial statements for the six months ended June 30, 2021 and 2022. The majority of our customers
have contracts for one product line only, and crossover between our customer base and our supplier base is limited. Our business is not
dependent on any patents or licenses, commercial or financial contracts or new manufacturing processes.</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">As part of our merchandizing business activities,
our marketing team also undertakes both online and offline marketing efforts to maximize our brand awareness to end consumers in Singapore
and overseas. Marketing efforts are mainly focused on reaching out to retail and commercial customers in Singapore and overseas. We
utilize social media to advertise our products online, on platforms such as Facebook and Instagram. We also actively participate in trade
fairs annually, such as Gulfood, an annual trade show held in Dubai, United Arab Emirates, and the biennial Salon International de l'Alimentation
(SIAL) Paris, one of the largest food trade shows in the world held in France. We do not use any other marketing channels in our business.
We buy and sell directly with our suppliers and customers. We do not utilize any special sales methods such as installment sales. We
believe that doing so is a convenient and cost-effective channel into the FMCG market and enables our Company to build relationships with
such stakeholders and partners.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 85 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><B><I>Sugar</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sugar products contribute most significantly to
our revenue and accounted for 80.8% and 69.6% of our revenue in the six months ended June 30, 2022 and in the fiscal year ended December
31, 2021, respectively. We currently procure raw and white sugar mainly from Brazil and India and sell to customers in Africa. We also
buy from suppliers in Malaysia, Thailand and Indonesia and distribute our sugar products to Singapore as well as to the rest of Asia.</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">Our sugar product offerings include cane sugar,
coconut sap sugar, natural brown sugar, refined sugar, and liquid sugar. We also distribute speciality sugar, such as organic certified
low glycemic index (GI) coconut-sap sugar, made only from the pure nectar of the coconut plant. The sugar that we procure is already
processed and refined depending on its intended end use and is sold to us as finished packaged commodities from our suppliers, including
in sugar sachets and sticks for commercial retail use and small packs for end consumers. Large wholesale packs of 25 kilograms or 50
kilograms are also exported for distribution overseas under our <I>Maxwill</I> brand for use by commercial customers such as food and
beverage companies, restaurants and other food and beverage establishments. We also distribute sugar products in Singapore under the
<I>Lin </I>brand, which is licensed to us under our exclusive distributorship with the Thai Roong Ruang Sugar Group, and the <I>Taffy
</I>brand to Tong Seng Produce Pte. Ltd., an established distributor of rice, oil, sugar, flour and fiber products in Singapore.
The <I>Taffy</I> and <I>Lin </I>sugar products are distributed to leading local supermarket chains, as well as mini-marts and traditional
provision stores in the heartlands.</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">According to the Frost &amp; Sullivan Report,
retail sales value in Singapore was maintained at approximately S$45 billion between 2016 to 2019. Due to the COVID-19 pandemic, where
stringent quarantine and lockdown measures were imposed, retail sales value plummeted 14.8% year-on-year in 2020. Retail sales value declined
at a CAGR of approximately 1.2% between 2016 to 2021. Going forward, retail sales value is expected to grow at CAGR of approximately 2.6%
between 2022 to 2026, as the COVID-19 pandemic is expected to be gradually and effectively controlled. Additionally, the market size of
sugar in Singapore is projected to reach US$137.1 million by 2026, primarily due to the extensive application of sugar in various industries
such as baked goods, confectioneries, canned food, frozen foods, and pharmaceuticals, etc. The anticipated sugar market growth will be
further bolstered by the rising consumption of sweet dishes and desserts, increasing investment and product innovation by major players,
coupled with new product launches. As such, we expect demand for sugar in Singapore to remain robust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">We pre-order our sugar products from certain suppliers
for the upcoming calendar year, based on forecasted annual demand. We constantly monitor our inventory levels and will place additional
orders with the relevant suppliers when inventory levels run low. We arrange logistics services through third-party service providers
such that arrangements can be made for the sugar products to be delivered from the sugar refineries and factories directly to the customers.
We engage a third-party warehouse handling and storage service provider in Singapore to store sugar products for certain customers upon
import into Singapore, prior to collection or delivery to such customers in Singapore</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 86 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">We offer a wide selection of sugar products under
the <I>Maxwill</I>, <I>Lin</I> and <I>Taffy</I> brands:</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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_048.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_049.jpg" ALT=""></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">&nbsp;</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>

<!-- Field: Page; Sequence: 87 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rice products are our second largest revenue contributor,
accounting for approximately 17.1% and 18.1% of our revenue in the six months ended June 30, 2022 and in the fiscal year ended December
31, 2021, respectively. We currently source rice primarily from trusted suppliers in Thailand, India, and Vietnam, and our rice products
are exported for distribution in Africa and China, mainly to customers who are wholesalers and merchants selling to wholesalers. The rice
products are purchased and sold on a cost-plus basis. We place orders for the rice products with the rice mills and manufacturing facilities,
which are then delivered directly to our customers.</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">According to the Frost &amp; Sullivan Report,
the market size of rice in Asia was valued at US$220.1 billion in 2021 and is projected to expand at a CAGR of 2.5% from 2022 to 2026.
Rice is the staple food of the population in Asia and continued development in rice mill machinery and improved packaging increases the
product demand in Asia. Additionally, the growing population coupled with increasing disposable income is expected to enhance the growth
of demand for rice the global market. The growing demand for specialty rice varieties has increased the trade for long grain rice. Changing
lifestyles and food habits among consumers are accelerating the fast-food industry market, which in turn drives significant growth of
the market. Going forward, the expanding food and restaurant sector is forecasted to promote market growth in Asia. As manufacturers are
offering a wide range of products such as jasmine, basmati, white, brown, and wild rice, among many other products, rice is expected to
be further promoted as a staple food.</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">We source rice from various sources, which may
go through various stages of post-harvest handling, and are able to offer our customers a wide selection of rice products:</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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_031.jpg" ALT="" STYLE="height: 345px; width: 600px"></FONT></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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 88 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><B><I>Oil and Fat Products</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We procure and sell a range of oil and fat products.
Our oil and fats products include palm-based cooking oil, coconut oil, shortening and margarine. Our oil and fat products are mainly used
in human food consumption, such as cooking oils and for food processing. We merchandize a spectrum of oilseeds products, including refined
palm oil and coconut oil. Our activities span the entire value chain - from procuring finished packaged products from our suppliers, to
managing transportation and logistics provided by third parties, and finally downstream distribution to our customers. We source our oil
and fat products from Malaysia and Indonesia, and transport and market these products under our proprietary brands, such as <I>Maxwill
Gold</I>, to customers in Africa. Similar to rice products, we purchase and sell the oil and fat products on a cost-plus basis.</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">According to the Frost &amp; Sullivan Report,
the change in lifestyle, increase in disposable income and rise in awareness with regard to the benefits of nutrition plans has positively
affected the oil market. The oil market in Asia was valued at US$41.3 billion in 2021 and is expected to reach US$60.2 billion by 2026,
reflecting a CAGR of 7.8% between 2022 to 2026. The increase in consumer preference for dietary improvements is one of the major market
drivers. The rise in functional food products further drives market growth. In addition, the increase in consumers seeking healthy and
sustainable food options, along with the growing number of sports and gym enthusiasts, further supports the anticipated expansion of
the market.</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 key oil and fat product merchandized by us
is palm-based cooking oil, which can be packaged in polyethylene terephthalate (PET) bottles, jerry cans, tins, pails, drums, bag-in-box
(BIB) containers, intermediate bulk containers (IBC), ISO tanks and flexibags, such as the following:</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"></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"><IMG SRC="image_050.jpg" ALT=""></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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To support our core business of merchandizing
commodities, we provide services (through third-party service providers) such as warehouse handling and storage services in Singapore,
and logistics services (including distribution, freight forwarding and shipping services). We also arrange for our customers&rsquo; insurance
and security coverage for the commodity products which pass through our supply chain. As part of our integrated supply chain operations,
we engage third-party service providers that have access to a global network of logistics services to provide the supply chain management
services as an ancillary service to customers of our commodities products. Integration allows us to control costs, protect against
non-availability risks and enhance synergies within the value-chain.</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"><B>Quality Management</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that quality control is important to
our business, and we have quality control measures in place to ensure that our products consistently meet the standards that our customers
demand from us. Commodity orders include grade and quality specifications, and we have product quality measures in place in each product
category to meet these customer requirements.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 89 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">Each of our product categories has quality management
personnel who are responsible for ensuring the quality of the products. Our quality management personnel engage external surveyors that
inspect all our shipments which typically ship out on a weekly basis. The external surveyors we engage for our products monitor and conduct
checks on the quantity and quality of the products on a random sampling basis, including monitoring for infestation, odor, packing and
quality. For example, the surveyors will monitor the consistency of the packing size and quality of package material used. Upon completion
of such inspections, a certificate will be issued by the relevant external surveyor indicating the specifications of the shipment inspected,
including the condition, quantity and type of packaging of the relevant commodity products that were inspected.</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">Furthermore, we are a member of The Refined Sugar
Association in London, which has established rules and regulations required for the proper conduct of the white refined sugar trade in
the United Kingdom and international markets.</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"><B>Information Technology</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consider information technology development
aimed at improving systems, processes and security to be of importance, and invest in information technology systems and process improvements
from time to time. We are mindful of the need to progressively replace legacy applications with better-integrated systems in the areas
of commodity trading and risk management. Our aim is to implement systems which allow for better monitoring of processes and increased
efficiency. We currently run a number of programs, including accounts-related software.</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"><B>Environment, Health and Safety</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations may involve occupational health
and safety risks. Our sites are monitored, both internally and externally, for product safety, compliance with applicable laws and regulations,
safety and integrity of our office, equipment, processes, employee actions and those of our third-party contractors and suppliers, occupational
health and safety and employee exposure, transportation safety, asset security, environmental protection, and operating loss and damage.</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"><B>Brands and Intellectual Property</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since our establishment, we have focused on building
established brand names for our commodities products to achieve brand recognition and to increase our market share. We believe that increased
brand awareness will assist to increase sales and sales margins, and improve customer loyalty. We have consistently marketed our products
under two brands: <I>Maxwill </I>and <I>Taffy</I>. The <I>Maxwill</I> and <I>Taffy </I>brands are owned by us, and we have registered
trademarks for these two brands. We have also been appointed as the exclusive distributor of the <I>Lin</I> brand sugar products in Singapore.
We rely on our intellectual property rights to protect our brand names by registering trademarks in Singapore, Malaysia, Vietnam and China,
as well as through confidentiality agreements and procedures with our employees, partners and others.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 90 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">As of the date of this prospectus, we have
registered 9 trademarks in Singapore, Malaysia and the People&rsquo;s Republic of China. We are in the process of applying for two
trademarks in Malaysia, two trademarks in Vietnam and two trademarks in Indonesia. The following table sets for the details of our trademarks
which have been registered or applied for:</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 STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 5%; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No.</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Place of registration / application</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registered proprietor / Applicant</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration / Application No. </B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration / Application Date</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Status </B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expiry date </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 8.55pt; text-indent: -8.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp; &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_040.jpg" ALT="" STYLE="height: 32px; width: 79px"></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxwill Foodlink</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T0408706G</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 1, 2004</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 1, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 8.55pt; text-indent: -8.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp; &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_041.jpg" ALT="Text&#10;&#10;Description automatically generated" STYLE="height: 73px; width: 79px"></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxwill Foodlink</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T0515234B</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 26 2005</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 26, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 8.55pt; text-indent: -8.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp; &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_042.jpg" ALT="Text&#10;&#10;Description automatically generated" STYLE="height: 12px; width: 79px"></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Maxwill Foodlink</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40201518831W</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 29, 2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 29, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 8.55pt; text-indent: -8.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp; &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_043.jpg" ALT="Text, letter&#10;&#10;Description automatically generated" STYLE="height: 106px; width: 79px"></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxwill Foodlink</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T0619501J</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September, 18 2006</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 18, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 8.55pt; text-indent: -8.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp; &nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><IMG SRC="image_044.jpg" ALT="Text&#10;&#10;Description automatically generated with medium confidence" STYLE="height: 121px; width: 79px"></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxwill (Asia)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40201401085T</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 1, 2014</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 1, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 8.55pt; text-indent: -8.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_045.jpg" ALT="Text&#10;&#10;Description automatically generated" STYLE="height: 11px; width: 79px"></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxwill Foodlink</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T1204031G</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 23, 2012</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 23, 2032</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><IMG SRC="image_051.jpg" ALT="" STYLE="height: 36px; width: 75px"></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">China</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Maxwill (Asia)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">61540246</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">July 14, 2022</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Registered</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">July 13, 2032</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><IMG SRC="image_051.jpg" ALT="" STYLE="height: 36px; width: 75px"></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Malaysia</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Maxwill (Asia)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">TM2021035671</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">December 20, 2021</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><P STYLE="margin: 0pt 0">Registered</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">December 20, 2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">9.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><IMG SRC="image_052.jpg" ALT="" STYLE="height: 44px; width: 75px"></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Malaysia</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Maxwill (Asia)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">TM2021035668/1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">December 20, 2021</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">Registered</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">December 20, 2031</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><IMG SRC="image_053.jpg" ALT="" STYLE="height: 36px; width: 75px"></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Indonesia</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Maxwill (Asia)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">DID2021091558</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">December 23, 2021</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">In Progress</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><IMG SRC="image_054.jpg" ALT="" STYLE="height: 44px; width: 75px"></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Indonesia</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Maxwill (Asia)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">DID2021091566</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">December 23, 2021</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">In Progress</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><IMG SRC="image_055.jpg" ALT="" STYLE="height: 36px; width: 75px"></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Vietnam</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Maxwill (Asia)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">4-2021-50988</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">December 21, 2021</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Accepted</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><IMG SRC="image_056.jpg" ALT="" STYLE="height: 44px; width: 75px"></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Vietnam</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Maxwill (Asia) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">4-2021-50990</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">December 21, 2021</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Accepted</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></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"><B>Domain Names</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">As of the date of this prospectus, we have registered
two domain names, being maxwillgroup.com and maxwill.com.sg.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 91 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><B>Employees </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">As of June 30, 2022, December 31, 2021 and December
31, 2020, we had 17, 15 and 13 employees, respectively, who are all based in Singapore. The following table sets forth a breakdown of
our employees categorized by function as of June 30, 2022:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Number of Employees</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Percentage</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%">Management</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">20.0%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Trading</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.0%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.33%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Research</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.67%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Warehouse Management</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.67%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Logistics Services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.67%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Marketing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.67%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Administration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.33%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">17</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100%</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have developed various methods to ensure that
employees are adequately and correctly trained for the functions they perform and are aware of the legislation affecting our business.
Our success depends on our ability to attract, retain, and motivate qualified employees. We endeavor to offer employees competitive compensation
packages and a positive, dynamic, and creative work environment. We believe that we maintain a good working relationship with our employees,
and we have not experienced any material labor disputes or work stoppages. No collective bargaining agreement has been put in place.</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">We enter into standard labor contracts with our
employees. We also enter into standard confidentiality agreements with all of our employees.</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"><B>Facilities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our headquarters are located in Singapore. We
are an asset light business and we are renting the office space that we currently use for our headquarters and day-to-day operations.
We also own one office space in Singapore which has been fully paid for, and which is currently being leased to a third-party. We believe
that the income we receive from leasing our office space and expenses paid for office rental are both immaterial. The office space that
we are leasing comprises 131.0 square meters with monthly rent of approximately US$2,200, while the office space that we are renting for
use comprises 143.0 square meters, with monthly rent of approximately US$3,400.</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"><B>Insurance</B></P>

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

<P STYLE="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We have limited liability insurance coverage for our products and
business operations, which comprises marine cargo insurance. We do not maintain third-party liability insurance or product liability
insurance. We believe that our insurance coverage is consistent with industry standards and is adequate to cover our key assets,
facilities and liabilities. Please see &ldquo;<A HREF="#a_003">Risk Factors</A> &ndash; Our insurance coverage may not be sufficient
or may not adequately protect us against all material hazards, which may adversely affect our business, financial condition, results
of operations, cash flows and prospects.&rdquo;</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"><B>Legal Proceedings</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may from time to time be subject to various
legal or administrative claims and proceedings arising from the ordinary course of business. Litigation or any other legal or administrative
proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management&rsquo;s
time and attention.</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">We were involved in a legal proceeding involving
BSRAT DMCC, a Dubai Limited Liability Company, which is our customer and is in the business of general trading and distribution of mainly
food stuffs, including rice. BSRAT DMCC filed a claim against us in the District Court of Singapore alleging that we had failed to supply
bags of rice pursuant to 4 contracts of sale in conformity with the terms of such contracts, and sought compensation for damages amounting
up to approximately US$255,000. The claim was dismissed on September 27, 2022. In addition to the related cost, managing and defending
litigation can divert our management&rsquo;s attention. We may also need to pay damages to settle claims with a substantial amount of
cash. Please see &ldquo;<A HREF="#a_003">Risk Factors</A> &ndash; Risks Related to Regulation and Litigation &ndash; Our Company may be involved in certain
legal proceedings from time to time. Any adverse decision in such proceedings may render us liable to liabilities and may adversely affect
our business, financial condition, results of operations, cash flows and prospects.&rdquo;</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">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 92 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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><A NAME="a_015"></A>REGULATIONS</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">Our operations and products are subject to stringent
and comprehensive national and local laws and regulations governing matters including the import and export of agricultural commodities,
the sale of food, and intellectual property. Failure to comply with these laws and regulations may result in the assessment of administrative,
civil and criminal penalties, the imposition of investigatory and remedial obligations and the issuance of orders enjoining some or all
of our operations in affected areas.</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">We are also subject to permit, registration, and
other government approval requirements under import and export laws and regulations applicable in the jurisdictions in which we operate.
Those requirements obligate us to obtain permits, registrations, and other government approvals from one or more governmental agencies
to conduct our operations and sell our products. The requirements vary depending on the location where our regulated activities are conducted.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Regulations on Food Sales</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We sell and distribute sugar products in Singapore.
The Sale of Food Act 1973 of Singapore (&ldquo;Sale of Food Act&rdquo;) regulates food to ensure that food for sale is safe and suitable
for human consumption and to promote public health, for ensuring the provision of information relating to food to enable consumers to
make informed choices and for preventing misleading conduct in connection with the sale of food. Under the Sale of Food Act, &ldquo;food&rdquo;
includes, among other things, any substance or thing of a kind used, capable of being used, or represented as being for use, for human
consumption, whether it is live, raw, prepared or partly prepared and any substance or thing of a kind used, capable of being used, or
represented as being for use, as an ingredient or additive therein.</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">Pursuant to the Sale of Food Act, the Minister
may make regulations, among other things, to prescribe the standard of strength, weight, quality or quantity of any food or of any ingredient
or component part thereof; regulating the identification and labelling of food or food contact articles for sale, including specifying
the matter that must or must not be contained in any such label and the manner of labelling; and setting out requirements that apply to
imported food or food contact articles to ensure that the food or food contact article is safe and suitable and to support a secure and
reliable supply of imported food in Singapore, including keeping of records in relation to the source or traceability and handling of
the food or food contact article imported.</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 Sale of Food Act prohibits the sale of any
food that is packaged or labelled in a manner that does not comply with all applicable requirements therein relating to identification
and labelling of that food. Pursuant to the Food Regulations (the &ldquo;Food Regulations&rdquo;), which is a subsidiary legislation to
the Sale of Food Act, no person shall, among other things, import, advertise, sell, consign or deliver any prepacked food if the package
of the prepacked food does not bear a label containing all the particulars required under the Food Regulations. Such label must, among
other things, be marked on or securely attached in a prominent and conspicuous position with the prescribed particulars being clearly
legible and appearing conspicuously and in a prominent position on the label. The Sale of Food Act also prohibits the sale of any food
which is labelled or advertised in a manner that is false, misleading or deceptive or is likely to create an erroneous impression regarding
its value, merit or safety. The Food Regulations further specify that false, misleading or deceptive statements, words, brands, pictures
or marks whether in written, pictorial or other descriptive matter on food labels are generally prohibited. There are also limitations
on the making of particular statements or claims on labels, such as statements claiming or suggesting that a food is a source of energy,
or an excellent source of protein. The Food Regulations also regulate sugar and sugar products, including that sugar shall be the food
chemically known as sucrose, and if sold as granulated, loaf cut, cube, milled or powdered shall contain not less than 99.5% (weight by
weight) sucrose.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 93 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Regulations on Imports
and Exports</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Food Regulations, no person shall
import any food that has not been registered with the Director-General, Food Administration and imported food is deemed registered if
it is imported under a permit to import issued under the Regulations of Imports and Exports Regulations, which is a subsidiary legislation
to the Regulations of Imports and Exports Act 1995 of Singapore and the prescribed particulars appear on the permit to the satisfaction
of the Director-General.</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">Pursuant to the terms of the registration to import
processed food products and food appliances issued by the Singapore Food Agency to the Company, the Company must obtain a permit from
the Director-General, Food Administration for the import of each consignment of processed food and food appliances, which is issued under
the Regulation of Imports and Exports Regulations. All commercial food imports that enter Singapore must originate from sources approved
by the Singapore Food Agency. Processed food products, which include sugar products, must be obtained from establishments regulated by
the overseas competent authorities. Only traders who are licensed or registered with the Singapore Food Agency can bring commercial shipments
of food into Singapore.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As we import sugar products into Singapore for
certain customers, the sugar products may be stored at the warehouse of a third-party warehouse handling and storage services provider
in Singapore that we engage for our business and operations, prior to collection or delivery by such customers in Singapore. Accordingly,
we are required to register with the Singapore Food Agency to import processed food products and food appliances and Maxwill (Asia) has
obtained the Registration to Import Processed Food Products and Food Appliances issued by the Singapore Food Agency.</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; text-indent: 0in"><I>United Nations Securities
Council Sanctions</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Singapore gives effect to various resolutions
of the Security Council of the United Nations including in relation to sanctions against designated persons from certain jurisdictions.
These are contained in various pieces of subsidiary legislation to the United Nations Act 2001 of Singapore, such as the United Nations
(Sanctions &ndash; Democratic People&rsquo;s Republic of Korea) Regulations 2010, which when read with the Regulation of Imports and Exports
Regulations, prohibits the export of any goods that are for the purposes of trade with any person the Democratic People's Republic of
Korea.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Regulations on Intellectual
Property Rights</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have registered various trademarks, including
the trademarks for our <I>Maxwill </I>and <I>Taffy</I> brands in Singapore. The Intellectual Property Office of Singapore is the national
authority that registers and is responsible for the administration of IP rights in Singapore, which includes copyrights, trademarks and
patents. Singapore is a member of the main international conventions regulating intellectual property matters, and the World Trade Organization's
Agreement on Trade Related Aspects of Intellectual Property Rights.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Singapore operates a first-to-file system in respect
of registered trademarks under the Trade Marks Act 1998 of Singapore, and the registered proprietor is granted a statutory monopoly of
the trademark in Singapore in relation to the product or service for which it is registered. The proprietor of a registered trademark
may also authorize other persons to use the trademark in relation to the goods or services for which it is registered. In all legal proceedings
relating to a registered trademark or any right thereunder, the registration of a person as proprietor of a registered trademark is prima
facie evidence of the validity of the original registration in any subsequent assignment or other transmission of the registration. In
the event of any trademark infringement, the registered proprietor will be able to rely on the registered trademark as proof of his right
to the mark, and the infringement of a trademark may give rise to civil and criminal liabilities. Goods and services are classified, for
the purposes of the registration of trademarks, according to a prescribed system of classification. Statutory protection of a registered
trademark can last indefinitely, as long as the registration is renewed every 10 years. Unregistered trademarks are also protected under
the common law of passing off, provided that the owner is able to prove that there is goodwill or reputation in the mark; misrepresentation
on the part of the infringer; and damage to the mark as a result.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 94 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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; text-indent: 0in"><FONT STYLE="background-color: white"><B><I>Regulations
on Labor</I></B></FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The Employment Act </I></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 Employment
Act 1968 of Singapore (the &ldquo;Employment Act&rdquo;) is administered by the Ministry of Manpower of Singapore and sets out the basic
terms and conditions of employment and the rights and responsibilities of employers as well as employees. It generally extends to all
local and foreign employees under a contract of service with an employer, with the exception of certain groups of employees, including
seafarers, domestic workers and statutory board employees or civil servants. Part II of the Employment Act applies generally and relates
to certain aspects of contracts of services, including termination of employment contracts, notice of such termination and liability on
any breach of an employment contract. Part IV of the Employment Act sets out requirements for rest days, hours of work and other conditions
of service, and applies only to workmen with salaries not exceeding S$4,500 a month and employees (other than workmen or persons employed
in managerial or executive positions) who receive salaries not exceeding S$2,600 a month. Among others, Part IV of the Employment Act
prohibits employees from working more than 12 hours per day, except for specified circumstances, and limits the extent of overtime work
that an employee can perform to 72 hours a month. Employers who require their employees to work more than the prescribed limit of hours
per day or per month must seek the prior approval of the Commissioner for Labor.</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"><FONT STYLE="background-color: white"><I>The Employment
of Foreign Manpower Act</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The employment
of foreign manpower in Singapore is also governed by the Employment of Foreign Manpower Act 1990 of Singapore (the &ldquo;Employment of
Foreign Manpower Act&rdquo;), which is administered by the Ministry of Manpower and prescribes the responsibilities and obligations for
employing foreign employees in Singapore. The Employment of Foreign Manpower Act prohibits the employment of a foreign worker unless such
foreign worker has obtained a valid work pass from the Controller of Work Passes. Under the Employment of Foreign Manpower Regulations,
</FONT>which is a subsidiary legislation to the <FONT STYLE="background-color: white">Employment of Foreign Manpower Act</FONT>, employers
of an &ldquo;S pass&rdquo; and work permit holders (issued <FONT STYLE="background-color: white">for mid-level skilled staff and semi-skilled
foreign workers in the construction, manufacturing, marine shipyard, process or services sectors, respectively) </FONT>must, among other
things, bear the costs of such worker&rsquo;s medical treatment (unless in excess of the minimum mandatory coverage in certain instances)
and purchase and maintain medical insurance for inpatient care and day surgery, with coverage of at least S$15,000 per every 12-month
period (or for such shorter period where the foreign employee&rsquo;s period of employment is less than 12 months).</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"><FONT STYLE="background-color: white"><I>The Central
Provident Fund Act</I></FONT></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"><FONT STYLE="background-color: white">Aside from
minimum benefits in respect of the aforesaid terms of employment in the Employment Act, employees in Singapore are entitled to contributions
to the central provident fund by the employer as prescribed under the Central Provident Fund Act 1953 of Singapore (the &ldquo;CPF Act&rdquo;).
The CPF Act is administered by the Central Provident Fund Board and governs the contributions made by employers and employees into the
central provident fund. </FONT>The specific contribution rate to be made by employers varies depending on whether the employee is a Singapore
citizen or permanent resident in the private or public sector and the age group and wage band of the employee. Generally, for employees
who are Singapore citizens in the private sector or non-pensionable employees in the public sector, 55 years old or below and that earn
more than or equal to S$750 a month, the employer's contribution rate is 17% of the employee&rsquo;s wages and the employee&rsquo;s contribution
rate is 20% of the employee&rsquo;s wages.</P>

<P STYLE="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><I>Regulations on Safety and Health of Our
Employees</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Workplace Safety and Health Act 2006 of Singapore
(the &ldquo;WSH Act&rdquo;) is the principal legislation governing the safety, health and welfare of persons at work in all workplaces.
Among other things, the WSH Act imposes a duty on every employer and every principal to take, so far as is reasonably practicable, such
measures as are necessary to ensure the safety and health of its employees, and any contractor, any direct or indirect subcontractor,
and any employee employed by such contractor or subcontractor, when at work. These measures include, among other things, developing and
implementing procedures for dealing with emergencies that may arise while the employees are at work and ensuring that the employee at
work has adequate instruction, information, training and supervision as is necessary for that employee to perform his work. More specific
duties imposed by the Ministry of Manpower on employers are laid out in the Workplace Safety and Health (General Provisions) Regulations
(the &ldquo;WSHR&rdquo;). Some of these duties include, among other things, preventing the workplace from being overcrowded and ensuring
adequate ventilation of the workplace.</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">&nbsp;</P>

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

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

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

<!-- Field: Page; Sequence: 95 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><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; margin: 0pt 0; text-align: justify"><B>People&rsquo;s Republic of China</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Regulations on Food Safety and Food
Import</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We export and sell sugar products and rice
products in the PRC. The PRC has adopted comprehensive legislation governing food safety and food import.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Food Safety</I></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">Pursuant to the Food Safety Law of the PRC,
or the Food Safety Law, which was promulgated by the Standing Committee of the National People&rsquo;s Congress (the &ldquo;SCNPC&rdquo;)
on February 28, 2009, and last amended on April 29, 2021 and made effective the same day, and the Implementing Rules on the Food Safety
Law of the PRC, or the Implementing Rules on the Food Safety Law, which was promulgated by the PRC State Council on July 20, 2009 and
amended on February 6, 2016 and October 11, 2019, in effect since December 1, 2019, food producers shall inspect the food produced by
themselves in accordance with food safety standards established by the Food Safety Law. Food producers may either carry out inspection
on the food on their own or entrust the inspection to a food inspection institution complying with the provisions of relevant PRC laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Food Recall System </I></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">Under the Food Safety Law, as well as the
Implementing Rules on the Food Safety Law, the Administrative Measures for Food Recall was promulgated by the China Food and Drug Administration
(the &ldquo;CFDA&rdquo;) on March 11, 2015 and entered into force on September 1, 2015, and last amended on October 23, 2020. The Administrative
Measures for Food Recall provides the detailed rules on the food recall system. Where a food producer finds that the food produced by
it does not comply with the food safety standards, it shall immediately stop the production, recall the food on the market for sale,
notify the relevant producers and traders, as well as consumers, and record the recall and notification. Where a food trader finds that
the food traded by it does not comply with the food safety standards, it shall immediately stop the trading, notify the relevant producers
and traders, as well as consumers and record the cessation of trading and the notification. Where the food producers or traders fail
to recall or stop trading of the food failing to comply with the food safety standards in accordance with the provisions of the Food
Safety Law, as well as the Implementing Rules on the Food Safety Law, the food safety supervision and administration departments at or
above the county level shall order them to recall or stop trading.</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"><I>Food Import </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Food Safety Law, as well as the
Implementing Rules on the Food Safety Law, the imported food, food additives and food-related products shall meet the national food safety
standards of the PRC. A food importer shall apply for inspection with the entry and exit inspection and quarantine institution at the
place of customs declaration by presenting necessary vouchers and relevant approval documents such as contract, invoices, packing note,
bill of lading, etc. The imported food shall pass the inspection conducted by the entry and exit inspection and quarantine institution.
For any food that is imported that is not regulated by the requirements of the national food safety standards, the overseas exporter,
overseas food producer or its entrusted importer shall file and submit the applicable standards of relevant countries (regions) or international
standard to the health administration department under the PRC State Council. The imported pre-packed food and food additives shall be
accompanied with labels and instructions (if the instructions are required under relevant PRC laws and regulations) written in Chinese.
The labels and instructions shall be consistent with the provisions of the Food Safety Law as well as the Implementing Rules on the Food
Safety Law and other relevant laws and administrative regulations of the PRC and the requirements of the national food safety standards,
and indicate the origin of food and name, address and contact methods of the domestic agent. Where any pre-packed food is not accompanied
with labels or instructions in Chinese or the labels or instructions are not consistent with the requirements, the pre-packed food shall
not be imported. The importer shall establish a food and food additives import and sale record system to truthfully record the names,
specifications, quantities, dates of production, batch numbers of production or import, shelf life, names, address and contact methods
of exporters and purchasers, dates of delivery, etc. of the food and food additives. Such import and sale records shall be true, and
shall be kept for at least six months after the expiration of the shelf life; if there is no explicit shelf life, the records shall be
kept for at least two years.</P>

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

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

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

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

<!-- Field: Page; Sequence: 96 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Regulations on Product Quality and Product Liability</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: justify"><I>Product Quality </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the Product Quality Law
of the PRC (the &ldquo;Product Quality Law&rdquo;), as promulgated by the SCNPC on February 22, 1993, which became effective on September
1, 1993 and was last amended on December 29, 2018, producers and sellers are liable for the quality of the products they produce or sell.
Where anyone produces or sells products that do not comply with the relevant national or industrial standards and requirements safeguarding
the health and safety of persons and property, they shall be ordered by the relevant authorities to stop production and/or sale of the
products; the products illegally produced and/or sold shall be confiscated; a fine not less than the equivalent of, but not more than
three times, the value of the products illegally produced or sold (including those already sold and those not yet sold, hereinafter the
same) shall be imposed concurrently; if there are illegal proceeds, such proceeds shall be confiscated concurrently. If the case constitutes
a crime, criminal liability shall be investigated in accordance with relevant law.</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">As of the date of this prospectus, we are
not aware that any of our products sold to the PRC are in violation of the Product Quality Law. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Protection of Consumer Rights and Interests
</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Law of the PRC on the Protection of Consumer
Rights and Interests, as passed by the SCNPC on October 31, 1993 and last amended on October 25, 2013, contains the code of conduct for
business operators when dealing with consumers, including but not limited to the requirement that: (i) the goods and services shall comply
with the Product Quality Law and other relevant laws and regulations; (ii) accurate information about the goods and services and the
quality and use of such goods and services; (iii) invoice shopping vouchers or service documents shall be issued to consumers in accordance
with relevant national regulations, business practices or at the request of consumers; (iv) the actual quality and function of the goods
or services shall be consistent with the quality of the goods or services indicated by advertising data, product descriptions, samples
or other means; (v) business operators assume responsibility for repair, replacement, refund or other liability under national regulations
or any agreement with consumers; and (vi) business operators shall not create terms that are unreasonable or unfair to consumers, or
exempt themselves from civil liability when they damage consumers&rsquo; legitimate rights and interests.</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"><B><I>Regulations on Intellectual Property
Rights</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, we have
one registered trademark in the PRC. The PRC has adopted comprehensive legislation governing intellectual property rights, including
trademarks.</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"><I>Trademarks</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">According to the Trademark Law of the PRC
promulgated by the SCNPC in August 1982 and recently amended in April 2019, and its Implementation Regulation promulgated in August 2002
and amended in April 2014 by the PRC State Council, the period of validity for a registered trademark is ten years, commencing from the
date of registration. The registrant must go through the formalities for renewal within twelve months prior to the expiry date of the
trademark if continued use is intended. Where the registrant fails to do so, a grace period of six months may be granted. The validity
period for each renewal of registration is ten years, commencing from the day immediately after the expiry of the preceding period of
validity for the trademark. In the absence of a renewal upon expiry, the registered trademark will be cancelled. The Trademark Law and
its Implementation Regulation also stipulate rules regarding trademark infringement and compensation. Industrial and commercial administrative
authorities have the authority to investigate any alleged infringement of the exclusive right under a registered trademark. If there
is a suspected criminal offense, the case shall be timely referred to and decided by a judicial authority. As of the date of this prospectus,
we are not aware of any infringement claims asserted or threatened against us in the PRC. </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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 97 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B>Vietnam</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"><B><I>Regulations on Imports and Exports</I></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">Under Circular 12/2018/TT-BCT, refined sugar
is not in the list of goods prohibited from import into Vietnam; it is instead in the list of commodities under import tariff quotas.
Under the Law on Foreign Trade Management 2018, commodities under import tariff quotas are goods which have the tax rate applicable while
within the quota portion lower than that while outside of the quota portion. However, under Circular No. 23/2019/TT-BCT, import tariff
quotas shall not be applied to sugar commodities (HS Code 1701) of the Association of Southeast Asian Nations (&ldquo;ASEAN&rdquo;) member
states&rsquo; origin. The quantities of sugar imported from the ASEAN member states shall not be counted as the annual import tariff
quotas announced by the Ministry of Industry and Trade of Vietnam, according to the World Trade Organization&rsquo;s schedule of commitments
applicable to its member states. Import duty rates applied to sugar commodities of the ASEAN member states' origin shall be subject to
the regulations of Vietnam Government.</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">Aside from the above, under the trading contracts
based on Cost and Freight basis (CFR) of Incoterms, we are only responsible for delivering the goods to the destination port and provide
the commercial invoice and transport document i.e., the Bill of Lading to purchasers for their customs clearance; thus, the importation
of the goods does not fall within our responsibility. As such, there are no other material regulations on importation in Vietnam that
are applicable to us. The purchasers, being the local entities, shall be responsible for carrying out the custom clearance and all other
relevant import procedures, including, but not limited to, quota registrations, if required.</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"><B><I>Regulations on Distributions</I></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 distribution of products in the destination
jurisdictions are the responsibility of the buyers. We do not have any entity, representative office of a foreign trader or branch of
a foreign trader in Vietnam. As such, there are no material regulations that are applicable to us.</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">Notwithstanding the above, the customers,
under the Law on Protection of Consumers&rsquo; Rights, are able to make compensation claims for damage caused by defective goods against
the followings: (i) the entities producing goods, (ii) the entities importing goods, (iii) the entities attaching a trade name to goods
or using a trademark or commercial indications, by which entities producing or importing goods could be identified, and/or (iv) the entities
directly providing defective goods to consumers in case of failure to identify the entities to be held accountable for damages under
items (i), (ii) and (iii) as aforementioned.</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">In addition, the Law on Protection of Consumers&rsquo;
Rights also imposes responsibility for recalling defective goods to both the entities producing goods and the entities importing goods,
which include the following steps: (i) promptly taking all necessary measures to stop the supply of defective goods in the market; (ii)
informing the public about the defective goods and the recovery of the goods according to statutory timelines; (iii) implementation of
the recovery of the defective goods in line with the publicly-informed content and bearing the expenses incurred in the recalling process;
and (iv) reporting the results to the competent authority after completion of the recall.</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"><B><I>Regulations on Intellectual Property
Rights </I></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">We filed applications for registration of
the following two (2) trademarks &ldquo;MAXWILL, Device&rdquo; and &ldquo;taffy&rdquo; in Vietnam and have been granted Decisions of
Official Acceptance of Application No. 22251/QD-SHTT dated March 23, 2022 and No. 22252/QD-SHTT dated March 23, 2022, respectively, issued
by the Intellectual Property Office of Vietnam. The Intellectual Property Office of Vietnam is an organization directly under the Ministry
of Science and Technology, with the function of advising and assisting the Minister in unifying the state management of intellectual
property, and directly managing the state and organizing the implementation of non-business activities on industrial property according
to the provisions of law. Vietnam is a member of the main international conventions regulating intellectual property matters, and the
World Trade Organization's Agreement on Trade Related Aspects of Intellectual Property Rights.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 98 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 above granted decisions indicate that
we have completed the initial registration stage for our trademarks in Vietnam. If the applications are not denied, the Intellectual
Property Office of Vietnam will grant Trademark Registration Certificates and record our trademarks in the national register of industrial
property within, by law, 12 months from the date of such decisions.</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"><I>Trademarks</I></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 industrial property right to a trademark
is established on the basis of a decision on grant of a Trademark Registration Certificate by the Intellectual Property Office of Vietnam
to the applicant. The proprietor of a registered trademark is entitled to protection within the scope stated in the Trademark Registration
Certificate, throughout the territory of Vietnam, with indefinite statutory protection, as long as the registration is renewed every
10 years. In all legal proceedings, the proprietor of a registered trademark is able to use the Trademark Registration Certificate as
prima facie evidence for their rights without need of any other evidence. Any infringement of a registered trademark may give rise to
civil and criminal liabilities. Goods and services are classified, for the purposes of the registration of trademarks, according to a
published system of classification.</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"><B>Indonesia</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"><B><I>Import Prohibitions </I></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">According to Ministry of Trade of Republic
of Indonesia (the &ldquo;MOT&rdquo;), Regulation No. 18 of 2021 on the Goods Prohibited for Export and Import, as amended by MOT Regulation
No. 40 of 2022, the Government of Indonesia prohibits the following commodities from being imported to Indonesia, among others:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">certain types of sugar, inter alia, (i) raw sugar; (ii)
    refined sugar; (iii) plantation white sugar, all in the solid form of cane or beet sugar and chemically pure sucrose with ICUMSA
    (International Commission for Uniform Methods of Sugar Analysis) below 600 IU (International Unit); and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">certain types of rice, inter alia, (i) glutinous rice; (ii) hom
    mali rice; (iii) basmati rice; and (iv) malys rice, half-milled or wholly milled (whether or not polished or glazed), with certain
    regulated solidity or breakage level.</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">The above prohibitions are stipulated in relation
to and consideration of: (i) the protection of health, safety of living beings (humans, animals, fishes, and plants), and the environment;
(ii) national security and interests or public interests, including social, cultural and public morals; and/or (iii) the preservation
of natural plants and wildlife. Violation by the importer to import any of the above prohibited commodities may result in the imposition
of administrative sanctions by the MOT in the form of: (i) a written reprimand; (ii) withdrawal of goods from distribution; (iii) temporary
suspension of business activities; (iv) closure of warehouse(s); (v) a fine in the amount of IDR (Indonesian rupiah) 5,000,000 for each
day of delay in rectifying the violation (the maximum of delay is 30 calendar days from the date imposition of the initial fine); and/or
(vi) revocation of business license.</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 raw cane sugar we sell to Indonesia has
the ICUMSA above 600 IU and, as of the date of this prospectus, we have been in compliance with Regulation No. 18 of 2021 on the Goods
Prohibited for Export and Import, as amended by MOT Regulation No. 40 of 2022.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"><B><I>Regulations on Intellectual Property
Rights </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Trademarks </I></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">In 2016, the Indonesian House of Representatives
enacted Law No. 20 of 2016 on Trademark and Geographical Indication (the &ldquo;Trademark Law&rdquo;). The Trademark Law has expanded
the scope of trademark protection and adopted the 1989 Protocol to the Madrid Agreement Concerning the International Registration of
Marks (the &ldquo;Madrid Protocol&rdquo;) provisions for trademark registration in Indonesia. Pursuant to the Trademark Law, registration
of a trademark will give protection and an exclusive right granted by the state to the owner of a registered trademark for a certain
period of time to use the trademark by itself or give permission to other parties to use it. The right of a trademark is obtained after
the trademark application is registered with the Directorate General of Intellectual Property (the &ldquo;DGIP&rdquo;). A registered
trademark will obtain legal protection in the territory of Indonesia for a period of 10 years as of the filing date and it can be renewed
for 10 year periods indefinitely. The protection of a registered trademark is limited to the class and type of goods and/or services
covered in the relevant trademark registration.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 99 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">As of the end of 2020, the enactment of
Law No. 11 of 2020 on Job Creation shortens the trademark registration process and inserts an additional basis for the trademark
examiner to reject a trademark application, namely, if such trademark consists of a shape that is functional. In addition, the
Trademark Law recognizes two types of international trademark registration applications under the framework of the Madrid Protocol:
(i) an application originating from Indonesia to a foreign country&rsquo;s trademark office (&ldquo;International Bureau&rdquo;)
which is filed through the DGIP, and (ii) an application addressed to Indonesia as the receiving office from an International
Bureau. To be able to file an application in Indonesia for the international registration of a trademark through the Madrid
Protocol, the applicant either must have applied for registration of the trademark in Indonesia or already own the trademark in
Indonesia.</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">As of the date of this prospectus, we are
in the process of registering two trademarks in Indonesia.</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"><B>Ghana</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">Importation of food products into Ghana by
either foreign or national companies is regulated for safety, quality and conformity with nationally prescribed standards. Imported food
products follow strict documentation processes and must adhere to Ghana&rsquo;s internal laws. Ghana has established regulatory institutions
mandated by law to ensure that imported goods, including food products consumed in Ghana, are wholesome and safe. These institutions
have, acting based on enabling laws, laid down standards and regulations to promote and protect the public health of Ghanaians in relation
to the consumption of food products, whether imported or locally produced.</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"><B><I>Legal Framework for Regulation of Food
Safety and Quality in Ghana </I></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 principal laws regulating safety and quality
are the Food and Drugs Act (PNDCL 305B), later amended by the Food and Drugs Act of 1996, and the Public Health Act 2012, (Act 851).
The primary institutions mandated with the responsibility to ensure the safety and quality of food products in Ghana are the Food and
Drugs Authority (GFDA) and the Ghana Standards Authority (GSA). In practice, the functions of these two agencies are sometime cross-cutting
and overlapping. The GFDA is the national regulatory body responsible for the regulation of food, drugs, food supplements, herbal and
homoeopathic medicines, veterinary medicines, cosmetics, medical devices, household chemical substances, tobacco and tobacco products,
blood and blood products, as well as the conduct of clinical trials protocols. The GSA was established by the Ghana Standards Act 1973
and is overseen by the Ministry of Trade and Industry. The GSA is responsible for establishing and promoting standards to ensure that
goods and services manufactured or imported into Ghana are of the highest quality and are safe for consumers.</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"><I>Food and Drugs ACT (PNDCL 305B) </I></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 Food and Drugs Act 1992 (PNDCL 305B) -
amended by the Food and Drugs Act of 1996 (ACT 523) (the &ldquo;Food and Drugs Act&rdquo;) contains provisions relating to importing,
manufacturing, packaging, labelling, storage, distribution and trading of food and drugs in Ghana. Section 1 of the Food and Drugs Act
prohibits and criminalizes the sale or offer for sale of unwholesome, poisonous or harmful food and drugs. Section 3 proscribes the deception
of consumers with respect to food and drugs. It provides that a person who manufactures, labels, packages, sells or advertises a food
in a manner that is false, misleading or deceptive with regard to its character, nature, value, additives, substance, quality, composition,
merit or safety, commits an offence. Section 4 provides for standards of food. It states that where a standard is prescribed under an
enactment for food, a person who manufactures, labels, packages, sells or advertises food in a manner that the food is likely to be mistaken
for food of the prescribed standard commits an offence. Generally, Sections 1 to 8 provide for offences relating to food safety, Section
9 provides for penalties in respect to offences and Section 10 provides for summary closure of premises where food is manufactured, prepared
or sold, if the Food and Drugs Board (now the GFDA) has reason to believe that the food is exposed to the risk of contamination.</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"><I>Public Health Act 2012 (Act 851)</I></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 Public Health Act 2012 (Act 851) (the
&ldquo;Public Health Act&rdquo;) regulates public health in Ghana. It contains general provisions relating to food safety and public
health. The Public Health Act established the Food and Drugs Authority (GFDA) which took over the functions of the Food and Drugs Board
established by PNDCL 305B. The GFDA is overseen by the Ministry of Health. Notably, Part 7 of the Public Health Act is dedicated to food
regulation. Specifically, Section 80, under Part 7 establishes the GFDA, while Section 81 provides that the object of the GFDA is to
provide and enforce standards for the sale of food, herbal medicinal products, cosmetics, drugs, medical devices and household chemical
substances. Further, Section 97 (1), provides that a person shall not manufacture, import, export, distribute, sell or supply food or
expose food for sale unless the GFDA has registered the food. However, Subsection 2 exempts from this general prohibition the importation
of samples for purposes of registration of the food.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 100 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B><I>Regulations Specific to Importation
and Sale of Food</I></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"><I>Registration</I></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">All food products imported, advertised, sold
or distributed in Ghana must first be registered with the GFDA under Sections 18 and 25 of the PNDCL 305B, Section 4 (b) of the Foods
and Drugs (Amendment) Act 523, 1996 and Section 118 and 124 of the Public Health Act 851 of 2012. After registration, a certificate with
a registration number is then issued with respect to the product. Only companies duly registered with the Registrar General&rsquo;s Department
shall be permitted to import food and drugs. Hence, failure to register any food item with the GFDA means the product cannot be imported.
The GFDA may either re-export, destroy, confiscate, prosecute or enforce compliance with the law. It is important to note that; imported
goods must conform with the national standards. Therefore, any consignment that does not comply with the laws shall be detained under
modalities determined by the GFDA.</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"><I>Labelling</I></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">According to Section 3 of the Ghana Standard
Board (Food, Drugs and other Goods) General Labelling Rules, 1992 (L.I No. 1541), no person shall offer for sale, sell, distribute, or
dispose of pre-packaged food or drugs unless the food or drug amongst others is labelled, there is an indication of code marks, date
of manufacture and expiry. In addition, Section 3 of the Food and Drugs ACT (PNDCL 305B), with respect to the deception of consumers,
provides that a person who manufactures, labels, packages, sells or advertises a food in a manner that is false, misleading or deceptive
as regards its character, nature, value, additives, substance, quality, composition, merit or safety, commits an offence. Notably, under
the Ghana Standards (Food Drugs and Other Goods) General Labelling Rules 1992, the GSA can seize improperly labelled food products when
carrying out its market surveillance activities and such products may be forfeited and disposed of by the GSA.</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">Labelling plant-based foods &ndash; All vegetable
oils, both imports and locally produced, are to bear the plant source of the oil and labelled, such as corn oil, ground-nut oil, sunflower
oil, rapeseed oil, etc. Labels bearing &lsquo;No/low Cholesterol&rsquo; or Cholesterol Free&rsquo; on edible vegetable oils are prohibited.
According to the GFDA, the declaration of &ldquo;No/low cholesterol&rdquo; in the labelling of edible vegetable oils is considered a
misleading claim unless it is stated on the label that all vegetable oils are cholesterol free. The GFDA will either remove products
from the shelf or ask the importer to re-label the vegetable oil as required. The GFDA enforces the labelling laws at the ports of entry
and manufacturing sites in the country. In addition, GFDA officials carry out routine inspections of imported goods at retail stores
and outlets to ensure that labelling regulations are followed. There are no exceptions to the labelling regulations. Failure to comply
with the labelling regulations will compel the GFDA to prohibit the importation, distribution, sale or use of any food product, temporarily
or permanently, as well as impose a fine.</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"><I>Packaging and Container</I></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">Under Section 7 of PNDCL 305B, &ldquo;food
should be stored and conveyed in such a manner as to preserve its composition, quality and purity and to minimize the dissipation of
its nutritive properties from climatic and other deteriorating conditions&rdquo;. GFDA officials carry out routine inspection and analysis
of imported foods at the ports of entry and at the retail level. The GFDA has the mandate to seize and destroy any product found to be
contaminated. The GFDA has no specific regulations on packaging, waste disposal laws or product recycling regulations that impact imported
food products. The GFDA does not impose any specific restrictions on packaging materials.</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"><I>Vitamin-Enrichment Requirements</I></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">Ghana&rsquo;s Legislative Instrument (L.I.)
(Act 523) on the amendment of the food law was enacted on November 6, 2009, makes it mandatory for vegetable oils, imported or produced
locally, to be fortified with micronutrients in order to address nutrient deficiencies.</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"><I>Sanctions and Penalties</I></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">Generally, any person or company found to
be in violation of any provision of PNDCL 305B will be subjected to a court penalty or imprisoned for not more than two years or both.
Also, the fine options provided under PNDCL 305B, have been increased by the amendment Act (ACT 523). Further, the GFDA has very broad
powers to impose fines on entities in breach of Ghana food regulations. In respect of import, the GFDA has broad powers to ensure compliance
with Ghana&rsquo;s food law. As of the date of this prospectus, we are not aware of any violations of PNDCL 305B by our Company.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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">&nbsp;</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>

<!-- Field: Page; Sequence: 101 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B><I>Other Relevant Legislations and Legal
Considerations</I></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"><I>Sale of Goods Act</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sale of Goods Act 1962 (Act 137) seeks
to protect sellers and consumers by requiring that goods sold by description shall correspond to their descriptions and goods sold by
sample shall correspond to their samples under Sections 11 and 12. This is because the buyer relies on the description and samples provided
by the seller. This is an implied condition under the laws of Ghana, and it applies to the sale of food and food products.</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"><I>Consumer Protection in Ghana</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no single overarching consumer protection
legislation in Ghana. Hence, the regulatory framework for consumer protection is fragmented and consists of both public and private law
mechanisms. These cover various pieces of legislation and common law protections. From a common law perspective, consumers can rely on
contract and tort law principles to address consumer protection issues. For example, the Sale of Goods Act 1962, contains general provisions
relating to fitness of purpose of goods sold in Ghana.</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">Notably, the Drafting Department of the Attorney
General&rsquo;s office is currently involved in producing a consumer protection bill. The bill, among other things, proposes to introduce
a single and more comprehensive consumer protection statute and a dedicated consumer protection authority to ensure that consumer protection
efforts are coordinated coherently and given adequate attention.</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"><B>Angola</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">Angola does not currently have a specific
food safety law. However, a Public Health Bill which addresses food safety, among many other topics, is pending approval in the Angolan
parliament. This Bill is an integral component of Angola&rsquo;s broader National Health Development Plan (Plano Nacional de Desen volvimento
de Sa&uacute;de) 2012-2025, which sets strategic goals and priorities for the public health sector for the short, medium, and long term.</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"><B><I>Plant Health Law No. 05/21</I></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 Plant Health Law No. 5/21 approving the
Plant Health Act repeals the Legislative Decree No. 3001/59 approving the Plant Health Regulation of Angola. The Law establishes the
norms that aim to guarantee the phytosanitary protection of agricultural and forestry production and exploitation, as well as the transit,
trade, import and export of plants, parts of plants intended for commercialization and consumption. This Law applies to vegetables, products
of plant origin, and forestry articles. This Law also applies to natural and legal persons, public and private, engaged in agricultural
and forestry activities, scientific studies, handling, production, transport, marketing, import and export of vegetables, storage, plant
packaging, forestry, and other products.</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"><B><I>Food Regulations</I></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 principal regulatory authorities for food
import into Angola, are (a) The Ministry of Agriculture and Forestry and (b) The Ministry of Industry and Commerce (note: the Ministry
of Commerce merged with Ministry of Industry on April 1, 2020). These two ministries are responsible for the regulation and development
of standards and administration of food sales, safety, and quality in Angola. In practice, the responsibilities of these ministries are
sometimes overlapping and may cause ambiguities in the development and implementation of food import regulations.</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"><I>Specific Regulatory Requirements Relating
to Food Import and Sales </I></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"><U>Labelling Requirements </U></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">According to Ministry of Industry and Commerce,
certain information must appear on an imported food product label, as regulated by Consumer Protection Law No. 15/03, including type
of product and name, producer&rsquo;s name, batch reference, conditions of preservation and storage, production and expiration dates
&ndash; the remaining shelf life must be at least 25 percent of the total shelf life of the product at the time of importation, fat content,
volume and import eligibility.</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">Importers of food must note that Portuguese
language labelling is mandatory on all agricultural products. Unlabelled or incorrectly labelled products can be confiscated. Stickers
must be applied no later than at point of sale to the end user, with the supplier and importer coming to an agreement as to who will
affix the sticker.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 102 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><U>Packaging and Container Regulations</U></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">Generally, except for regulations affecting
packaging of eggs, Angola does not have any specific packaging and container regulations. Also, Angola does not have any specific packaging
sustainability measures, such as single-use bans, recycling regulations, recycled content, or other design requirements, nor does the
government have any national strategies for reducing packaging waste.</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"><I>Other relevant regulatory requirements</I></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"><U>Sanitary and Phytosanitary Testing</U></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">Sanitary and phytosanitary laboratory testing
is regulated by Presidential Decree No. 140/16 of 2016, which states that all products intended for human consumption shall be subject
to laboratory testing. The decree also created a national network of laboratories for quality and control and defines rules that must
be observed for the coordination of the laboratories tasked with conducting testing. It repealed all previous legislation that contradicts
the law&rsquo;s provisions.</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"><B><I>Consumer Protection Laws</I></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">Chapter 3 of the Constitution of the Republic
of Angola guarantees Economic, Cultural and Social rights of all Angolans. Article 78 (1), under Chapter 3, states that consumers shall
have the right to good quality goods and services, information, and clarification, guarantees for products and protection with regard
to consumer relations. Article 78 (2) provides that consumers shall have the right to be protected against the manufacture and supply
of goods and services that are harmful to health and life and must receive compensation for any damages suffered. Further, Article 78
(30) provides that advertising of consumer goods and services shall be regulated by law and all forms of concealed, indirect, or misleading
advertising shall be prohibited. Article 78 (4) stipulates that the laws of Angola shall protect consumers and guarantee to defend their
interests.</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">In furtherance of the principles enunciated
in Article 78 of the Constitution of the Republic of Angola, Consumer Protection Law No 15/03 of June 22, 2013 (&ldquo;Law No. 15/03&rdquo;),
was enacted. Article 2 of Law No. 15/03 restates the responsibility of the Angolan government for protecting consumers, supporting the
constitution and operation of consumer associations, as well as the implementation of the provisions in the Law No. 15/03. Article 4
of the Law No. 15/03 provides that the protected rights cover the following aspects: the quality of goods and services, protection of
life, health and physical safety, freedom of choice and equality in contracts, the protection of economic interests and protection from
misleading and abusive advertising, the prevention and repair of property, moral and individual damage.</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">Notably, under Article 10 of Law No. 15/03,
the producer, manufacturer, and importer are, as a rule, responsible jointly, regardless of the existence of guilt, for repairing the
damage caused to consumers, except where it has been proven that it has not placed the goods on the market or that, although it has been
placed, the defect does not exist or is the sole fault of the consumer or a third party. Further, infringements of consumer protection
standards are subject to administrative penalties such as fines, seizure of goods, destruction of goods, prohibition of the manufacture
of goods or services, suspension of the supply of goods or services and temporary suspension of activity and/or prohibition of establishment.</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">Further, the National Institute for Consumer
Protection (INADEC) was established by the Governmental Decree No. 9/03 of the Council of Ministers. INADEC has legal jurisdiction over
consumer related issues, as stated in its Law No. 15/03. INADEC is also responsible for safeguarding consumer rights, and for coordinating
and implementing measures for their protection, including providing information, education, and support for Consumer Protection Associations.
By this mandate, INADEC undertakes the legal, administrative, technical facilitation of the protection of rights in legal proceedings.</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">As of the date of this prospectus, we are
not aware that any of our products sold in Angola have been subject to consumer protection claims or administrative penalties in respect
of Law No. 15/03. <FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></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">&nbsp;</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>

<!-- Field: Page; Sequence: 103 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B>Nigeria</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">Edible commodities, such as sugar, rice, oil
and fat products, and other consumables, are strictly regulated in Nigeria to ensure their quality and safety for consumption. Some of
the existing legislation relating to food safety are outdated and characterized with overlaps and gaps. The following laws impose product
liability on importers of food commodities and consumables into Nigeria:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Federal Competition and Consumer Protection Act, 2018 (the &ldquo;FCCPA&rdquo;);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consumer Protection Council Act, Chapter C25 of the Laws of the
    Federation of Nigeria 2004 (the &ldquo;CPCA&rdquo;);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Food, Drugs and Related Products (Registration, etc.) Act of 1993
    (now known as CAP F.33 LFN 2004);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Sale of Goods Law 2015(the &ldquo;SGL&rdquo;);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Federal Competition and Consumer Protection Act, 2018 (the &ldquo;FCCPA&rdquo;);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Standards Organisation of Nigeria Act 2015;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The National Agency for Food and Drug Administration and the Control
    Act, Chapter N1 of the Laws of the Federation of Nigeria 2004.</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"><B><I>Consumer Protection Laws</I></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"><I>The Federal Competition and Consumer Protection
Act</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Federal Competition and Consumer Protection
Act, 2018(the &ldquo;FCCPA&rdquo;) imposes product liability on manufacturers supplying defective or hazardous products or goods to consumers.
In this regard, where a manufacturer of food products produces defective or hazardous commodities, which consumers buy and consume, such
manufacturer may become liable under the FCCPA.</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">Product liability cannot be restricted or
excluded by any contract with a supplier, intermediary, or consumer. Product liability may exist when consumer buys the goods directly
from the manufacturer or enters into any form of contract with the manufacturer of such goods. Manufacturers may also be subject to liability
where they misrepresent facts and such misrepresentation lead to pecuniary loss or health hazards on the part of the consumers. A manufacturer
may not restrict or exclude any form of liability which it may be subject to.</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">Under the FCCPA, contravention of consumer
rights incurs criminal liability, on the part of both the manufacturing company and the director of a company. The punishment for contravention
for a director of a company found liable is a term of imprisonment not exceeding five years or a fine of up to N10, 000,000 (ten million
naira), or a combination of both. Suppliers of the product, if found liable, are subject to the same punishment. As of the date of this
prospectus, we are not aware that any of our products sold in Nigeria have been claimed or determined to be in violation of the FCCPA.</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">Consumer Protection Council Act, Chapter C25
of the Laws of the Federation of Nigeria 2004 (the &ldquo;CPCA&rdquo;)</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 CPCA established the Consumer Protection
Council (the &ldquo;CPC&rdquo;) to provide speedy redress for consumer or community complaints through negotiation, mediation, and conciliation.
The CPC also seeks to remove hazardous products from the market and ensures the offenders replace such products with safe and appropriate
alternatives. The CPC publishes lists of products of which the consumption and sale have been banned, restricted, or have not been approved
by Nigerian or foreign governments. The CPC may also require offenders to protect, compensate and provide relief and safeguards for injured
consumers suffering adverse effects of harmful, violent, or hazardous products.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 104 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">A consumer or community that has suffered
loss, injury, or damage as a result of the use of any goods, product, or service may make a complaint in writing and seek redress through
a state committee. Upon investigation, if it is established that the consumer&rsquo;s rights have been violated or a wrong has been committed
by way of trade, provision of services, or advertisement, which has caused injury or loss to the consumer, the CPC may take such action
as it deems necessary, in addition to the right of the consumer to pursue legal action. The CPCA provides relief that is supplemental
to redress by way of litigation.</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"><I>Food, Drugs and Related Products (Registration,
etc.) Act of 1993 (now known as CAP F33 LFN 2004)</I></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 Food, Drugs and Related Products (Registration,
etc.) Act of 1993 (now known as CAP F.33 LFN 2004) (&ldquo;F.33 LFN 2004&rdquo;) imposes product liability on manufacturers of processed
food, drugs, drug products, cosmetics, medical devices or water. F33 LFN 2004 states that an item listed above shall not be manufactured,
imported, exported, advertised, sold or distributed in Nigeria unless it has been registered in accordance with the provisions of F.33
LFN 2004 or regulations made under it. After a successful registration, a permit is issued. Where any individual contravenes a provision
of F33 LFN 2004 or a regulation made under it, such individual shall be guilty of an offence and liable on conviction to a fine not exceeding
N50, 000 or to imprisonment for a term not exceeding two years or to both fine and imprisonment. Where a company contravenes any provision
of F33 LFN 2004, such company shall be liable to a fine not exceeding N100, 000.</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">A person convicted of an offence under F33
LFN 2004 or the related regulations may also get a forfeiture order of its asset to the federal Government i.e. any asset or property
constituting, or derived from any proceeds the person obtained, directly or indirectly, as a result of the offence or any of the person's
property or instrumentalities used in any manner to commit or to facilitate the commission of the offence. As of the date of this prospectus,
we are not aware of any claims or determinations that any of our products sold in Nigeria have been in violation of the Food and Drug
Related Products (Registration, etc.) of 1993 (now known as CAP F33 LFN 2004). <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"><I>The Sale of Goods Law (the &ldquo;SGL&rdquo;)
2015</I></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">Originally, the Sale of Goods Act 1893 had
force throughout Nigeria. As of the date of this prospectus, the operation of the Sale of Goods Act 1893 Act is confined only to Lagos
State, where it was domesticated into a state law. The Western region of Nigeria, particularly Lagos state, repealed the Sale of Goods
Act 1893 and replaced it with the Sale of Goods Law 1959, then later replaced it with the Sales of Goods Law 2015. Despite the change,
the Sale of Goods Law 1959 is still an exact copy of the Sale of Goods Act, 1893.</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 Sale of Goods Law Chapter S1 of the Laws
of Lagos State 2015 stipulates that, where a contract provides for sale of goods by specification, an implied condition that the goods
shall correspond with said specification arises. Also, where the buyer has expressly or impliedly made known to the seller the particular
purpose for which the goods are required, an implied condition arises that the goods shall be reasonably fit for such purpose and that
the goods are of merchantable quality. If the seller breaches any of the implied warranties or conditions, the buyer may maintain an
action against the seller for damages for breach of warranty or condition. It provides a supplementary cause of action to the rights
of the consumer under common law. The SGL, however, expressly permits the insertion of exclusion clauses in contracts of sale with negatively
implied warranties or conditions.</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">On an overall basis, every product imported
for sale, especially within Lagos state, must match its specification. Companies must ensure that their entire products listed for import
and sale in Nigeria and especially Lagos state match their specification in other to avoid liability under this law.</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"><I>Consumer Protection Agency Law (the &ldquo;CPAL&rdquo;)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Consumer Protection Agency Law of Lagos
State is a state domesticated version of the Federal Competition and Consumer Protection Act, 2018 (the &ldquo;FCCPA&rdquo;) and is applicable
only in Lagos state. The Consumer Protection Agency Law of Lagos State in Chapter C13) established the Lagos State Consumer Protection
Agency (the CPA).</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 105 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">Additionally, the CPAL sets out the following
functions of the CPA, among others: (1) to ensure the replacement of hazardous products with safe products and seek ways and means of
eliminating hazardous products from the market in conjunction with the relevant government agencies, (2) to initiate investigation in
its own name, whether upon the receipt of a complaint or not, (3) to cause an offending company, firm, trade association or individual
to compensate or provide relief to injured consumers or communities as a result of adverse effects of harmful products, (4) to cause,
where necessary, quality tests to be concluded on a consumer product; and (5) to apply to a court to prevent the circulation of any product
that constitutes an imminent public hazard, enforce and protect the rights of consumers, or seek relief or compensation for injured consumers
where negotiation, conciliation or mediation fails. Where a manufacturer or seller sells defective or hazardous products within Lagos
state which consumers use, such manufacturer may become liable.</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"><B><I>Laws Concerning the Quality of Products
Imported to Nigeria</I></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"><I>Standards Organisation of Nigeria Act 2015</I></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 Standards Organisation of Nigeria Act
(No. 14 of 2015) empowers the relevant government agency to formulate and apply standards in the regulation of both imported and domestically
manufactured goods.</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">In 2005, the Standard Organisation of Nigeria
(the &ldquo;SON&rdquo;) introduced the Standard Organisation of Nigeria Conformity Assessment Program (the &ldquo;SONCAP&rdquo;) to prevent
the importation of substandard and unsafe goods into Nigeria. A pre-shipment verification process is used to verify that the products
to be imported into Nigeria are in conformity with the applicable Nigerian Industrial Standards (the &ldquo;NIS&rdquo;) or approved equivalents,
and technical regulations before shipment.</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">All goods to be imported into Nigeria are
required to be verified and tested at the country of supply (i.e. the exporting country), and a SONCAP Certificate or SONCAP Import Permit
must be issued demonstrating that the products to be imported meet the applicable standards and regulations. Otherwise, where the goods
do not comply with the set standards and regulations, a Non-Conformity Report (the &ldquo;NCR&rdquo;) may be issued; therefore, each
shipment of goods or products subject to the SONCAP arriving at any Nigeria port must be accompanied by a SONCAP Certificate.</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">All products, except those specifically exempted
in the list below, are regulated under the SONCAP program. Products exempt from the SONCAP program include the following: food products, drugs (medicines), chemicals used as raw material by bona fide manufacturers, military wares and equipment, goods classified as contraband
by the Federal Government of Nigeria, used products other than automobiles, machinery or related spare parts for bona fide manufacturers
who intend to use them for their own manufacturing purposes are advised to apply to the SON for a SONCAP import permit. The compliance
process for obtaining the SONCAP Certificate must occur in the exporting country.</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">All regulated products arriving at Nigerian
entry points (ports, airports, land borders) without the SONCAP Certificate will be rejected at the entry point and the Customs release
will be refused. The importer/exporter will then be required to re-export the goods or it will face delays while the goods are sampled
and tested for compliance with the Nigerian requirements. The exporter/importer will bear all the costs related to this (sampling, testing,
delay at the border point).</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">As of the date of this prospectus, we believe
that none of our products sold in Nigeria have been in violation of the SONCAP program or Standards Organisation of Nigeria Act.</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"><I>The National Agency for Food and Drug Administration
and the Control Act, Chapter N1 of the Laws of the Federation of Nigeria 2004</I></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 National Agency for Food and Drug Administration
and the Control Act Cap N1 Laws of the Federation of Nigeria (the &ldquo;LFN&rdquo;) 2004 regulate and control the manufacture, importation,
exportation, distribution, advertisement, sale, and use of food, drugs, cosmetics, medical devices, packaged water, chemicals, and detergents
(collectively known as regulated products). The National Agency for Food and Drug Administration was officially established in October
1992.</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">For the purposes of the LFN, sugar, rice and
oil and fat products are all regarded as food commodities. The only obligation owed by importers or manufacturers under the LFN is to
ensure all products are harmless and in perfect condition, before they are imported into Nigeria.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 106 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B>Madagascar</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"><B><I>Food Legal and Regulatory Framework</I></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 food regulatory framework in Madagascar
is mainly organized by the Health Act and the Law No. 2017-048 regulating health and safety of food intended for human consumption and
animal feedstuffs. It is essentially grounded on authorizations and agreements from competent authorities and monitoring procedures.</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"><I>Health Act and the Law Regulating Health
and Safety of Food intended for Human Consumption and Animal Feedstuffs</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Health Act is the main legal instrument
regulating the protection of food products intended for human consumption. To ensure the safety of food products, Article 42 imposes
the legal obligation to obtain a certificate of suitability for human consumption (Certificat de consommabilit&eacute;) issued by the
National Agency for Food Health and Safety (Agence de Contr&ocirc;le de la S&eacute;curit&eacute; Sanitaire et de la Qualit&eacute; des
Denr&eacute;es Alimentaires). In the same vein, Article 43 of the Law regulating food provides that each operator is liable and responsible
for the quality, health and safety of foods provided by it.</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"><I>Subsidiary Legal and Regulatory Framework
for the Food Sector</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Decree No. 2013-260 establishes the national
agency for food health and safety. This Decree came into force on April 9, 2013, and it provides the legal and organizational framework
for the functioning of the National Agency for food, health and safety. The functions of the agency as provided under Article 1 is for
the monitoring of food health, quality and safety in Madagascar.</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">Decree No. 2004-1072 established the National
Nutrition Council. Article 1 of the Decree endows the National Nutrition Council with the legal power and responsibility for the implementation
of the National Nutrition Policy, technical coordination, monitoring and evaluation, research and development of specific nutrition activities
carried out by the various health care agencies in the country.</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"><B><I>Other Relevant Laws Affecting the Sale
and Distribution of Food Products </I></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"><I>Consumer Protection Act</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The  Madagascar Consumer Protection Act aims at protecting consumers
from risks related to health and safety of goods and services. The Madagascar Consumer Protection Act applies to the food industry, providing
for, among other things, i) the protection of consumers against health risks related to hygiene and the quality of the goods, products
and services placed on the market, ii) allowing consumers access to the information they want to make freely informed choices, according
to their wants and needs, iii) educating consumers, particularly regarding their rights, and informing as to the socio-economic and environmental
impact of the choices they make, iv) giving consumers the opportunity to obtain effective redress with the justice system with respect
to what they purchase or consume, and v) granting consumers the right to form themselves into groups or consumer organizations and to
giving these organizations the opportunity to put forward their views within the framework of the decisions made.</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 Consumer Protection Act of Madagascar
also has direct provisions affecting the importation of food into the country. According to Article 45, the import of a product likely
to present a health hazard can be suspended by the Ministry of Industrialisation, Trade and Consumer Affairs, being ministry responsible
for the supervision of enforcement of the Consumer Protection Act, which can cause the destruction of any amount of nonconforming products
already in the national market.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 107 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B><I>Regulations Affecting Food Imports to
Madagascar </I></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"><I>General Food Import</I></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">In Madagascar, the registration of all food
importers is a requirement. An importer is a natural or legal person exercising import operations, domiciled in the country, and registered
on the Commercial Register under the tax administration and foreign exchange policies. From this registration, a unique tax registration
number is assigned to the importer.</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"><I>Imports of Rice, Sugar, and Oil and Fats
Products </I></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">Rice is the most widely consumed product in
Madagascar. Accordingly, the import of rice is exempt from any import duty, according to the Law No. 2005-015 - exemption from Customs
Duty (DD) on the importation of rice. Further, specific attention is given to food products derived from vegetables, such as sugar and
palm crude oil. Article 3 of Order No. 4736/2002 regulating the import of vegetables or products derived from vegetables imposes the
following additional requirements:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">prior issuance by the Plant Quarantine Service (Service de la Quarantaine
    V&eacute;g&eacute;tale) to the importer of a permit of import mentioning the conditions and phytosanitary measures imposed on the
    plants and plant products concerned;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the presentation of a trustworthy phytosanitary certificate issued
    by the National Organization of the Plant Protection of the sending country, certifying that the plants, plant products and packaging
    have been carefully examined before shipment and certifying the conditions imposed in the import permit;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">submission to phytosanitary control on arrival, at the end of which
    a report of inspection will be issued by the accredited agent for this purpose of the Plant Quarantine Service;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the delivery of an import permit by the Plant Quarantine Service
    (Service de la Quarantaine V&eacute;g&eacute;tale) with mention of specific plant health requirements;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the presentation of a Health Certificate provided by the export
    country&rsquo;s national organization in charge of plant protection in good faith; and</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">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">phytosanitary control on arrival leading to the issuance of a report
    established by an accredited agent from Plant Quarantine Service.</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"><B>Kenya</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 Kenyan Constitution 2010 expressly provides
for consumer protection rights which place great importance on consumers&rsquo; protection and observance. Article 43(1) of the Constitution
of Kenya 2010 (referred to hereinafter as the &ldquo;Constitution&rdquo;) provides for economic and social rights, including the right
to be free from hunger and to have adequate food of acceptable quality. Equally, Article 46 of the Constitution provides for consumer
rights, exclusively. It provides that consumers have the right to goods and services of reasonable quality, to the information necessary
for them to gain the full benefit from goods and services to the protection of their health, safety and economic interests and to compensation
for loss or injury arising from defective goods or services. It further established the groundwork for legislation to protect consumer
rights, culminating in the Consumer Protection Act No. 46 of 2012 (referred to hereinafter as the &ldquo;Kenyan Consumer Protection Act&rdquo;).</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 Kenyan Consumer Protection Act, as well
as other laws, such as the Food, Drug and Substance Act, the Sale of Goods Act and the Standards Act Cap No. 496 (referred to hereinafter
as the &ldquo;Standards Act&rdquo;), provide that importers of goods have to comply with several regulations before they can comply with
the Kenyan legal framework and successfully carry out trade in the country.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 108 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B><I>Consumer Protection Provisions</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Constitution establishes the foundation
for the protection of consumer&rsquo;s rights through Articles 43 and 46. The Kenyan Consumer Protection Act was enacted in compliance
with Article 46(2) of the Constitution. One of the Kenyan Consumer Protection Act&rsquo;s objectives is to protect consumers and to establish
a market that is generally fair to consumers, with a focus on protecting consumers from being exploited by suppliers.</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 key provisions of the Kenyan Consumer
Protection Act include the provision that consumers can institute class action suits against suppliers. The class action suits are flexible
and do not require any rigid procedure to institute against a supplier. It is worth noting that any settlement entered on behalf of the
class of represented people is binding upon the rest. The Kenyan Consumer Protection Act further imposes a provision requiring that the
quality of goods is of merchantable quality. The Kenyan Consumer Protection Act also makes provisions defining unfair practices. It lists
conduct such as the making of false and unconscionable representations as unfair under the Kenyan Consumer Protection Act. The definition
of unfair practices includes making representations that goods supplied are of a standard, quality or grade that they are not, and that
the goods contain ingredients that do not necessarily make up the composition of the good in question.</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">One of the remedies available to consumers
provides a right to rescind the contract and demand damages (both exemplary and punitive) from the supplier as well as the option for
litigation to resolve the dispute. Further, a disgruntled consumer can institute proceedings against a supplier for breach of their consumer
rights.</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">Under the provisions on unfair practices,
the Kenyan Consumer Protection Act waives the potential possibility that notice needs to be given by a consumer before instituting proceedings
in a court and will allow a consumer who has been subject to the practices defined as unfair unfettered access to the courts.</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"><I>Sale of Goods Act</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 15 of the Sale of Goods Act Cap. No.
31 provides that goods shall match the description that was made for their sale and it is irrelevant that the bulk of the goods match
the description if some goods do not conform with their description.</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"><I>The Competition Act</I></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">Section 55 of the Competition Act No. 12 of
2010 expressly prohibits sellers from making false or misleading representations, such as goods are of a particular standard, quality,
grade, benefits and uses when they are not. It further lists that a false representation includes the making of representations that
goods are sponsored or affiliated or of a particular quality when they are not.</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"><I>Food, Drugs and Substances Act</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Food, Drugs and Substances Act Cap No.
254 imposes conditions specific for Foods and Cosmetics. Section 5 and 7 of the Act provides for the standards of food and preparation
of food under sanitary conditions. Section 5 imposes a sanction if someone does not comply and produce food according to those prescribed
standards. Section 7 imposes a condition that goods need to be produced under sanitary conditions making them fit for human consumption.</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 Public Health Board established for enforcement
under the Food, Drugs and Substances Act Cap No. 254 is required to ensure compliance with all the requirements for Kenyan consumers.
The Minister of Health and the board of Public Health may make regulations regarding the conditions for the importation of foods and
cosmetics. The Food, Drugs and Substances Regulations (General and Food Labeling, Additives and Standards) of 1978 are lengthy and contain
with greater detail standards for extracts used in foods, the manner of labeling and packaging, description of ingredients etc.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 109 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B><I>Standards and Quality of Substances
Provisions</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Standards Act aims to provide standardization
of commodities and establishes the Kenya Bureau of Standards (KEBS) to achieve its objective. As has been demonstrated above, the protection
of consumers in Kenya is multi-faceted, perhaps because of it being entrenched in the country&rsquo;s Supreme Law. The import of foodstuffs
therefore goes through several stages before the arrival of the product to the market.</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">At the primary stage, importers have to contend
with the Kenya Revenue Authority (KRA), which will require several conditions to be met before finally allowing goods into the market.
The KRA needs a valid Certificate of Conformity (CoC) from the Pre-Verification of Conformity (PVoC) agent for regulated products, as
well as an Import Standardization Mark (ISM) in addition to several tax compliances.</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">These certificates are obtained from KEBS.
KEBS&rsquo; role includes providing standards, metrology, and conformity assessments (SMCA), and examining foods for microbial and chemical
contamination. The Ministry of Agriculture&rsquo;s Draft Food Safety Policy 2021 reiterates that KEBS controls food imports at several
ports of entry, including Mombasa, Jomo Kenyatta International Airport (JKIA) and various official border posts. It states that certification
programmes are conducted on all processed food products destined both for export and domestic markets in accordance with the Standards
Act.</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 Standards (Verification of Conformity
to Standards and other Applicable Regulations) Order, 2020 (the &ldquo;Order&rdquo;), is a subsidiary legislation to the Standards Act.
It expressly provides that it applies to all imported products to Kenya. The Order imposes an obligation upon all importers to ensure
that their products conform with all the standards in place in Kenya. Conformity with the Standards Act results in the importer being
issued a CoC. KEBS adopted the Pre-Verification of Conformity (PVoC) program with specific listed countries. The program enables KEBS
to contract testing and physical inspection of goods to third-party companies. After testing, a qualified third-party companies may issue
the importers with a PVoC, which then vitiates the need for a CoC. KEBS issued a PVoC manual, which guides importers seeking a PVoC.</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 PVoC manual provides for countries from
which goods can have PVoCs issued with the companies. KEBS also makes public notices designating contracted PVoC agents for a period
of time. The most recent notice was issued on July 27, 2022, stating that several inspection companies have been contracted to offer
PVoC services for general goods for the next three (3) years, effective from June 23, 2022. The companies include: 1. China Certification
&amp; Inspection Group Company Ltd, 2. China Hansom Inspection &amp; Certificate Co. Ltd, 3. Societe Generale de Surveillance, 4. TUV
Austria Turk and 5. World Standardization Certification &amp; Testing Group (Shenzhen) Co. Ltd.</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 PVoC manual also alludes to three routes
towards obtaining the CoCs. Food such as animal and fishery products, fresh dairy products, and bulk shipments of cereals such as rice
shall be tested and physically inspected to demonstrate conformity to the relevant standards. Further, Guideline 8 of the PVoC manual
stresses that goods from countries not eligible for the PVoC process shall be subject to the destination inspection process.</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">After all the relevant physical inspection
and testing has been carried out, KEBS shall issue a local CoC. The importer can then apply for an Import Standardization Mark (ISM)
using the local CoC. It is worth noting that goods with CoCs can be re-tested upon entry at the port in Mombasa or the various international
airports at the discretion of KEBS. However, in the absence of CoCs, KEBS formulated destination inspection for all arriving goods in
order to comply with the Standards Act.</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"><B>Tanzania </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Tanzanian food import and sales policy
is predicated on the need to control import and sale of food consumed within the country. The Tanzanian regulatory regime includes licencing
requirements, compliance regulations and quality standards for imported foods. It also restricts food importation to individuals or businesses
duly registered as importers and lays out specific requirements for the importation of food.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 110 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B><I>General Food Regulations</I></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 principal legislation for the regulation
of importation and sale of food and food products in Tanzania is the Food, Drugs and Cosmetics Act, 2003. The Food, Drugs and Cosmetics
Act, 2003, under Section 4, established the Tanzania Food and Drugs Authority (TFDA) with the responsibility of ensuring safety and quality
of food, drugs and cosmetics consumed or used in Tanzania. Section 5.1 (a) of the Act empowers TFDA to regulate all matters relating
to quality, and safety of food, drugs, herbal drugs, medical devices, poisons and cosmetics. Also, Section 5.1. (b) empowers TFDA to
regulate, in accordance with the Food, Drugs and Cosmetics Act, 2003, the importation, manufacture, labelling, marking or identification,
storage, promotion, sale and distribution of food, drugs, cosmetics, herbal drugs and medical devices or any materials or substances
used in the manufacture of products regulated under the Food, Drugs and Cosmetics Act, 2003.</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 clear implication of Section 5.1 (b) of
the Act is that importation and sale of food in Tanzania is within the regulatory purview of TFDA. Several regulations have been enacted
pursuant to Food, Drugs and Cosmetics Act, 2003. The primary regulations affecting food import evaluation in Tanzania are:</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"><I>Tanzania Food, Drugs and Cosmetics (Importation
and Exportation), Regulations 2006</I></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">These regulations are made under Section 116
(1) (e) of the Food, Drugs and Cosmetics Act, 2003. The core objectives of these regulations are to place certain restrictions on importation
of food, set conditions for the grant of food import permits, and designate ports of entry for food importation into Tanzania. Pursuant
Section 4 (1) of the regulations, no person shall import food into Tanzania unless he is holder of a valid import permit issued by TFDA
in respect of the specific food. Further, Subsection (2) provides that a fresh import permit shall be obtained from TFDA on every occasion
the food importer places a fresh order, even for foods which are included in his original or previous orders. Section 5 (1) of the regulations
provides for the conditions for the granting of a food import permit, while Section 6 restricts ports of entry for food into Tanzania
to those ports listed in the First Schedule contained therein. However, it is noteworthy that under Subsection (2) of Section 6, food
may in special circumstances be imported into Tanzania if the food importer makes prior arrangements consented to by the Tanzania Revenue
Authority (TRA), TFDA and any other relevant regulatory authority.</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"><I>Tanzania Food, Drugs and Cosmetics (Treatment
and Disposal of Unfit Food) Regulations, 2006</I></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">These regulations govern the surrender and
disposal of food that is unfit for human consumption. They shall apply to all areas to which the Tanzania Food, Drugs and Cosmetics Act,
2003 applies and shall affect all types of food, whether locally produced or imported, which are (suspected of being) unfit for human
consumption or any food which is condemned by a court under the Food, Drugs and Cosmetics Act, 2003, or which is in any other way, found
by an inspector to be manufactured, imported, distributed, sold, offered or exposed for sale, contrary to any of the provisions of the
Food, Drugs and Cosmetics Act, 2003 or these Regulations. A food owner or his/her agent may, on being satisfied that his/her food is
unfit for sale for human consumption, voluntarily surrender it to an inspector for condemnation. The inspector shall, prepare for the
owner or his/her agent a voluntary surrender or condemnation certificate in the form set out in the schedule to these regulations. Any
food which is in violation of the Food, Drugs and Cosmetics Act, 2003 or regulations made thereunder may at the discretion of an inspector
and with the agreement of the owner of the food or his or her agent be re-conditioned in order to make it fit for human consumption.</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"><I>Tanzania Food, Drugs and Cosmetics (Food
Fortification) Regulations, 2011</I></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">Pursuant to Section 4 of the regulations,
no person shall be authorized to manufacture for sale, import or export for sale any regulated food unless that food meets the minimum
requirements for fortified food as prescribed in the First Schedule to the regulations. The First Schedule sets out the minimum requirement
for fortified food in respect of three food vehicles, namely, Wheat Flour, Maize Flour, edible Fats and Oils. The permissible fortification
compounds and the allowable minimum specifications for these food vehicles span a range of nutrients such as Iron, Zinc, Vitamin B12
and Folate. The minimum fortification requirements are mandatory in Tanzania. By Section 10 of the regulations, any person who contravenes
any provisions of the regulations commits an offence. However, Section 11 (1) empowers the Director General of TFDA, or any officer authorized
by him, to compound any offences committed under the regulations by accepting the fines set out in the principal Act- the Food and Drugs
and Cosmetics Act, 2003.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 111 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><I>Tanzania Food, Drugs and Cosmetics (Registration
of Foods), 2011</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These regulations were made under Sections
28 and 112 (1) (m) of the Food, Drugs and Cosmetics Act, 2003. The regulations apply to pre-packaged food and control of non-pre-packaged
food in Tanzania. Pursuant to Section 4 of the regulations, except for emergency food, food donations and occasional foods, no person
shall manufacture, sell, import or export, grant, distribute, provide as a gift or offer for sale any pre-packaged food unless it is
registered by TFDA. Pursuant to Section 5 (1) of the regulations, an application for registration of pre-packaged food shall be made
by filling out the prescribed form in the First Schedule to the regulations. Notably, by Section 5 (2) of the regulations, the application
for registration of pre-packaged food may be made by the local manufacturer, importer or their recognised representative.</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"><B><I>Standards Regulations</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the specific regulations pertaining
to food, an importer and seller of food products must be aware of regulations relating to standards. The Tanzania Bureau of Standards
(TBS) is the national standard-setting body for Tanzania. TBS is mandated to monitor quality control of most products and to promote
standardization. TBS is responsible for most matters concerning the importation and inspection of imported food products. Exporters should
submit all documents at least seven days before the arrival of their shipments through appointed clearing and forwarding agents. Products
shipped to Tanzania must have a corresponding Food Importer Registration Certificate (FIRC) issued by TFDA. Importers in Tanzania apply
for a FIRC for each product they import. To obtain an FIRC the imported products must satisfy the Tanzania standards requirements as
evaluated by TBS.</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"><B><I>Packaging and Container Regulations</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Tanzania regulations incorporate packaging
operations in respect of commodities to include food for packaging, handling, storage, sale and delivery. In Tanzania, regulators consider
the packaging technology, packaging materials and packaging machinery, and related facts about the product nature and other characteristics,
facts about the transport hazards, and facts about market.</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"><B><I>Labelling Requirements</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TFDA regulates food labelling and evaluates
and registers pre-packaged foods before approval for distribution and marketing in Tanzania. The evaluation includes assessment of labelling
information to ensure that it complies with the specifications of the TFDA (Food Labelling Regulation), 2006 and the Codex standard 1-1985.
According to the Tanzania Food, Drugs and Cosmetics (Food Labelling Regulations), 2006 and the Codex General Standard for the Labelling
of Pre-Packaged Foods (Codex Stan 1 -1985), the pre-packaged food labelling should include the name of the food, a list of ingredients,
net content, name and address of the manufacturer and country of origin. Other information includes the batch /lot identification, date
markings (manufacture and expiry dates), Quantitative Ingredient Declarations (QUID), storage conditions, nutrition information (composition)
and instructions for use.</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"><B><I>Tanzanian Import Procedure</I></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"><I>General Procedure</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Import procedures must be followed to clear
goods from customs control, as per the East Africa Community Customs Management Act (EACCMA) 2004. Imports to Tanzania are subjected
to different stages whereby the importer is advised to make a declaration through his appointed Clearing and Forwarding Agent by lodging
documents at least seven days before arrival of the vessel.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 112 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><I>Food Importation specific requirements</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The additional requirements for food import
and sales is as follows:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Registration of the importer and food products to be imported. This
    is done by filling the online forms available at TFDA website.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Application for importation by completing the online forms on the
    TFDA imports and exports portal.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Inspection and approval of foods by the inspector at the point of
    entry prior to distribution in the market.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Regular laboratory analysis of foods to check for compliance.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Samples from suspect foods can be taken for laboratory analysis.</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">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shelf life of non-perishable foods should be more than six months
    at the time it arrives at the official point of entry.</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">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Foods determined to be noncompliant at the point of entry are returned
    to the country of origin at the expense of the importer or can be destroyed at the expense of the importer.</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"><I>Other Certification and Testing Requirements
for Food Import</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TFDA is responsible for all matters concerning
the importation and inspection of imported food products. To obtain a Food Importer Registration Certificate (FIRC), imported products
must satisfy the Tanzanian import requirements as evaluated by TFDA. The FIRC provided by the Director General of the TFDA is valid for
one year. A registered food importer shall be required to apply for an import permit by filling in prescribed forms as stipulated under
Schedule III and Schedule IV for registrable and non-registrable foods, respectively.</P>

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

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

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

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


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

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

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

<!-- Field: Page; Sequence: 113 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_016"></A>MANAGEMENT</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">The following sets forth information regarding
members of our board of directors, our officers and other key employees as of the date of this prospectus.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Age</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Position(s)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 25%; text-align: left">Ms.  Li Peng Leck</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: center">51</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 66%; text-align: justify">Executive Chairwoman and Executive Director (Principal Executive Officer)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ms. Abbie Jillia Lee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Chief Administrative Officer and Executive Director</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Ms. Ai Imm Lim</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">47</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Group Financial Controller (Principal Accounting and Financial Officer)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mr.  Boon Chay Lim</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Non-Executive and Independent Director</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Mr.  Wei Lyu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Non-Executive and Independent Director</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mr.  Shi Wei Lay</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Non-Executive and Independent Director</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">The following is a brief biography of each of
our executive officers and directors:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Ms. Li Peng Leck</I></B> has served as our
Executive Chairwoman and Executive Director since September 2022. Ms. Leck is the co-founder of Maxwill (Asia) and has served as its
Director since December 2003. She manages and oversees the business operations of Maxwill (Asia). Ms. Leck also serves as
Director of our subsidiaries, Maxwill, Maxwill Foodlink and LP Grace since July 2022, where she manages the affairs of those
subsidiaries and oversees their strategic planning.</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"><B><I>Ms. Abbie Jillia Lee</I></B> has served
as our Chief Administrative Officer and Executive Director since December 2022. Since 2015, Ms. Lee has served as the Administrative
Operations Manager at our subsidiary, Maxwill (Asia), where she oversees administrative matters of Maxwill (Asia). Ms. Lee also served
as the Senior Administrative Operations Officer at Maxwill (Asia) from 2010 to 2015, Administrative Operations Officer from 2005 to 2010
and Administrative Assistant from 2000 to 2005. Ms. Lee received a certificate from National University of Singapore Executive Education
for the completion of Accounting and Finance for Non-Financial Managers in 2022.</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"><B><I>Ms. Ai Imm Lim</I></B> has served as our
Group Financial Controller since December 2022. Ms. Lim has more than 20 years of experience in developing and implementing
financial systems, strategies, processes and controls. Since July 2022, Ms. Lim has served as the Financial Controller at our
subsidiary, Maxwill (Asia), where she is responsible for Maxwill (Asia)&rsquo;s overall financial management and internal controls.
From November 2009 to June 2022, Ms. Lim was self-employed at ACCT S-PECT, where she provided accounting services, including
statutory audit and compilation, corporate taxation, corporate secretarial and bookkeeping services, to clients across a wide range
of industries. From 2002 to 2007, Ms. Lim was an associate member of CPA Australia. She received her bachelor&rsquo;s degree of
commerce in Accountancy and Economics from The University of Sydney in 2000.</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"><B><I>Mr.  Boon Chay Lim</I></B> has served as
our Non-Executive and Independent Director since December 2022. Since November 2018, Mr. Lim has served as the Managing Director
at Mushan Food Industries Pte. Ltd., where he oversees and manages the business operations of the company. Mr. Lim was the founder and
Managing Director at Thong Siek Food Industries Pte. Ltd. from April 1976 to October 2018, where he led the management team and set strategic
goals for business development, research and product development.</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 114 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Mr. Wei Lyu</I></B> has served as our
Non-Executive and Independent Director since December 2022. Since July 2020, Mr. Lyu has served as the Head of Treasury at
Ocean Energy Pte. Ltd., an oil and natural gas trading company based in Singapore. From April 2019 to January 2020, Mr. Lyu served
as the Deputy General Manager at Winner (Singapore) International Trading Pte. Ltd., a company engaged in wholesale trade of a
variety of goods in Singapore. From October 2015 to March 2019, Mr. Lyu served as the Deputy General Manager and CFO at CEFC
Shanghai International Group (Singapore) Pte. Ltd., where he was responsible for the management and business development of crude
and petroleum products in Singapore. From 2011 to September 2015, he served as the Deputy General Manager and head of Treasury at
Huahai (Singapore) Pte. Ltd., a company based in Singapore that provides integrated oil services. Mr. Lyu received his
bachelor&rsquo;s degree in Management from Shanghai University of Finance and Economics in 2004.</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"><B><I>Mr. Shi Wei Lay</I></B> has served as our
Non-Executive and Independent Director since December 2022. Since May 2017, Mr. Lay has served as the Associate Director,
Team Lead, Registered Professional at RHT Capital Pte. Ltd., a Singapore company providing consulting services in the capital
markets. From June 2016 to May 2017, Mr. Lay served as the Manager at PrimePartners Corporate Finance Pte. Ltd., a provider of
financial advisory and capital raising services in Singapore. From December 2011 to June 2016, Mr. Lay was an associate to Manager
at Provenance Capital Pte. Ltd., where he advised on various capital markets transactions in Singapore. From July 2010 to December
2011, he worked as an associate at KPMG Services Pte. Ltd., a management consulting service provider in Singapore. Mr. Lay received
his bachelor&rsquo;s degree of Business Administration from National University of Singapore in 2010.</P>


<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-align: justify"><B>Family Relationships</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">None of our directors or officers has a family
relationship as defined in Item 401 of Regulation S-K.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Involvement in Certain Legal Proceedings</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 the best of our knowledge, none of our directors
or executive officers has, during the past 10 years, been involved in any legal proceedings described in subparagraph (f)&nbsp;of Item
401 of Regulation S-K.</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"><B>Controlled Company</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon completion of this offering, our Executive
Chairwoman and Executive Director, Ms. Li Peng Leck, will beneficially own approximately [ ]% of the aggregate voting power of our issued
and outstanding Ordinary Shares, assuming no exercise of the over-allotment option, or [ ]%, assuming full exercise of the over-allotment
option. As a result, we will be deemed a &ldquo;controlled company&rdquo; for the purpose of the [Nasdaq Listing Rules/NYSE Listed
Company Manual]. As a controlled company, we are permitted to elect to rely on certain exemptions from the obligations to comply
with certain corporate governance requirements, including the requirements that:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a majority of our board of directors consist of independent directors;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our director nominees be selected or recommended solely by independent directors; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we have a nominating committee and a remuneration committee that are composed entirely of independent directors with a written charter addressing the purposes and responsibilities of the committees.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 115 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">Although we do not intend to rely on the controlled
company exemptions under the [Nasdaq Listing Rules/NYSE Listed Company Manual] even if we are a controlled company, we could elect
to rely on these exemptions in the future, and if so, you would not have the same protection afforded to shareholders of companies that
are subject to all of the corporate governance requirements of [Nasdaq/NYSE American]. </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"><B>Board of Directors</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">Our board of directors consists of five directors,
three of whom are &ldquo;independent&rdquo; within the meaning of the corporate governance standards of the [Nasdaq Listing Rules/NYSE
Listed Company Manual] and meet the criteria for independence set forth in Rule 10A-3 of the Exchange Act.</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"><B>Duties of Directors</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">Under Cayman Islands law, our directors owe fiduciary
duties to our Company, including (i)&nbsp;a duty to act in good faith in what the director believes to be in the best interests of the
company; (ii)&nbsp;a duty to exercise their powers for the purposes for which those powers were conferred and not for a collateral purpose;
(iii) a duty not to make a personal profit based on his position as director (unless the company permits him to do so) and (iv) a duty
not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests. Our directors
also owe to our Company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance
of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English
and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are
likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum
and articles of association, as amended from time to time. The Companies Act (As Revised) of the Cayman Islands also imposes a number
of statutory duties on a director. We have the right to seek damages if a duty owed by any of our directors is breached.</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
functions and powers of our board of directors include, among others:</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">appointing officers and determining the term of
    office of the officers;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">exercising the borrowing powers of the company
    and mortgaging or charging the property of the company; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">maintaining a register of mortgages, charges, or other encumbrances of the company.</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>Terms of Directors and Executive Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our directors may be elected by a resolution
of our board of directors, or by an ordinary resolution of our shareholders. Our directors are not subject to a term of office and
may hold office until such time as they are removed from office by ordinary resolution of the shareholders. Under our Articles of
Association, a director will cease to be a director if, among other things, the director (i)&nbsp;becomes bankrupt or has a
receiving order made against him or suspends payment or compounds with his creditors; (ii)&nbsp;becomes of unsound mind or dies,
(iii)&nbsp;resigns his office by notice in writing to the company, or (iv)&nbsp;without special leave of absence from our board, is
absent from three consecutive board meetings and our directors resolve that his office be vacated. All of our executive officers are
appointed by and serve at the discretion of our board of directors.</P>

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


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

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

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

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

<!-- Field: Page; Sequence: 116 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Qualification</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">There is currently no shareholding qualification
for directors, although a shareholding qualification for directors may be fixed by our shareholders by ordinary resolution.</P>

<P STYLE="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>Employment Agreements and Indemnification Agreements</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 will enter into employment agreements with
each of our executive officers. Pursuant to employment agreements, the form of which is filed as Exhibit&nbsp;10.1 to this Registration
Statement, we will agree to employ each of our executive officers for a specified time period, which may be renewed upon both parties&rsquo;
agreement 30 days before the end of the current employment term, and payment of cash compensation and benefits shall become payable when
the Company becomes a public reporting company in the U.S. We may terminate the employment for cause, at any time, without notice or remuneration,
for certain acts of the executive officer, including but not limited to the commitments of any serious or persistent breach or non-observance
of the terms and conditions of the employment, conviction of a criminal offense, willful disobedience of a lawful and reasonable order,
fraud or dishonesty, receipt of bribery, or severe neglect of his or her duties. An executive officer may terminate his or her employment
at any time with one-month prior written notice. Each executive officer has agreed to hold, both during and after the employment agreement
expires, in strict confidence and not to use or disclose to any person, corporation or other entity without written consent, any confidential
information.</P>

<P STYLE="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 will also enter into indemnification agreements
with each of our directors and executive officers. Under these agreements, we agree to indemnify our directors and executive officers
against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or
officer of our Company.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compensation of Directors and Executive Officers</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">For the fiscal years ended December 31, 2021 and
2022, we paid US$286,463 and US$313,829, respectively, as compensation to our executive officers, and we did not compensate our non-executive
directors for their services other than to reimburse them for out-of-pocket expenses incurred in connection with their attendance at meetings
of the board of directors. We have not set aside or accrued any amount to provide pension, retirement, or other similar benefits to our
directors and executive officers.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Insider Participation Concerning Executive
Compensation</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">Our board of directors, which comprises of five
directors, has been making all determinations regarding executive officer compensation from the inception of the Company. When established,
our Compensation Committee will determine regarding executive officer compensation.</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"><B>Committees of the Board of Directors</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 have established three committees under the
board of directors: an audit committee, a compensation committee, and a nominating and corporate governance committee. We have adopted
a charter for each of the three committees. Each committee&rsquo;s members and functions are described 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">&nbsp;</P>

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

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

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

<!-- Field: Page; Sequence: 117 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Audit Committee</I>. Our audit committee consists
of Mr. Shi Wei Lay, Mr. Wei Lyu and Mr. Boon Chay Lim. Mr. Shi Wei Lay serves as the chairperson of our audit committee. We have determined
that each of our independent directors also satisfies the &ldquo;independence&rdquo; requirements of the [Nasdaq Listing Rules/NYSE
Listed Company Manual] under and Rule&nbsp;10A-3 under the Securities Exchange Act. Our board also has determined that Mr. Shi Wei
Lay qualifies as an audit committee financial expert within the meaning of the SEC rules&nbsp;or possesses financial sophistication within
the meaning of the [Nasdaq Listing Rules/NYSE Listed Company Manual]. The audit committee oversees our accounting and financial
reporting processes and the audits of the financial statements of our Company. The audit committee is responsible for, among other things:</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-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">appointing the independent auditors and pre-approving
    all auditing and non-auditing services permitted to be performed by the independent auditors;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">reviewing with the independent auditors any audit
    problems or difficulties and management&rsquo;s response;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">discussing the annual audited financial statements
    with management and the independent auditors;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">reviewing the adequacy and effectiveness of our
    accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">reviewing and approving all proposed related party
    transactions;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">meeting separately and periodically with management
    and the independent auditors; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.</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; text-align: justify"><I>Compensation Committee.</I> Our compensation
committee consists of Mr. Shi Wei Lay, Mr. Wei Lyu and Mr. Boon Chay Lim. Mr. Wei Lyu serves as the chairperson of our compensation committee.
We have determined that each of our independent directors also satisfies the &ldquo;independence&rdquo; requirements of the [Nasdaq
Listing Rules/NYSE Listed Company Manual] and Rule&nbsp;10C-1 under the Securities Exchange Act. The compensation committee assists
the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive
officers. Our chief executive officer may not be present at any committee meeting during which his compensation is deliberated. The compensation
committee is responsible for, among other things:</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">&nbsp;</TD>
    <TD STYLE="width: 18px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">reviewing and approving the total compensation
    package for our most senior executive officers;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">approving and overseeing the total compensation
    package for our executives other than the most senior executive officers;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">reviewing and recommending to the board with respect
    to the compensation of our directors;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">reviewing periodically and approving any long-term
    incentive compensation or equity plans;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">selecting compensation consultants, legal counsel
    or other advisors after taking into consideration all factors relevant to that person&rsquo;s independence from management; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">reviewing programs or similar arrangements, annual
    bonuses, employee pension and welfare benefit plans.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></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">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 118 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><I>Nominating and Corporate Governance Committee.
</I>Our nominating and corporate governance committee consists of Mr. Shi Wei Lay, Mr. Wei Lyu and Mr. Boon Chay Lim. Mr. Boon Chay Lim
serves as the chairperson of our nominating and corporate governance committee. We have determined that each of our independent directors
also satisfies the &ldquo;independence&rdquo; requirements of the [Nasdaq Listing Rules/NYSE Listed Company Manual]. The nominating
and corporate governance committee assists the board of directors in selecting individuals qualified to become our directors and in determining
the composition of the board and its committees. The nominating and corporate governance committee is responsible for, among other things:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying and recommending nominees for election or re-election to our board of directors or for appointment to fill any vacancy;</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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing annually with our board of directors its current composition in light of the characteristics of independence, age, skills, experience and availability of service to us;</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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying and recommending to our board the directors to serve as members of committees;</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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">advising the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance and on any corrective action to be taken; and</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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</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">Our board of directors will adopt a code of business
conduct and ethics that will be applicable to all of our directors, officers and employees. We will make our code of business conduct
and ethics publicly available on our website prior to the initial closing of this offering.</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 119 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_017"></A>PRINCIPAL SHAREHOLDERS</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">The following table sets forth information with
respect to the beneficial ownership, within the meaning of Rule&nbsp;13d-3 under the Exchange Act, of our Ordinary Shares as of the date
of this prospectus, and as adjusted to reflect the sale of the Ordinary Shares offered in this offering for:</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-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each of our directors and executive officers who beneficially own our Ordinary Shares (individually and as a group); and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each person known to us to own beneficially more than 5% of our issued and outstanding Ordinary Shares.</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">Beneficial ownership includes voting or investment
power with respect to the securities. Except as indicated below, and subject to applicable community property laws, the persons named
in the table have sole voting and investment power with respect to all Ordinary Shares shown as beneficially owned by them. Percentage
of beneficial ownership of each listed person prior to the completion of this offering is based on 10,000 Ordinary Shares issued and outstanding
as of the date of this prospectus immediately prior to the effectiveness of the registration statement of which this prospectus is a part.
The percentage of beneficial ownership of each listed person after this offering includes Ordinary Shares issued and outstanding immediately
after the completion of this offering.</P>

<P STYLE="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">Information with respect to beneficial ownership
has been furnished by each director, officer, or beneficial owner of 5% or more of our issued and outstanding Ordinary Shares. Beneficial
ownership is determined in accordance with the rules&nbsp;of the SEC and generally requires that such person have voting or investment
power with respect to securities. In computing the number of Ordinary Shares beneficially owned by a person listed below and the percentage
ownership of such person, Ordinary Shares underlying options, warrants, or convertible securities held by each such person that are exercisable
or convertible within 60 days of the date of this prospectus are deemed outstanding, but are not deemed outstanding for computing the
percentage ownership of any other person. Except as otherwise indicated in the footnotes to this table, or as required by applicable
community property laws, all persons listed have sole voting and investment power for all Ordinary Shares shown as beneficially owned
by them. As of the date of this prospectus, we have five shareholders of record, none of whom are located in the United States. We
will be required to have at least 400 unrestricted round lot shareholders at closing in order to satisfy the [Nasdaq Listing Rules/NYSE
Listed Company Manual]. </P>

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 120 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Ordinary Shares Beneficially <BR>
Owned Prior to the <BR>
Completion of this Offering </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Ordinary Shares <BR>
Beneficially Owned After<BR>
this Offering (Over-<BR>
allotment option not<BR>
exercised)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Ordinary Shares <BR>
Beneficially Owned <BR>
After this Offering <BR>
(Over-allotment<BR>
option fully<BR>
exercised)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Percent</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Percent</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Percent</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt"><B>Directors and Executive Officers<SUP>(1)</SUP>:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 38%"><FONT STYLE="font-size: 10pt">Ms.  Li Peng Leck<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font-size: 10pt">6,476</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">64.76%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">Ms.  Ai Imm Lim</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Ms. Abbie Jillia Lee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">Mr.  Boon Chay Lim</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Mr.  Wei Lyu</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">Mr.  Shi Wei Lay</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt"><B>All directors and executive officers as a group (six individuals):</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt"><B>5% Shareholders:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">Davis &amp; KT Holdings Pte. Ltd.<SUP>(3)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6,476</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">64.76%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Mr. Ng Hong Whee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,066</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20.66%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes:</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 STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise indicated, the business address of each of the individuals is 10 Bukit Batok Crescent, #10-01, The Spire, Singapore. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The number of Ordinary Shares beneficially owned prior to the completion
of this offering represents 6,476 Ordinary Shares held by Ms. Li Peng Leck through Davis &amp; KT Holdings Pte. Ltd. Ms. Li Peng Leck
holds a 50% of equity interest in Davis &amp; KT Holdings Pte. Ltd. Her children Jun Xue Tan, Jun Wei Tan, and Yi Xi Tan, collectively
hold another 50% equity interests in Davis &amp; KT Holdings Pte. Ltd. Ms. Li Peng Leck is the registered director of Davis &amp; KT Holdings
Pte. Ltd. The 50% ownership held by Ms. Li Peng Leck constitutes a controlling interest in Davis &amp; KT Holdings Pte.
    Ltd.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The number of Ordinary Shares beneficially owned prior to the completion
    of this offering represents 6,476 Ordinary Shares held by Davis &amp; KT Holdings Pte. Ltd., a private company limited by shares
    incorporated under the laws of Singapore. Ms.  Li Peng Leck is considered the controlling person of this entity. The registered
    address of Davis &amp; KT Holdings Pte. Ltd. is 10 Bukit Batok Crescent, #10-01, The Spire, Singapore.</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">As of the date of this prospectus, none of our
issued and outstanding Ordinary Shares is held by record holders in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not aware of any arrangement that may, at a subsequent date,
result in a change of control of 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">&nbsp;</P>

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 121 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_018"></A>RELATED PARTY TRANSACTIONS</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">During the last three years and up to the date
of this prospectus, we have engaged in the following transactions with our directors, executive officers, or holders of more than 5% of
our issued and outstanding share capital and their&nbsp;affiliates, which we refer to as our related parties:</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"><B>Employment Agreements</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">See &ldquo;<A HREF="#a_016">Management</A>&mdash;Employment Agreements and Indemnification
Agreements.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Material Transactions with Related Parties</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 relationship and the nature of related party
transactions are summarized as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%; font-weight: bold; text-align: left">Name of Related Party</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 68%; font-weight: bold; text-align: justify">Relationship to Us</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Mr. Tan Choo Kiat</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Former director of Maxwill (Asia) (resigned on February 18, 2022)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ms.  Li Peng Leck</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Director of the Company</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Mr. Siua Chern Yong</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Director of Maxwill (Asia)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Carfax Commodities (Asia) Pte. Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">An entity controlled by Mr. Tan Choo Kiat with 25% shareholdings</TD></TR>
  </TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 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 STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>a.</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Due (to)/from related parties</I></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">Due (to)/from related parties consisted of the following:</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: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>December 31,</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2021</B></P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>December 31,</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2020</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tan Choo Kiat</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD>
    <TD STYLE="width: 19%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(239)</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD>
    <TD STYLE="width: 18%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">683,000</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Siua Chern Yong</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD>
    <TD STYLE="text-align: right">&ndash;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">377,805</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carfax Commodities (Asia) Pte Ltd</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,333,417</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,000</FONT></TD>
    <TD>&nbsp;</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">As of June 30, 2022 and December 31, 2021, the
balance due to a director amounted to $239 for both periods. As of December 31, 2020, the balance due from directors amounted to $1,060,805
and was comprised of a loan to the director, payment on behalf of the director and loans assumed by the director. Balance due from the
director was non-interest bearing and repayable on demand. As of December 31, 2021, the balance due was fully offset by final dividend
declared for the fiscal year ended December 31, 2021.</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">As of November 30, 2020, a convertible
loan was granted to Carfax Commodities (Asia) Pte. Ltd. (the &ldquo;Borrower&rdquo;). The amount of the convertible loan facility
was capped at US$4,500,000. Under the terms of the convertible loan facility, Maxwill (Asia) (the &ldquo;Lender&rdquo;) has the
right to convert the outstanding principal of the loan and all other amounts accrued or owing in connection with the loan into new
ordinary shares. The Lender has discretion as to when to exercise such conversion right. The loan matures on the earlier of (a)
November 30, 2023 (or such other date that the Borrower and the Lender may otherwise agree in writing) and, in which case is
repayable in full on maturity; or (b) in the event of the exercise by the Lender of its conversion right under the convertible loan
facility, on the date of the conversion of the loan. For the purpose of the conversion, the valuation of the Borrower is fixed at
US$5 million and the price of the conversion share will be based on that valuation and the number of shares issued at the time of
conversion by the Borrower. The loan is subject to compounded interest at the rate prescribed by Inland Revenue Authority of
Singapore. As of September 30, 2022, the outstanding principal and interest due on the convertible loan amounted to US$3,284,373.
There was no conversion or repayment of principal or interest for the nine months ended September 30, 2022.</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>b.</I></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Office rental expenses paid to a related party</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 1, 2019, Maxwill (Asia) entered into
an office lease agreement with Mr. Tan Choo Kiat, the former director of Maxwill (Asia). Mr. Tan Choo Kiat is the landlord of the office
premise. The lease agreement has a term of 4 years from January 1, 2019 to December 31, 2022 with monthly rent of S$4,500 (approximately
US$3,400). We expect to renew the lease with the same monthly rent for another three years, upon expiration of the initial term.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 122 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>c.</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Directors&rsquo; remuneration and fees paid to related parties</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021 and 2020, our subsidiary
Maxwill (Asia) had 3 directors: Mr. Tan Choo Kiat, Ms. Lek Li Peng and Mr. Siua Chern Yong. The directors&rsquo; remunerations were US$223,308
and US$219,486 for the respective years. The director&rsquo;s fees paid were US$140,000 and US$155,000 for respective years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>d.</I></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Dividends paid to related parties</I></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">On December 31, 2021, prior to the
reorganization and the Company&rsquo;s initial public offering, our subsidiary, Maxwill (Asia), declared final dividends totaling
US$5 million payable to its controlling shareholders, Mr. Tan Choo Kiat and Ms. Li Peng Leck, of which US$2 million was offset against
amounts due from directors and US$3 million was paid in cash on January 25, 2022.</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>e.</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interest income from a related party</I></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">Maxwill (Asia) reported interest income from Carfax
Commodities (Asia) Pte. Ltd. amounting to US$40,721 for the fiscal year ended December 31, 2021.</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"><B><I>Share Issuances to Related Parties</I></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">See &ldquo;<A HREF="#a_019">Description of Share Capital</A>&mdash;History
of Share Issuances.&rdquo;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 123 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_019"></A>DESCRIPTION OF SHARE CAPITAL</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description of our share capital
and provisions of our Memorandum and Articles of Association, as amended from time to time, are summaries and do not purport to be complete.
Reference is made to our Memorandum and Articles of Association, copies of which are filed as an exhibit to the registration statement
of which this prospectus is a part (and which is referred to in this section as, respectively, the &ldquo;memorandum&rdquo; and the &ldquo;articles
of association&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a Cayman Islands exempted company and our
affairs are governed by our memorandum and articles of association, as amended from time to time, and the Companies Act (As Revised) of
the Cayman Islands, which we refer to as the Companies Act below, and the common law of the 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">As of the date of this prospectus, our authorized
share capital is US$100,000 divided into 100,000,000 shares, par value of US$0.001 each. As of the date of this prospectus, 10,000 Ordinary
Shares are issued and outstanding.</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">Immediately after the completion of this offering,
we will have [&#9679;] Ordinary Shares issued and outstanding (if the underwriters&rsquo; over-allotment option is not exercised) or [&#9679;]
(if the underwriters&rsquo; over-allotment option is fully exercised). All of our Ordinary Shares issued and outstanding prior to the
completion of the offering are fully paid, and all of our Ordinary Shares to be issued in the offering will be issued as fully paid.</P>

<P STYLE="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>Listing</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">We have applied to list the Ordinary Shares on the [Nasdaq Capital
Market/NYSE American] under the symbol &ldquo;DTCK.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The transfer agent and registrar for the Ordinary Shares is VStock
Transfer, LLC, at 18 Lafayette Place, Woodmere, New York 11598.</P>

<P STYLE="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>Our Post-Offering Memorandum and Articles of Association </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 have adopted an amended and restated memorandum
and articles of association on March 9, 2023. The following are summaries of material provisions of our amended and restated memorandum
and articles of association adopted on March 9, 2023 (which we refer to as our post-offering memorandum and articles of association below)
and of the Companies Act, insofar as they relate to the material terms of our Ordinary Shares. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Objects of Our Company</I>.&nbsp;&nbsp;&nbsp;&nbsp;Under
our post-offering memorandum and articles of association, the objects of our Company are unrestricted, and we are capable of exercising
all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by section 27(2)
of the Companies Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Ordinary Shares</I>.&nbsp;&nbsp;&nbsp;&nbsp;Our
Ordinary Shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer.
Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividends</I>.&nbsp;&nbsp;&nbsp;&nbsp;The holders
of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. Our post-offering memorandum and articles
of association provide that dividends may be declared and paid out of the funds of our Company lawfully available therefor. Under the
laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances
may a dividend be paid out of our share premium if this would result in our Company being unable to pay its debts as they fall due in
the ordinary course of business.</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 124 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Voting Rights</I>.&nbsp;&nbsp;&nbsp;&nbsp;Voting
at any meeting of shareholders is by way of a poll save that in the case of a physical meeting, the chairman of the meeting may decide
that a vote be on a show of hands unless a poll is demanded by:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">at least three shareholders present in person
or by proxy or (in the case of a shareholder being a corporation) by its duly authorized representative for the time being entitled to
vote at the meeting;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">shareholder(s) present in person or by proxy
or (in the case of a shareholder being a corporation) by its duly authorized representative representing not less than one-tenth of the
total voting rights of all shareholders having the right to vote at the meeting; and</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">shareholder(s) present in person or by proxy
or (in the case of a shareholder being a corporation) by its duly authorized representative and holding shares in us conferring a right
to vote at the meeting being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid
up on all shares conferring that right.</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">An ordinary resolution to be passed at a meeting
by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the Ordinary Shares cast at a meeting,
while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding
Ordinary Shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to
our post-offering memorandum and articles of association, a reduction of our share capital and the winding up of our Company. Our shareholders
may, among other things, divide or combine their shares by ordinary resolution.</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; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>General Meetings of Shareholders</I>.&nbsp;&nbsp;&nbsp;&nbsp;As
a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders&rsquo; annual general meetings. Our post-offering
memorandum and articles of association provide that we shall, if required by the Companies Act, in each year hold a general meeting as
its annual general meeting, and shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held
at such time and place as may be determined by our directors. All general meetings (including an annual general meeting, any adjourned
general meeting or postponed meeting) may be held as a physical meeting at such times and in any part of the world and at one or more
locations, as a hybrid meeting or as an electronic meeting, as may be determined by our board of directors in its absolute discretion.</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">Shareholders&rsquo; general meetings may be convened
by the chairperson of our board of directors or by a majority of our board of directors. Advance notice of not less than ten clear days
is required for the convening of our annual general shareholders&rsquo; meeting (if any) and any other general meeting of our shareholders.
A quorum required for any general meeting of shareholders consists of, at the time when the meeting proceeds to business, two shareholders
holding shares which carry in aggregate (or representing by proxy) not less than one-third of all votes attaching to issued and outstanding
shares in our Company entitled to vote at such general meeting.</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 Companies Act does not provide shareholders
with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided
in a company&rsquo;s articles of association. Our post-offering memorandum and articles of association provide that upon the requisition
of any one or more of our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued
and outstanding shares of our Company entitled to vote at general meetings, our board will convene an extraordinary general meeting and
put the resolutions so requisitioned to a vote at such meeting. However, our post-offering memorandum and articles of association do not
provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called
by such shareholders.</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 125 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Transfer of Ordinary Shares</I>.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the restrictions set out below, any of our shareholders may transfer all or any of his or her Ordinary Shares by an instrument of transfer
in the usual or common form or in a form prescribed by the relevant stock exchange or any other form approved by our board of directors.
Notwithstanding the foregoing, Ordinary Shares may also be transferred in accordance with the applicable rules and regulations of the
relevant stock exchange.</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">Our board of directors may, in its absolute discretion,
decline to register any transfer of any Ordinary Share which is not fully paid up or on which we have a lien. Our board of directors may
also decline to register any transfer of any Ordinary Share unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the instrument of transfer is lodged with us, accompanied by the certificate for the Ordinary Shares to
which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make
the transfer;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the instrument of transfer is in respect of only one class of Ordinary Shares;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the instrument of transfer is properly stamped, if required;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of a transfer to joint holders, the number of joint holders to whom the Ordinary Share is
to be transferred does not exceed four; and</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a fee of such maximum sum as the relevant stock exchange may determine to be payable or such lesser sum
as our directors may from time to time require is paid to us in respect thereof.</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">If our directors refuse to register a transfer
they shall, within two months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee
notice of such refusal.</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 registration of transfers may, after compliance
with any notice required in accordance with the rules of the relevant stock exchange, be suspended and the register closed at such times
and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers
shall not be suspended nor the register closed for more than 30&nbsp;days in any year as our board may determine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Liquidation</I>.<I>&nbsp;&nbsp;&nbsp;&nbsp;</I>On
the winding up of our Company, if the assets available for distribution amongst our shareholders shall be more than sufficient to repay
the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders in proportion
to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect
of which there are monies due, of all monies payable to our Company for unpaid calls or otherwise. If our assets available for distribution
are insufficient to repay all of the paid-up capital, such the assets will be distributed so that, as nearly as may be, the losses are
borne by our shareholders in proportion to the par value of the shares held by them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Calls on Shares and Forfeiture of Shares</I>.<I>&nbsp;&nbsp;&nbsp;&nbsp;</I>Our
board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such
shareholders at least 14&nbsp;days prior to the specified time and place of payment. The shares that have been called upon and remain
unpaid are subject to forfeiture.</P>

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

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

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

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

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

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

<!-- Field: Page; Sequence: 126 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Redemption, Repurchase and Surrender of Shares</I>.&nbsp;&nbsp;&nbsp;&nbsp;We
may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on
such terms and in such manner as may be determined by our board of directors. Our Company may also repurchase any of our shares on such
terms and in such manner as have been approved by our board of directors. Under the Companies Act, the redemption or repurchase of any
share may be paid out of our Company&rsquo;s profits, share premium account or out of the proceeds of a new issue of shares made for the
purpose of such redemption or repurchase, or out of capital if our Company can, immediately following such payment, pay its debts as they
fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a)&nbsp;unless
it is fully paid up, (b)&nbsp;if such redemption or repurchase would result in there being no shares outstanding or (c)&nbsp;if the company
has commenced liquidation. In addition, our Company may accept the surrender of any fully paid share for no consideration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Variations of Rights of Shares.</I>&nbsp;&nbsp;&nbsp;&nbsp;Whenever
the capital of our Company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions
for the time being attached to any class, only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes
cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class
issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class,
be deemed to be varied by the creation, allotment or issue of further shares ranking pari passu with such existing class of shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Issuance of Additional Shares.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
post-offering memorandum and articles of association authorizes our board of directors to issue additional Ordinary Shares from time to
time as our board of directors shall determine, to the extent of available authorized but unissued shares.</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">Our post-offering memorandum and articles of association
also authorizes our board of directors to establish from time to time one or more series of preference shares and to determine, with respect
to any series of preference shares, the terms and rights of that series, including, among other things:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation of the series;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of shares of the series;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the dividend rights, dividend rates, conversion rights and voting rights; and</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the rights and terms of redemption and liquidation preferences.</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">Our board of directors may issue preference shares
without action by our shareholders to the extent of available authorized but unissued shares. Issuance of these shares may dilute the
voting power of holders of Ordinary Shares.</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"><I>Inspection of Books and Records</I>.&nbsp;&nbsp;&nbsp;&nbsp;Holders
of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or
our corporate records. However, our post-offering memorandum and articles of association have provisions that provide our shareholders
the right to inspect our register of shareholders without charge, and to receive our annual audited financial statements. See &ldquo;<A HREF="#a_026">Where You Can Find Additional Information</A>.&rdquo;</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"><I>Anti-Takeover Provisions.</I>&nbsp;&nbsp;&nbsp;&nbsp;Some
provisions of our post-offering memorandum and articles of association may discourage, delay or prevent a change of control of our Company
or management that shareholders may consider favorable, including provisions that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">authorize our board of directors to issue preference shares in one or more series and to designate the
price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by our shareholders;
and</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">limit the ability of shareholders to requisition and convene general meetings of shareholders.</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">However, under Cayman Islands law, our directors
may only exercise the rights and powers granted to them under our post-offering memorandum and articles of association for a proper purpose
and for what they believe in good faith to be in the best interests of our Company.</P>

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 127 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Exempted Company</I>.&nbsp;&nbsp;&nbsp;&nbsp;We
are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies
and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands
may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary
company except that an exempted company:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">does not have to file an annual return of its shareholders with the Registrar of Companies;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is not required to open its register of members for inspection;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">does not have to hold an annual general meeting;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">may issue shares with no par value;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">may obtain an undertaking against the imposition of any future taxation (such undertakings are usually
given for 20&nbsp;years in the first instance);</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">may register as an exempted limited duration company; and</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">may register as a segregated portfolio company.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Limited liability&rdquo; means that the
liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder&rsquo;s shares of the company (except
in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or
other circumstances in which a court may be prepared to pierce or lift the corporate veil).</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"><B>Differences in Corporate Law</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Companies Act is derived, to a large extent,
from the older Companies Acts of England but does not follow recent English statutory enactments and accordingly there are significant
differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable
to U.S. corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of
the Companies Act applicable to us and the comparable laws applicable to companies incorporated the State of Delaware in the United&nbsp;States
and their shareholders.</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"><I>Mergers and Similar Arrangements.</I>&nbsp;&nbsp;&nbsp;&nbsp;The
Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman
Islands companies. For these purposes, (a) &ldquo;merger&rdquo; means the merging of two or more constituent companies and the vesting
of their undertaking, property and liabilities in one of such companies as the surviving company, and (b)&nbsp;a &ldquo;consolidation&rdquo;
means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and
liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent
company must approve a written plan of merger or consolidation, which must then be authorized by (a)&nbsp;a special resolution of the
shareholders of each constituent company, and (b)&nbsp;such other authorization, if any, as may be specified in such constituent company&rsquo;s
articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to
the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking
that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that
notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger
or consolidation which is effected in compliance with these statutory procedures.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 128 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">A merger between a Cayman parent company and its
Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of
the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose,
a company is a &ldquo;parent&rdquo; of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of
the votes at a general meeting of the subsidiary.</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 consent of each holder of a fixed or floating
security interest over a constituent company is required unless this requirement is waived by a court in the 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">Save in certain limited circumstances, a shareholder
of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which,
if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided
the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude
the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares,
save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Separate from the statutory provisions relating
to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation
of companies by way of schemes of arrangement, provided that the arrangement is approved by seventy-five per cent in value of the members
or class of members, as the case may be, with whom the arrangement is to be made and a majority in number of each class of creditors with
whom the arrangement is to be made and who must in addition represent seventy-five per cent in value of each such class of creditors,
as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The
convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting
shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to
approve the arrangement if it determines that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the statutory provisions as to the required majority vote have been met;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the shareholders have been fairly represented at the meeting in question and the statutory majority are
acting bona fide without coercion of the minority to promote interests adverse to those of the class;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the arrangement is such that may be reasonably approved by an intelligent and honest man of that class&nbsp;acting
in respect of his interest; and</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the arrangement is not one that would more properly be sanctioned under some other provision of the Companies
Act.</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">The Companies Act also contains a statutory power
of compulsory acquisition which may facilitate the &ldquo;squeeze out&rdquo; of a dissentient minority shareholder upon a tender offer.
When a tender offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month
period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to
the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed
in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.</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 an arrangement and reconstruction by way of
scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory
procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may
apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to
make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment
in cash for the judicially determined value of the shares.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 129 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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 Companies Act also contains statutory provisions
which provide that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer
on the grounds that the company (a) is or is likely to become unable to pay its debts within the meaning of section 93 of the Companies
Act; and (b) intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act,
the law of a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors,
without a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands
court may, among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Shareholders&rsquo; Suits.</I>&nbsp;&nbsp;&nbsp;&nbsp;In
principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder.
However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands
courts can be expected to follow and apply the common law principles (namely the rule in <I>Foss v. Harbottle</I> and the exceptions thereto)
so that a non-controlling shareholder may be permitted to commence a class&nbsp;action against or derivative actions in the name of the
company to challenge actions where:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a company acts or proposes to act illegally or ultra vires;</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the act complained of, although not ultra vires, could only be effected duly if authorized by more than
the number of votes which have actually been obtained; and</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="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">those who control the company are perpetrating a &ldquo;fraud on the minority.&rdquo;</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">A shareholder may have a direct right of action
against us where the individual rights of that shareholder have been infringed or are about to be infringed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Indemnification of Directors and Executive
Officers and Limitation of Liability</I>.&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands law does not limit the extent to which a company&rsquo;s
memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision
may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the
consequences of committing a crime. Our post-offering memorandum and articles of association provide that that we shall indemnify our
directors and officers, and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages
or liabilities incurred or sustained by such persons, other than by reason of such person&rsquo;s dishonesty, wilful default or fraud,
in or about the conduct of our Company&rsquo;s business or affairs (including as a result of any mistake of judgment) or in the execution
or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs,
expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings
concerning our Company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the
same as permitted under the Delaware General Corporation Law for a Delaware corporation.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we will enter into indemnification
agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in
our post-offering memorandum and articles of association.</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">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have
been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is
therefore unenforceable.</P>

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

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

<!-- Field: Page; Sequence: 130 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><I>Directors&rsquo; Fiduciary Duties</I>.&nbsp;&nbsp;&nbsp;&nbsp;Under
Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has
two components: the duty of care and the duty of loyalty. The duty of care requires that a director acts in good faith, with the care
that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and
disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires
that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate
position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation
and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the
shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the
honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence
of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must
prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a matter of Cayman Islands law, a director
of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes
the following duties to the company - a duty to act in good faith in the best interests of the company, a duty not to make a personal
profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the
interests of the company conflict with his personal interest or his duty to a third-party and a duty to exercise powers for the purpose
for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It
was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably
be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard
with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands. In fulfilling their
duty of care to us, our directors must ensure compliance with our memorandum and articles of association, as amended from time to time.
The Companies Act (As Revised) of the Cayman Islands also imposes a number of statutory duties on a director.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Shareholder Action by Written Consent</I>.&nbsp;&nbsp;&nbsp;&nbsp;Under
the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to
its certificate of incorporation. Cayman Islands law permits us to eliminate the right of shareholders to act by written consent and our
post-offering amended and restated articles of association provide that any action required or permitted to be taken at any general meetings
may be taken upon the vote of shareholders at a general meeting duly noticed and convened in accordance with our post-offering amended
and restated articles of association and may not be taken by written consent of the shareholders without a meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Shareholder Proposals</I>.&nbsp;&nbsp;&nbsp;&nbsp;Under
the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided
it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other
person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.</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 Companies Act does not provide shareholders
with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided
in a company&rsquo;s articles of association. Our post-offering amended and restated articles of association allow our shareholders holding
shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our Company entitled
to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to
convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right
to requisition a shareholders&rsquo; meeting, our post-offering amended and restated articles of association do not provide our shareholders
with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands
company, we are not obliged by law to call shareholders&rsquo; annual general meetings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cumulative Voting</I>.&nbsp;&nbsp;&nbsp;&nbsp;Under
the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation&rsquo;s certificate
of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on
a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single
director, which increases the shareholder&rsquo;s voting power with respect to electing such director. There are no prohibitions in relation
to cumulative voting under the laws of the Cayman Islands but our post-offering amended and restated articles of association do not provide
for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of
a Delaware corporation.</P>

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

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

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

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

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

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

<!-- Field: Page; Sequence: 131 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Removal of Directors</I>.&nbsp;&nbsp;&nbsp;&nbsp;Under
the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval
of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our post-offering
amended and restated articles of association, subject to certain restrictions as contained therein, directors may be removed with or without
cause, by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically
retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event
or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in
the absence of express provision. Under our post-offering amended and restated articles of association, a director&rsquo;s office shall
be vacated if the director (i)&nbsp;becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his
creditors; (ii)&nbsp;is found to be or becomes of unsound mind or dies; (iii)&nbsp;resigns his office by notice in writing to the company;
(iv)&nbsp;without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the
board resolves that his office be vacated; (v) is prohibited by law from being a director or; (vi)&nbsp;is removed from office pursuant
to the laws of the Cayman Islands or any other provisions of our post-offering memorandum and articles of association.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Transactions with Interested Shareholders</I>.&nbsp;&nbsp;&nbsp;&nbsp;The
Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation
has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging
in certain business combinations with an &ldquo;interested shareholder&rdquo; for three years following the date that such person becomes
an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target&rsquo;s
outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered
bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to
the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination
or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware
corporation to negotiate the terms of any acquisition transaction with the target&rsquo;s board of directors.</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">Cayman Islands law has no comparable statute.
As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although
Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions
must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dissolution; Winding up</I>.&nbsp;&nbsp;&nbsp;&nbsp;Under
the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by
shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors
may it be approved by a simple majority of the corporation&rsquo;s outstanding shares. Delaware law allows a Delaware corporation to include
in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.</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">Under Cayman Islands law, a company may be wound
up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay
its debts, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances
including where it is, in the opinion of the court, just and equitable to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Variation of Rights of Shares</I>.&nbsp;&nbsp;&nbsp;&nbsp;Under
the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding
shares of such class, unless the certificate of incorporation provides otherwise. Under our post-offering amended and restated articles
of association, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be
varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of
the shares of that class.</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 132 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Amendment of Governing Documents</I>.&nbsp;&nbsp;&nbsp;&nbsp;Under
the Delaware General Corporation Law, a corporation&rsquo;s governing documents may be amended with the approval of a majority of the
outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our post-offering
memorandum and articles of association may only be amended with a special resolution of our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Rights of Non-resident or Foreign Shareholders</I>.&nbsp;&nbsp;&nbsp;&nbsp;There
are no limitations imposed by our post-offering memorandum and articles of association on the rights of non-resident or foreign shareholders
to hold or exercise voting rights on our shares. In addition, there are no provisions in our post-offering memorandum and articles of
association governing the ownership threshold above which shareholder ownership must be disclosed.</P>

<P STYLE="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>Anti-money Laundering&mdash;Cayman Islands</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">In order to comply with legislation or regulations
aimed at the prevention of money laundering, we may be required to adopt and maintain anti-money laundering procedures, and may require
subscribers to provide evidence to verify their identity. Where permitted, and subject to certain conditions, we may also delegate the
maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.</P>

<P STYLE="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 reserve the right to request such information
as is necessary to verify the identity of a subscriber. In the event of delay or failure on the part of the subscriber in producing any
information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned
without interest to the account from which they were originally debited.</P>

<P STYLE="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: justify">We also reserve the right to refuse to make any
redemption payment to a shareholder if our directors or officers suspect or are advised that the payment of redemption proceeds to such
shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction,
or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable
jurisdiction.</P>

<P STYLE="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 any person resident in the Cayman Islands knows or suspects or
has reason for knowing or suspecting that another person is engaged in criminal conduct or is involved with terrorism or terrorist financing
and property and the information for that knowledge or suspicion came to their attention in the course of their business in the regulated
sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i)&nbsp;a
nominated officer (appointed in accordance with the Proceeds of Crime Act (As Revised) of the Cayman Islands) or the Financial Reporting
Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (As Revised), if the disclosure relates to criminal conduct or
money laundering or (ii)&nbsp;to a police officer of the rank of constable or higher or a nominated officer (pursuant to the Terrorism
Act (As Revised) of the Cayman Islands) or the Financial Reporting Authority, pursuant to the Terrorism Act (As Revised), if the disclosure
relates to involvement with terrorism or terrorist financing and terrorist property. Such a report shall not be treated as a breach of
confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.</P>

<P STYLE="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>Legislation of the Cayman Islands</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 Cayman Islands, together with several other
non-European Union jurisdictions, has recently introduced legislation aimed at addressing concerns raised by the Council of the European
Union as to offshore structures engaged in certain activities which attract profits without real economic activity. With effect from January&nbsp;1,
2019, the International Tax Co-operation (Economic Substance) Act (As Revised), or the &ldquo;Substance Act&rdquo;, and issued Regulations
and Guidance Notes came into force in the Cayman Islands introducing certain economic substance requirements for in-scope Cayman Islands
entities which are engaged in certain &ldquo;relevant activities,&rdquo; which in the case of exempted companies incorporated before January&nbsp;1,
2019, applies in respect of financial years commencing July&nbsp;1, 2019, onwards. A &ldquo;relevant entity&rdquo; includes an exempted
company incorporated in the Cayman Islands; however, it does not include an entity that is tax resident outside the Cayman Islands. Accordingly,
if we are tax resident outside the Cayman Islands, we are not required to satisfy the economic substance test under the Substance Act.
As we are a Cayman Islands company, compliance obligations include filing annual notifications for the Company, which need to state whether
we are carrying out any relevant activities and if so, whether we have satisfied economic substance tests to the extent required under
the Substance Act. Although it is presently anticipated that the Substance Act will have little material impact on us and our operations,
as the legislation is new and remains subject to further clarification and amendments, it is not currently possible to ascertain the precise
impact of these legislative changes on us and on our operations. We may need to allocate additional resources to keep updated with these
developments, and may have to make changes to our operations in order to comply with all applicable requirements under the Substance Act.
Failure to satisfy these requirements may subject us to penalties under the Substance 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">&nbsp;</P>

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

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

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

<!-- Field: Page; Sequence: 133 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>History of Share Issuances</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 were incorporated in the Cayman Islands as
an exempted company with limited liability on September 20, 2022. Upon incorporation, our Company had on September 20, 2022 issued to
the initial subscriber 1 Ordinary Share (which was transferred to Mr. Ng Hong Whee on the same day). We have also issued the following
Ordinary Shares to certain founding shareholders.</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: bottom">
    <TD STYLE="width: 38%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Purchaser</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date of Issuance</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Ordinary Shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">Mr. Ng Hong Whee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 20, 2022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2,065</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">ACCT Pte. Ltd. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 20, 2022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">486</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">Davis &amp; KT Holdings Pte. Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 20, 2022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6,476</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">TYM Investment Holdings Pte. Ltd. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 20, 2022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">486</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">BSPL Services Pte. Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">September 20, 2022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">486</FONT></TD></TR>
  </TABLE>

<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">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 134 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_020"></A>SHARES ELIGIBLE FOR FUTURE SALE</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">Before our initial public offering, there has
not been a public market for our Ordinary Shares, and although we expect to make an application for the Ordinary Shares to be listed
on the [Nasdaq Capital Market/NYSE American], a regular trading market for our Ordinary Shares may not develop. Future sales of
substantial amounts of shares of our Ordinary Shares in the public market after our initial public offering, or the possibility of these
sales occurring, could cause the prevailing market price for our Ordinary Shares to fall or impair our ability to raise equity capital
in the future. Upon completion of this offering, we will have issued and outstanding Ordinary Shares held by public shareholders representing
approximately [&#9679;]% of our issued and outstanding Ordinary Shares if the underwriters do not exercise their over-allotment option,
and approximately [&#9679;]% of our issued and outstanding Ordinary Shares if the underwriters exercise their over-allotment option in
full. All of the Ordinary Shares sold in this offering will be freely transferable by persons other than our &ldquo;affiliates&rdquo;
without restriction or further registration under the Securities Act.</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"><B>Lock-Up Agreements</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">Each of our directors, executive officers and
holders of 5% or more of our issued and outstanding Ordinary Shares has agreed, for a period of 180 days after the effective date of the
registration statement of which this prospectus forms a part, subject to certain exceptions, not to offer, issue, sell, contract to sell,
encumber, grant any option for the sale of, or otherwise dispose of any of our Ordinary Shares or securities convertible into or exercisable
or exchangeable for our Ordinary Shares, without the prior written consent of the underwriters.</P>

<P STYLE="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 not aware of any plans by any significant
shareholders to dispose of significant numbers of our Ordinary Shares. However, one or more existing shareholders or owners of securities
convertible or exchangeable into or exercisable for our Ordinary Shares may dispose of significant numbers of our Ordinary Shares in the
future. We cannot predict what effect, if any, future sales of our Ordinary Shares, or the availability of Ordinary Shares for future
sale, will have on the trading price of our Ordinary Shares from time to time. Sales of substantial amounts of our Ordinary Shares in
the public market, or the perception that these sales could occur, could adversely affect the trading price of our Ordinary 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"><B>Rule&nbsp;144</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">All of our Ordinary Shares issued and outstanding
prior to the completion of this offering are &ldquo;restricted securities&rdquo; as that term is defined in Rule&nbsp;144 under the Securities
Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities
Act or pursuant to an exemption from the registration requirement such as those provided by Rule&nbsp;144 and Rule&nbsp;701 promulgated
under the Securities 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">In general, under Rule&nbsp;144 as currently in
effect, beginning 90 days after the date of this prospectus, a person who is not deemed to have been our affiliate at any time during
the three months preceding a sale and who has beneficially owned restricted securities within the meaning of Rule&nbsp;144 for more than
six months would be entitled to sell an unlimited number of those shares, subject only to the availability of current public information
about us. A non-affiliate who has beneficially owned restricted securities for at least one year from the later of the date these shares
were acquired from us or from our affiliate would be entitled to freely sell those 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">&nbsp;</P>

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

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

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

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

<!-- Field: Page; Sequence: 135 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A person who is deemed to be an affiliate of ours
and who has beneficially owned &ldquo;restricted securities&rdquo; for at least six months would be entitled to sell, within any three-month
period, a number of shares that is not more than the greater of:</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">1% of the number of Ordinary Shares then issued and outstanding, in the form of Ordinary Shares or otherwise, which will equal approximately [&#9679;] Ordinary Shares immediately after this offering, assuming the underwriters do not exercise their over-allotment option; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the average weekly trading volume of the Ordinary Shares on the [Nasdaq
    Listing Rules/NYSE Listed Company Manual] during the four calendar weeks preceding the filing of a notice on Form 144 with
    respect to such sale.</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">Sales under Rule&nbsp;144 by our affiliates or
persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to
the availability of current public information about us.</P>

<P STYLE="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>Rule&nbsp;701</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">In general, under Rule&nbsp;701 of the Securities
Act as currently in effect, each of our employees, consultants, or advisors who purchases our Ordinary Shares from us in connection with
a compensatory stock plan or other written agreement executed prior to the completion of this offering is eligible to resell those Ordinary
Shares in reliance on Rule&nbsp;144, but without compliance with some of the restrictions, including the holding period, contained in
Rule&nbsp;144. However, the Rule&nbsp;701 shares would remain subject to lock-up arrangements and would only become eligible for sale
when the lock-up period expires.</P>

<P STYLE="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>Regulation S</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">Regulation S provides generally that sales made
in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities 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">&nbsp;</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 136 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->131<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_021"></A>MATERIAL INCOME TAX CONSIDERATION</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>The following summary of the material Singapore,
Cayman Islands and United States federal income tax consequences of an investment in our Ordinary Shares is based upon laws and relevant
interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with
all possible tax consequences relating to an investment in our Ordinary Shares, such as the tax consequences under state, local, and other
tax laws.</I></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"><B><U>Singapore Taxation</U></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A corporate taxpayer is regarded as resident in
Singapore for Singapore tax purposes if the control and management of its business is exercised in Singapore. Corporate taxpayers who
are Singapore tax residents are subject to Singapore income tax on income accruing in or derived from Singapore and, subject to certain
exceptions, on foreign-sourced income received or deemed to be received in Singapore. A non-resident corporate taxpayer is subject to
Singapore income tax on income accruing in or derived from Singapore, and on foreign-sourced income received or deemed to be received
in Singapore, subject to certain exceptions.</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 prevailing corporate tax rate in Singapore
for both resident and non-resident companies is 17% with effect from year of assessment 2010. In addition, the partial tax exemption scheme
applies on the first S$300,000 of normal chargeable income for years of assessment 2010 to 2019; and specifically, 75% of up to the first
S$10,000 of a company&rsquo;s normal chargeable income, and 50% of up to the next S$290,000 is exempt from corporate tax. The remaining
chargeable income (after the partial tax exemption) will be taxed at 17%. Companies will be granted a corporate income tax rebate of 40%
of the tax payable for year of assessment 2018, subject to a cap of S$15,000, a corporate income tax rebate of 20% of tax payable for
year of assessment 2019, subject to a cap of S$10,000, and a corporate income tax rebate of 25% of the tax payable for year of assessment
2020, subject to a cap of S$15,000. From year of assessment 2021 onwards, companies are not granted any corporate income tax rebate. From
year of assessment 2020 onwards, the partial tax exemption scheme applies on the first S$200,000 of normal chargeable income; and specifically,
75% of up to the first S$10,000 of a company&rsquo;s normal chargeable income, and 50% of up to the next S$190,000 is exempt from corporate
tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dividend Distributions</I></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">All Singapore-tax resident companies are currently
under the one-tier corporate tax system, or one-tier system. Under the one-tier system, the corporate tax paid by a tax resident company
is a final tax and its distributable profits can be distributed to shareholders as tax exempt (one-tier) dividends. Such dividends are
tax-exempt in the hands of the shareholders, regardless of whether the shareholder is a company or an individual and whether or not the
shareholder is a Singapore tax resident.</P>

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

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

<!-- Field: Page; Sequence: 137 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->132<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Singapore does not currently impose withholding
tax on dividends paid to resident or non-resident shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Goods and Services Tax (&ldquo;GST&rdquo;)</I></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">GST in Singapore is a consumption tax that
is levied on import of goods into Singapore, as well as nearly all supplies of goods and services in Singapore at a prevailing rate of
8.0%. In 2022, the Singapore government announced that the GST rate will be increased from 8% to 9% with effect from January 1, 2024.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Estate Duty</I></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">With effect from February 15, 2008, Singapore
estate duty has been abolished.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Cayman Islands Taxation</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">The Cayman Islands currently levies no taxes on
individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax
or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties
which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman
Islands is a party to a double tax treaty entered into with the United Kingdom in 2010 but otherwise is not party to any double tax treaties.
There are no exchange control regulations or currency restrictions in the Cayman Islands.</P>

<P STYLE="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">Our Company was incorporated under the laws of
the Cayman Islands as an exempted company and has received an undertaking pursuant to the Tax Concessions Act of the Cayman Islands to
the effect that, for a period of 20 years from September 23, 2022, no law which is thereafter enacted in the Cayman Islands imposing any
tax to be levied on profits, income, gains or appreciations shall apply to our Company or its operations; and that no tax to be levied
on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable (a) on or in respect
of the shares, debentures or other obligations of our Company; or (b) by way of the withholding in whole or in part of any relevant payment
as defined in the Tax Concessions Act of the Cayman Islands.</P>

<P STYLE="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">Payments of dividends and capital in respect of
our Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required under Cayman Islands laws
on the payment of a dividend or capital to any holder of our Ordinary Shares, nor will gains derived from the disposal of our Ordinary
Shares be subject to Cayman Islands income or corporate tax.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>United States Federal Income Taxation</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"><B>WE URGE POTENTIAL PURCHASERS OF OUR ORDINARY
SHARES TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL, AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, OWNING,
AND DISPOSING OF OUR ORDINARY SHARES.</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 138 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->133<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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 following does not address the tax consequences
to any particular investor or to persons in special tax situations such as:</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-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">banks;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial institutions;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance companies;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated investment companies;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">real estate investment trusts;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons that elect to mark their securities to market;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. expatriates or former long-term residents of the U.S.;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">governments or agencies or instrumentalities thereof;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt entities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons liable for alternative minimum tax;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons holding our Ordinary Shares as part of a straddle, hedging, conversion or integrated transaction;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons that actually or constructively own 10% or more of our voting power or value (including by reason of owning our Ordinary Shares);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons who acquired our Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons holding our Ordinary Shares through partnerships or other pass-through entities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">beneficiaries of a Trust holding our Ordinary Shares; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons holding our Ordinary Shares through a trust.</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; text-align: justify">The discussion set forth below is addressed only
to U.S. Holders that purchase Ordinary Shares in this offering. Prospective purchasers are urged to consult their own tax advisors about
the application of the U.S. federal income tax rules&nbsp;to their particular circumstances as well as the state, local, foreign and other
tax consequences to them of the purchase, ownership and disposition of our Ordinary 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">&nbsp;</P>

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

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

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

<!-- Field: Page; Sequence: 139 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->134<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Material Tax Consequences Applicable to
U.S. Holders of Our Ordinary Shares</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: justify">The following sets forth the material U.S. federal
income tax consequences related to the ownership and disposition of our Ordinary Shares. It is directed to U.S. Holders (as defined below)
of our Ordinary Shares and is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of
which are subject to change. This description does not deal with all possible tax consequences relating to ownership and disposition of
our Ordinary Shares or U.S. tax laws, other than the U.S. federal income tax laws, such as the tax consequences under non-U.S. tax laws,
state, local and other tax 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">The following brief description applies only to
U.S. Holders (defined below) that hold Ordinary Shares as capital assets and that have the U.S. dollar as their functional currency. This
brief description is based on the federal income tax laws of the United States in effect as of the date of this prospectus and on U.S.
Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative
interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply
retroactively and could affect the tax consequences described below.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The brief description below of the U.S. federal
income tax consequences to &ldquo;U.S. Holders&rdquo; will apply to you if you are a beneficial owner of Ordinary Shares and you are,
for U.S. federal income tax purposes,</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an individual who is a citizen or resident of the United States;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an estate whose income is subject to U.S. federal income taxation regardless of its source; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a trust that (1)&nbsp;is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or (2)&nbsp;has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.</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">If a partnership (or other entities treated as
a partnership for United States federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner
in the partnership will depend upon the status of the partner and the activities of the partnership. Partnerships and partners of a partnership
holding our Ordinary Shares are urged to consult their tax advisors regarding an investment in our Ordinary 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"><B><I>Taxation of Dividends and Other Distributions
on our Ordinary Shares</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: justify">Subject to the PFIC rules&nbsp;discussed below,
the gross amount of distributions made by us to you with respect to the Ordinary Shares (including the amount of any taxes withheld therefrom)
will generally be includable in your gross income as dividend income on the date of receipt by you, but only to the extent that the distribution
is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). With respect
to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction allowed to corporations in respect
of dividends received from other U.S. corporations.</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 140 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->135<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to non-corporate U.S. Holders, including
individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that
(1)&nbsp;the Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the
benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2)&nbsp;we
are not a PFIC (defined below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3)&nbsp;certain
holding period requirements are met. Because there is not an income tax treaty between the United States and the Cayman Islands, clause
(1)&nbsp;above can be satisfied only if the Ordinary Shares are readily tradable on an established securities market in the United States.
Under U.S. Internal Revenue Service authority, Ordinary Shares are considered for purpose of clause (1)&nbsp;above to be readily tradable
on an established securities market in the United States if they are listed on certain exchanges, which presently include the NYSE and
the Nasdaq Stock Market. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with
respect to our Ordinary Shares, including the effects of any change in law after the date of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends will constitute foreign source income
for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above), the amount of
the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the
dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign
taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed
by us with respect to our Ordinary Shares will constitute &ldquo;passive category income&rdquo; but could, in the case of certain U.S.
Holders, constitute &ldquo;general category income.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that the amount of the distribution
exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated
first as a tax-free return of your tax basis in your Ordinary Shares, and to the extent the amount of the distribution exceeds your tax
basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax
principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution would otherwise
be treated as a non-taxable return of capital or as capital gain under the rules&nbsp;described above.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Taxation of Dispositions of Ordinary Shares</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: justify">Subject to the passive foreign investment company
rules&nbsp;discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal
to the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Ordinary Shares.
The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held
the Ordinary Shares for more than one year, you will generally be eligible for reduced tax rates. The deductibility of capital losses
is subject to limitations. Any such gain or loss that you recognize will generally be treated as United States source income or loss for
foreign tax credit limitation purposes which will generally limit the availability of foreign tax credits.</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"><B><I>Passive Foreign Investment Company (&ldquo;PFIC&rdquo;)</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: justify">A non-U.S. corporation is considered a PFIC, as
defined in Section&nbsp;1297(a)&nbsp;of the US Internal Revenue Code, for any taxable year if either:</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least 75% of its gross income for such taxable year is passive income; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income (the &ldquo;asset test&rdquo;).</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">&nbsp;</P>

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

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

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

<!-- Field: Page; Sequence: 141 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->136<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Passive income generally includes dividends, interest,
rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition
of passive assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income
of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock. In determining the value and composition
of our assets for purposes of the PFIC asset test, (1) the cash we raise in this offering will generally be considered to be held
for the production of passive income and (2)&nbsp;the value of our assets must be determined based on the market value of our Ordinary
Shares from time to time, which could cause the value of our non-passive assets to be less than 50% of the value of all of our assets
(including the cash raised in this offering) on any particular quarterly testing date for purposes of the asset test.</P>

<P STYLE="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">Based on our operations and the composition of
our assets we do not expect to be treated as a PFIC under the current PFIC rules. We must make a separate determination each year as to
whether we are a PFIC. However, there can be no assurance with respect to our status as a PFIC for our current taxable year or any future
taxable year. Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive
income, it is possible that, for our current taxable year or for any subsequent taxable year, more than 50% of our assets may be assets
held for the production of passive income. We will make this determination following the end of any particular tax year. In addition,
because the value of our assets for purposes of the asset test will generally be determined based on the market price of our Ordinary
Shares and because cash is generally considered to be an asset held for the production of passive income, our PFIC status will depend
in large part on the market price of our Ordinary Shares and the amount of cash we raise in this offering. Accordingly, fluctuations in
the market price of the Ordinary Shares may cause us to become a PFIC. In addition, the application of the PFIC rules&nbsp;is subject
to uncertainty in several respects and the composition of our income and assets will be affected by how, and how quickly, we spend the
cash we raise in this offering. We are under no obligation to take steps to reduce the risk of our being classified as a PFIC, and as
stated above, the determination of the value of our assets will depend upon material facts (including the market price of our Ordinary
Shares from time to time and the amount of cash we raise in this offering) that may not be within our control. If we are a PFIC for any
year during which you hold Ordinary Shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Ordinary
Shares. If we cease to be a PFIC and you did not previously make a timely &ldquo;mark-to-market&rdquo; election as described below, you
may avoid some of the adverse effects of the PFIC regime by making a &ldquo;purging election&rdquo; (as described below) with respect
to the Ordinary 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">If we are a PFIC for your taxable year(s)&nbsp;during
which you hold Ordinary Shares, you will be subject to special tax rules&nbsp;with respect to any &ldquo;excess distribution&rdquo; that
you receive and any gain you realize from a sale or other disposition (including a pledge) of the Ordinary Shares, unless you make a &ldquo;mark-to-market&rdquo;
election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions
you received during the shorter of the three preceding taxable years or your holding period for the Ordinary Shares will be treated as
an excess distribution. Under these special tax rules:</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the excess distribution or gain will be allocated ratably over your holding period for the Ordinary Shares;</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; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount allocated to your current taxable year, and any amount allocated to any of your taxable year(s)&nbsp;prior to the first taxable year in which we were a PFIC, will be treated as ordinary income, and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount allocated to each of your other taxable year(s)&nbsp;will be subject to the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.</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 tax liability for amounts allocated to years
prior to the year of disposition or &ldquo;excess distribution&rdquo; cannot be offset by any net operating losses for such years, and
gains (but not losses) realized on the sale of the Ordinary Shares cannot be treated as capital, even if you hold the Ordinary Shares
as capital assets.</P>

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

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

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

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

<!-- Field: Page; Sequence: 142 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->137<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder of &ldquo;marketable stock&rdquo;
(as defined below) in a PFIC may make a mark-to-market election under Section&nbsp;1296 of the US Internal Revenue Code for such stock
to elect out of the tax treatment discussed above. If you make a mark-to-market election for first taxable year which you hold (or are
deemed to hold) Ordinary Shares and for which we are determined to be a PFIC, you will include in your income each year an amount equal
to the excess, if any, of the fair market value of the Ordinary Shares as of the close of such taxable year over your adjusted basis in
such Ordinary Shares, which excess will be treated as ordinary income and not capital gain. You are allowed an ordinary loss for the excess,
if any, of the adjusted basis of the Ordinary Shares over their fair market value as of the close of the taxable year. Such ordinary loss,
however, is allowable only to the extent of any net mark-to-market gains on the Ordinary Shares included in your income for prior taxable
years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the
Ordinary Shares, are treated as ordinary income. Ordinary loss treatment also applies to any loss realized on the actual sale or disposition
of the Ordinary Shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for
such Ordinary Shares. Your basis in the Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a valid
mark-to-market election, the tax rules&nbsp;that apply to distributions by corporations which are not PFICs would apply to distributions
by us, except that the lower applicable capital gains rate for qualified dividend income discussed above under &ldquo;&mdash;Taxation
of Dividends and Other Distributions on our Ordinary Shares&rdquo; generally would not apply.</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 mark-to-market election is available only
for &ldquo;marketable stock&rdquo;, which is stock that is traded in other than de minimis quantities on at least 15 days during each
calendar quarter (&ldquo;regularly traded&rdquo;) on a qualified exchange or other market (as defined in applicable U.S. Treasury regulations),
including the [Nasdaq Capital Market/NYSE American]. If the Ordinary Shares are regularly traded on the [Nasdaq Capital Market/NYSE
American] and if you are a holder of Ordinary Shares, the mark-to-market election would be available to you were we to be or become
a PFIC.</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">Alternatively, a U.S. Holder of stock in a PFIC
may make a &ldquo;qualified electing fund&rdquo; election under Section&nbsp;1295(b)&nbsp;of the US Internal Revenue Code with respect
to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with
respect to a PFIC will generally include in gross income for a taxable year such holder&rsquo;s pro rata share of the corporation&rsquo;s
earnings and profits for the taxable year. The qualified electing fund election, however, is available only if such PFIC provides such
U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do
not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. If you hold
Ordinary Shares in any taxable year in which we are a PFIC, you will be required to file U.S. Internal Revenue Service Form&nbsp;8621
in each such year and provide certain annual information regarding such Ordinary Shares, including regarding distributions received on
the Ordinary Shares and any gain realized on the disposition of the Ordinary 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">If you do not make a timely &ldquo;mark-to-market&rdquo;
election (as described above), and if we were a PFIC at any time during the period you hold our Ordinary Shares, then such Ordinary Shares
will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a &ldquo;purging
election&rdquo; for the year we cease to be a PFIC. A &ldquo;purging election&rdquo; creates a deemed sale of such Ordinary Shares at
their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging election
will be subject to the special tax and interest charge rules&nbsp;treating the gain as an excess distribution, as described above. As
a result of the purging election, you will have a new basis (equal to the fair market value of the Ordinary Shares on the last day of
the last year in which we are treated as a PFIC) and holding period (which new holding period will begin the day after such last day)
in your Ordinary Shares for tax purposes.</P>

<P STYLE="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">IRC Section&nbsp;1014(a)&nbsp;provides for a step-up
in basis to the fair market value for our Ordinary Shares when inherited from a decedent that was previously a holder of our Ordinary
Shares. However, if we are determined to be a PFIC and a decedent that was a U.S. Holder did not make either a timely qualified electing
fund election for our first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) our Ordinary Shares, or a mark-to-market
election and ownership of those Ordinary Shares are inherited, a special provision in IRC Section&nbsp;1291(e)&nbsp;provides that the
new U.S. Holder&rsquo;s basis should be reduced by an amount equal to the Section&nbsp;1014 basis minus the decedent&rsquo;s adjusted
basis just before death. As such if we are determined to be a PFIC at any time prior to a decedent&rsquo;s passing, the PFIC rules&nbsp;will
cause any new U.S. Holder that inherits our Ordinary Shares from a U.S. Holder to not get a step-up in basis under Section&nbsp;1014 and
instead will receive a carryover basis in those Ordinary 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">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 143 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->138<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin: 0pt 0; text-align: justify">You are urged to consult your tax advisors regarding
the application of the PFIC rules&nbsp;to your investment in our Ordinary Shares and the elections discussed above.</P>

<P STYLE="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><I>Information Reporting and Backup Withholding</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: justify">Dividend payments with respect to our Ordinary
Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject to information reporting to the U.S. Internal
Revenue Service and possible U.S. backup withholding under Section&nbsp;3406 of the US Internal Revenue Code with at a current flat rate
of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes
any other required certification on U.S. Internal Revenue Service Form&nbsp;W-9 or who is otherwise exempt from backup withholding. U.S.
Holders who are required to establish their exempt status generally must provide such certification on U.S. Internal Revenue Service Form&nbsp;W-9.
U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding
rules.</P>

<P STYLE="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">Backup withholding is not an additional tax. Amounts
withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess
amounts withheld under the backup withholding rules&nbsp;by filing the appropriate claim for refund with the U.S. Internal Revenue Service
and furnishing any required information. We do not intend to withhold taxes for individual shareholders. Transactions effected through
certain brokers or other intermediaries, however, may be subject to withholding taxes (including backup withholding), and such brokers
or intermediaries may be required by law to withhold such taxes.</P>

<P STYLE="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">Under the Hiring Incentives to Restore Employment
Act of 2010, certain U.S. Holders are required to report information relating to our Ordinary Shares, subject to certain exceptions (including
an exception for Ordinary Shares held in accounts maintained by certain financial institutions), by attaching a complete Internal Revenue
Service Form&nbsp;8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Ordinary
Shares.</P>

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 144 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->139<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_022"></A>UNDERWRITING</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">We will enter into an underwriting agreement
with Univest Securities, LLC, as representative of the several underwriters in this offering (the &ldquo;Representative&rdquo;),
with respect to the Ordinary Shares to be sold in this offering. Subject to certain conditions, we have agreed to sell to the
underwriters named below, and the underwriters have severally agreed to purchase, the number of Ordinary Shares at the initial
public offering price provided below opposite their respective names less the underwriting discounts, as set forth on the cover page
of this prospectus and as indicated below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 83%; font-weight: bold; text-align: justify">Underwriters</TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 13%; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Ordinary Shares</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; text-align: justify">Univest Securities, LLC</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">A copy of the underwriting agreement will be filed
as an exhibit to the registration statement of which this prospectus is part.&nbsp;</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 underwriters are offering the Ordinary Shares
subject to their acceptance of the Ordinary Shares from us and subject to prior sale. The underwriting agreement provides that the obligations
of the several underwriters to pay for and accept delivery of the securities offered by this prospectus are subject to the approval of
certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the
securities if any such securities are taken. However, the underwriters are not required to take or pay for the securities covered by the
underwriters&rsquo; over-allotment option described below.</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"><B>Over-Allotment Option</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">We have granted the Representative an over-allotment
option. This option, which is exercisable for up to 45 days after the date of this prospectus, permits the underwriters to purchase a
maximum of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Ordinary Shares (15% of the number of Ordinary Shares sold in this offering) at the initial public offering price listed
on the cover page of this prospectus, less underwriting discounts from us to cover over-allotments, if any. The option may be exercised
in whole or in part, and may be exercised more than once, during the 45-day option period. The representative may exercise this option
solely for the purpose of covering over-allotments, if any, made in connection with the offering contemplated by this prospectus. To the
extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase the same percentage
of the additional shares as the number listed next to the underwriter&rsquo;s name in the preceding table bears to the total number of
shares listed next to the names of all underwriters in the preceding table.</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 the underwriters exercise all or part of this
option, they will purchase Ordinary Shares covered by the option at the public offering price per Ordinary Share that appears on the cover
page of this prospectus, less the underwriting discount. If this option is exercised in full, the total offering price to the public will
be $[&#9679;] and the total net proceeds, before expenses, to us will be $[&#9679;].</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"><B>Underwriting Discounts and Expenses</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 underwriting discounts are equal to 4.5% of
the initial public offering price.</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 underwriters have advised us that they propose
to offer the Ordinary Shares to the public at the public offering price set forth on the cover page of this prospectus and to certain
dealers at that price less a concession not in excess of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] per share. The underwriters may allow, and certain dealers may reallow,
a discount from the concession not in excess of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] per share to certain brokers and dealers. After this offering, the public offering
price, concession, and reallowance to dealers may be changed by the Representative. No such change shall change the amount of proceeds
to be received by us as set forth on the cover page of this prospectus. The Ordinary Shares are offered by the underwriters as stated
herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The underwriters
have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 145 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->140<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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 following table shows the public offering
price, underwriting discount, and proceeds, before expenses, to us. The information assumes either no exercise or full exercise by the
underwriters of the over-allotment option.</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 STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per Ordinary Share</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.8pt 0pt 0; text-align: center"><B>Total<BR>
    Without</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.8pt 0pt 0; text-align: center"><B>Over-Allotment<BR>
    Option</B></P></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total <BR>
With Full <BR>
Over-Allotment <BR>
Option</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 57%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public offering price</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting discounts<SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds, before expenses, to us</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The underwriting discounts are equal to 4.5% of the initial public offering price set forth on the cover of this prospectus.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to reimburse the underwriters for
certain out-of-pocket expenses incurred by them up to an aggregate of $180,000 (including the Advance, as defined below), including fees
and disbursements of their counsel, with respect to this offering. We have paid an expense deposit of $30,000 (the &ldquo;Advance&rdquo;)
to the underwriters, which will be applied against the out-of-pocket accountable expenses that will be reimbursed by us in connection
with this offering. Any portion of the Advance will be returned to us in the event it is not actually incurred in accordance with FINRA
Rule&nbsp;5110(f)(2)(C).</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">We have also agreed to reimburse the underwriters
by deduction from the net proceeds of the offering contemplated herein, for their non-accountable expenses equal to 1% of the offering
proceeds raised in this offering at closing, including any shares issued pursuant to the exercise of the representative&rsquo;s over-allotment
option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that expenses payable by us in connection
with this offering, other than the underwriting discounts referred to above and underwriter expense reimbursement, will be approximately
$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].&nbsp;</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"><B>Right of First Refusal</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">We have agreed to grant to the Representative,
provided that this offering is completed, for a period of 18 months, the right, on at least the same terms and conditions offered to
us by other investment banking service providers, to provide investment banking services in all matters for which investment banking
services are sought (such right, the &ldquo;Right of First Refusal&rdquo;), which right is exercisable in the Representative&rsquo;s
sole discretion but non-assignable. In accordance with FINRA Rule 5110(g)(6)(A)(i), under no circumstances shall such right of first
refusal have a duration of more than three years from the commencement of sales of this offering or the termination date of the engagement
between us and the underwriters. For these purposes, investment banking services shall include, without limitation, (a) acting as
lead manager for any underwritten public offering; (b) acting as an exclusive placement agent, initial purchaser or financial advisor
in connection with any private offering of our securities, except for the sale or issuance of any securities pursuant to Regulation S
as promulgated under the Securities Act of 1933, as amended. The Representative shall notify us of its intention to exercise its Right
of First Refusal within 5 business days following notice in writing by us.</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"><B>Indemnification</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 have agreed to indemnify the underwriters against
certain liabilities, including liabilities under the Securities Act and liabilities arising from breaches of representations and warranties
contained in the underwriting agreement, or to contribute to payments that the underwriters may be required to make in respect of those
liabilities.</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">&nbsp;</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 146 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->141<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><B>Lock-Up Agreements</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">Our directors, officers and certain of our shareholders
owning more than 5% of the issued and outstanding Ordinary Shares (or securities convertible into our Ordinary Shares) have agreed, for
a period of six months from the date of this prospectus, subject to certain exceptions, not to sell, transfer, or dispose of, directly
or indirectly, any of the Ordinary Shares and securities that are substantially similar to our Ordinary Shares, without the prior written
consent of the Representative. The Representative has no present intention to waive or shorten the lock-up period; however, the terms
of the lock-up agreements may be waived at its discretion. In determining whether to waive the terms of the lock-up agreements, the Representative
may base its decision on its assessment of the relative strengths of the securities markets and companies similar to ours in general,
and the trading pattern of, and demand for, our securities in general.&nbsp;</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"><B>Listing</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">We have applied to list the Ordinary Shares on
the [Nasdaq Capital Market/NYSE American] under the symbol &ldquo;DTCK.&rdquo; We make no representation that such application
will be approved or that our ordinary shares will trade on such market either now or at any time in the future. However, we will not
complete this offering unless we are listed.</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"><B>Price Stabilization, Short Positions, and Penalty
Bids</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">Until the distribution of the ordinary shares
offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our ordinary
shares. As an exception to these rules, in connection with this offering, the underwriters may engage in transactions that stabilize,
maintain, or otherwise affect the price of our Ordinary Shares in accordance with Regulation M under the Exchange Act.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specifically, the underwriters may engage in over-allotment
sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.</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%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Stabilizing transactions consist of bids or purchases made by the underwriters for the purpose of preventing
or slowing a decline in the market price of our securities while this offering is in progress.</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></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Short sales and over-allotments occur when the underwriters, on behalf of the underwriting syndicate,
sells more of our shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter
may exercise the over-allotment option described above and/or may engage in syndicate covering transactions. There is no contractual limit
on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales.
Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser
of units covered by the registration statement.</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></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Syndicate covering transactions are bids for or purchases of our securities on the open market by the
managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf
of the underwriters.</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></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession
that would otherwise accrue to an underwriter if the Ordinary Shares originally sold by the underwriter were later repurchased by the
managing underwriter and therefore were not effectively sold to the public by such underwriter.</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">The underwriters may also bid for, and purchase,
our Ordinary Shares in market making transactions, including &ldquo;passive&rdquo; market making transactions as described 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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 147 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->142<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These activities may have the effect of raising
or maintaining the market price of our ordinary shares or preventing or delaying a decline in the market price of our ordinary shares
which may stabilize or maintain the market price of our Ordinary Shares at a price that is higher than the price that might otherwise
exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of
these activities at any time without notice. These transactions may be effected on the [Nasdaq Capital Market/NYSE American],
in the over-the-counter market, or otherwise. As a result, the price of our ordinary shares may be higher than the price that might otherwise
exist in the open market.</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">Neither we nor the underwriters make any representation
or prediction as to the effect that the transactions described above may have on the prices of our ordinary shares. These transactions
may occur on [Nasdaq/NYSE American] or on any trading market. If any of these transactions are commenced, they may be discontinued
without notice at any 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; text-align: justify"><B>Electronic Distribution</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">A prospectus in electronic format may be made
available on websites or through other online services maintained by one or more of the underwriters of this offering, or by their affiliates.
Other than the prospectus in electronic format, the information on any underwriter&rsquo;s website and any information contained in any
other website maintained by an underwriter is not part of this prospectus or the registration statement of which this prospectus forms
a part, has not been approved and/or endorsed by us or any underwriter in its capacity as underwriter, and should not be relied upon by
investors.</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">In connection with this offering, certain of the
underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Passive Market Making</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 underwriter who is a qualified market maker
on [Nasdaq/NYSE American] may engage in passive market making transactions on [Nasdaq/NYSE American], in accordance with
Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending
through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be
identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest
independent bid for such security. If all independent bids are lowered below the passive market maker&rsquo;s bid, however, the passive
market maker&rsquo;s bid must then be lowered when certain purchase limits are exceeded.</P>

<P STYLE="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>Pricing of the Offering</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">Prior to the completion of this offering, there
has been no public market for our Ordinary Shares. The initial public offering price of the Ordinary Shares has been negotiated between
us and the underwriters. Among the factors considered in determining the initial public offering price of the Ordinary Shares, in addition
to the prevailing market conditions, are our historical performance, estimates of our business potential and earnings prospects, an assessment
of our management, and the consideration of the above factors in relation to market valuation of companies in related businesses.</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"><B>No Sales of Similar Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed not to offer, pledge, announce
the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities
convertible into or exercisable or exchangeable for Ordinary Shares or enter into any swap or other agreement that transfers, in whole
or in part, any of the economic consequences of ownership of our Ordinary Shares, whether any such transaction is to be settled by delivery
of Ordinary Shares or such other securities, in cash or otherwise, without the prior written consent of the underwriter, for a period
of 180 days from the date of this prospectus.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 148 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->143<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Selling Restrictions Outside the United States</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No action may be taken in any jurisdiction other
than the United States that would permit a public offering of the Ordinary Shares or the possession, circulation, or distribution of this
prospectus in any jurisdiction where action for that purpose is required. Accordingly, the Ordinary Shares may not be offered or sold,
directly or indirectly, and neither the prospectus nor any other offering material or advertisements in connection with the Ordinary Shares
may be distributed or published in or from any country or jurisdiction except under circumstances that will result in compliance with
any applicable laws, rules and regulations of any such country or jurisdiction. This prospectus does not constitute an offer to sell or
a solicitation of an offer to buy any Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation
is unlawful.</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"><B>Notice to Prospective Investors in Canada</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">Securities legislation in certain provinces or
territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto)
contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit
prescribed by the securities legislation of the purchaser&rsquo;s province or territory. The purchaser should refer to any applicable
provisions of the securities legislation of the purchaser&rsquo;s province or territory for particulars of these rights or consult with
a legal advisor.</P>

<P STYLE="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">Pursuant to section 3A.3 (or, in the case of securities
issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 Underwriting Conflicts
(NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts
of interest in connection with this offering. The Ordinary Shares may be sold only to purchasers purchasing, or deemed to be purchasing,
as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1)&nbsp;of
the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions
and Ongoing Registrant Obligations. Any resale of the Ordinary Shares must be made in accordance with an exemption from, or in a transaction
not subject to, the prospectus requirements of applicable 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"><B>Notice to Prospective Investors in the United
Kingdom</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">This prospectus is only being distributed to and
is only directed at persons in the United Kingdom that are qualified investors within the meaning of Article&nbsp;2(1)(e)&nbsp;of the
Prospectus Directive that are also (i)&nbsp;to investment professionals falling within Article&nbsp;19(5)&nbsp;of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 within, and/or (ii)&nbsp;high net worth entities, and other persons to whom it may
lawfully be communicated, falling with Article&nbsp;49(2)(a)&nbsp;to (d)&nbsp;(all such persons together being referred to as &ldquo;relevant
persons&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and its contents are confidential
and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other persons in the United
Kingdom. Any person in the United Kingdom who is not a relevant person should not act or rely on this prospectus or any of its contents.</P>

<P STYLE="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>Notice to Prospective Investors in Singapore</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">This prospectus has not been registered as a
prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection
with the offer or sale, or invitation for subscription or purchase, of the Ordinary Shares may not be circulated or distributed, nor
may the Ordinary Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly
or indirectly, to persons in Singapore other than (i)&nbsp;to an institutional investor under Section&nbsp;274 of the Securities and
Futures Act 2001 (the &ldquo;SFA&rdquo;), (ii)&nbsp;to a relevant person pursuant to Section&nbsp;275(1), or any person pursuant to
Section&nbsp;275(1A), and in accordance with the conditions specified in Section&nbsp;275 of the SFA or (iii)&nbsp;otherwise
pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to compliance
with conditions set forth in the SFA.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 149 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->144<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the shares are subscribed or purchased under
Section 275 of the SFA by a relevant person that is: (a) a corporation (that is not an accredited investor) the sole business of which
is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor;
or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is an
accredited investor, shares, debentures and units of shares and debentures of that corporation or the beneficiaries&rsquo; rights and
interest in that trust shall not be transferable for six months after that corporation or that trust has acquired the shares under Section
275, except: (1) to an institutional investor (for corporations, under Section 274 of the SFA) or to a relevant person defined in Section
275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, (2) debentures and units of shares and
debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than S$200,000 (or
its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities
or other assets, and further for corporations, in accordance with the conditions specified in Section 275 of the SFA; (3) where no consideration
is or will be given for the transfer; or (4) where the transfer is by operation of law.</P>

<P STYLE="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>Notice to Prospective Investors in the People&rsquo;s Republic
of China</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">This prospectus may not be circulated or distributed
in China and the Ordinary Shares may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly
or indirectly to any resident of China except pursuant to applicable laws, rules&nbsp;and regulations of China. For the purpose of this
paragraph only, China does not include Taiwan and the special administrative regions of Hong Kong and Macau.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in Hong Kong</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 Ordinary Shares may not be offered or sold
in Hong Kong by means of any document other than (i)&nbsp;in circumstances which do not constitute an offer to the public within the meaning
of the Companies Ordinance (Cap. 32, Laws of Hong Kong), (ii)&nbsp;to &ldquo;professional investors&rdquo; within the meaning of the Securities
and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii)&nbsp;in other circumstances which do
not result in the document being a &ldquo;prospectus&rdquo; within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong)
and no advertisement, invitation or document relating to our Ordinary Shares be issued or may be in the possession of any person for the
purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed
or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to our Ordinary
Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to &ldquo;professional investors&rdquo; within
the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules&nbsp;made thereunder.</P>

<P STYLE="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>Notice to Prospective Investors in Taiwan,
the Republic of China</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 Ordinary Shares have not been and will not
be registered with the Financial Supervisory Commission of Taiwan, the Republic of China, pursuant to relevant securities laws and regulations
and may not be offered or sold in Taiwan through a public offering or in any manner which would constitute an offer within the meaning
of the Securities and Exchange Act of Taiwan or would otherwise require registration with or the approval of the Financial Supervisory
Commission of Taiwan.</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"><B>Notice to Prospective Investors in&nbsp;the
Cayman Islands</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">No invitation, whether directly or indirectly
may be made to the public in the Cayman Islands to subscribe for our Ordinary Shares. This prospectus does not constitute a public offer
of the Ordinary Shares, whether by way of sale or subscription, in the Cayman Islands. Ordinary Shares have not been offered or sold,
and will not be offered or sold, directly or indirectly, in the 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"><B>Stamp Taxes</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 purchase Ordinary Shares offered by this
prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition
to the initial public offering price listed on the cover page of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 150 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->145<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_023"></A>EXPENSES RELATING TO THIS OFFERING</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">Set forth below is an itemization of the total
expenses, excluding underwriting discounts that we expect to incur in connection with this offering. With the exception of the SEC registration
fee, the FINRA filing fee, and the [Nasdaq Capital Market/NYSE American] listing fee, all amounts are estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 84%"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission Registration Fee</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 13%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> <FONT STYLE="font-size: 10pt">[Nasdaq Capital Market/NYSE American]</FONT> <FONT STYLE="font-size: 10pt"> Listing Fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">FINRA Filing Fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Legal Fees and Expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Accounting Fees and Expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Printing and Engraving Expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Underwriter Out-of-Pocket Accountable Expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Investor Relations Fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Miscellaneous Expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><B>Total Expenses</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</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">These expenses will be borne by us. Underwriting
discounts will be borne by us in proportion to the numbers of Ordinary Shares sold in the offering.</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 151 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->146<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_024"></A>LEGAL MATTERS</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">We are being represented by Hunter Taubman Fischer
&amp; Li LLC with respect to certain legal matters as to United States federal securities and New York State law. The validity of the
Ordinary Shares offered in this offering and certain other legal matters as to Cayman Islands law will be passed upon for us by Conyers
Dill &amp; Pearman Pte. Ltd. Legal matters as to Singapore law will be passed upon for us by Rajah &amp; Tann Singapore LLP. Certain legal
matters as to the United States federal securities and New York law in connection with this offering will be passed upon for the underwriters
by Ortoli Rosenstadt LLP.&nbsp;Certain legal matters as to Singapore law in connection with this offering will be passed upon for the
underwriters by Bird &amp; Bird ATMD LLP.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 152 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->147<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_025"></A>EXPERTS</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">The consolidated financial statements for the
fiscal years ended December 31, 2021 and 2020, included in this prospectus have been so included in reliance on the report of Onestop
Assurance PAC, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
The office of Onestop Assurance PAC is located at 10 Anson Road, #13-09, International Plaza, Singapore 079903.</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 153 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->148<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_026"></A>WHERE YOU CAN FIND ADDITIONAL INFORMATION</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">We have filed a registration statement, of which
this prospectus forms a part, including relevant exhibits, with the SEC on Form F-1 under the Securities Act with respect to the Ordinary
Shares to be sold in this offering. This prospectus, which constitutes a part of the registration statement on Form F-1, does not contain
all of the information contained in the registration statement. You should read our registration statements and their exhibits and schedules
for further information with respect to us and the Ordinary Shares.</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">Immediately upon the effectiveness of the registration
statement on Form F-1 of which this prospectus forms a part, we will become subject to periodic reporting and other informational requirements
of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports
on Form 20-F, and other information with the SEC. All information filed with the SEC can be obtained over the internet at the SEC&rsquo;s
website at www.sec.gov. You can request copies of documents, upon payment of a duplicating fee, by writing to the SEC.</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 154 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->149<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAVIS COMMODITIES LIMITED</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><A NAME="a_027"></A>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONTENTS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 7%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PAGE(S)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSOLIDATED FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_028">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_030">CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2021 AND 2020</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_031">CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_032">CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&rsquo; EQUITY FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_033">CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER, 2021 AND 2020</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_034">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7 &ndash; F-25</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_035">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-26</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U><A HREF="#a_037">UNAUDITED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2021 AND JUNE 30, 2022</A></U></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-27</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U><A HREF="#a_038">UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2022</A></U></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-28</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U><A HREF="#a_039">UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&rsquo; EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2022</A></U></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-29</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U><A HREF="#a_040">UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2022</A></U></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-</FONT>30</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_041">NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-31&nbsp;&nbsp;&ndash; F-49</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<!-- Field: Page; Sequence: 155; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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><A NAME="a_028"></A>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 7%">To:</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 93%">The Board of Directors and Shareholders of</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt"></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">Davis Commodities Limited</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Opinion on the Financial Statements</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 have audited the accompanying consolidated
balance sheets of Davis Commodities Limited and its subsidiaries (collectively the &ldquo;Company&rdquo;) as of December 31, 2021 and
2020, and the related consolidated statements of income and comprehensive income, changes in shareholders&rsquo; equity, and cash flows
in each of the years for the two-year period ended December 31, 2021, and the related notes (collectively referred to as the financial
statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company
as of December 31, 2021 and 2020, and the results of its operations and its cash flows in each of the years for the two-year period ended
December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Basis for Opinion</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">These financial statements are the responsibility
of the Company&rsquo;s management. Our responsibility is to express an opinion on the Company&rsquo;s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (the &ldquo;PCAOB&rdquo;)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the U.S. Securities and Exchange Commission and the PCAOB.</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">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s
internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Onestop Assurance PAC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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">We have served as the Company&rsquo;s auditor since May 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Singapore</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 21, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 156; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAVIS COMMODITIES LIMITED AND ITS SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_030"></A>CONSOLIDATED BALANCE SHEETS<BR>
(Amount in thousands, except for share and per share data, or otherwise noted)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Current assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; padding-left: 10pt">Cash and cash equivalents</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">5,856</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">7,087</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts receivable, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,990</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,868</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Prepaid expenses and other current assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">921</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,167</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Amount due from directors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 10pt">Inventory</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">336</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">95</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,163</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,217</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">411</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">406</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Right-of-use asset</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">75</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">486</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">443</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">TOTAL ASSETS</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,649</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,660</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Bank loans - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,039</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Lease payable - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,541</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,341</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Accruals and other current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,379</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,013</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Amount due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Income taxes payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">939</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,184</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,378</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Bank loans &ndash; non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">209</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Lease payable &ndash; non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Deferred tax liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Total non-current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">39</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">210</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">TOTAL LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,223</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,588</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Commitments and contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Ordinary shares US$0.001 par value per share; 10,000 authorized as of December 31, 2020 and 2021; 10,000 shares issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,113</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,113</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,303</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">952</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Accumulated other comprehensive income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,426</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,072</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">TOTAL LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,649</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,660</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* &ndash; denotes amount less than US$&rsquo;000.</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">The accompanying notes are an integral part of
these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 157; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAVIS COMMODITIES LIMITED AND ITS SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_031"></A>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME<BR>
(Amount in thousands, except for share and per share data, or otherwise noted)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the years ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-indent: -10pt; padding-left: 10pt">Revenues</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">131,625</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">194,239</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Cost of revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(125,768</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(181,994</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,245</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Selling and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,430</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,396</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">General and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,502</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,871</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Total operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,932</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,267</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">(Loss)/Income from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,978</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Other income/(expense):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Other income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">619</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">671</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Interest expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(56</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(48</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">563</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">623</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Income before tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">488</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,601</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Income tax expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(32</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(901</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Net income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">456</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,700</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Foreign currency translation gain/(loss), net of taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total comprehensive income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">459</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,697</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net income per share attributable to ordinary shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">45.90</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">469.70</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Weighted average number of ordinary shares used in computing net income per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 158; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAVIS COMMODITIES LIMITED AND ITS SUBSIDIARIES
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_032"></A>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&rsquo;
EQUITY<BR>
(Amount in thousands, except for share and per share data, or otherwise noted)</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></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ordinary Shares</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">No of shares</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Additional paid-in capital</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated other comprehensive income</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Retained <BR>
Earnings</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Total <BR>
Stockholders&rsquo; <BR>
Equity</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 28%">Balance as of January 1, 2020</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">10,000</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*</B></FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">1,113</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">7</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">847</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">1,967</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">456</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Foreign currency translation adjustment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Balance as of December 31, 2020</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,113</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,303</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,426</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,700</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Foreign currency translation adjustment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Dividend declared</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,051</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,051</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Balance as of December 31, 2021</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,000</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,113</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">952</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,072</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<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">* Denote less than US$1,000</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 159; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAVIS COMMODITIES LIMITED AND ITS SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_033"></A>CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>
(Amount in thousands, except for share and per share data, or otherwise noted)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Net income</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">456</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">4,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Adjustments:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-align: left">Unrealized loss/(gain) on derivative contract at fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">397</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(389</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-align: left">Reversal of allowance for doubtful debts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(92</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-align: left">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-align: left">Interest expense on lease liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-align: left; padding-bottom: 1pt">Interest income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(53</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">866</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,360</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-align: left">Changes in operating assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-align: left">(Increase)/ decrease in inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(224</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">241</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-align: left">Increase in margin deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(166</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(599</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-align: left">Decrease/(increase) of accounts and other receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,203</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,140</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-align: left">Increase in accounts and other payables, and accruals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,433</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-align: left">Decrease in amount due from directors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(660</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(990</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-align: left; padding-bottom: 1pt">Decrease in income tax payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">910</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash provided by operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,944</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,215</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Interest received</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Purchase of property, plant and equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash (used in)/provided by investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">42</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Amount due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(157</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Proceeds from bank borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,104</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Repayment of bank borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(292</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,039</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Interest paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left">Principal payment of lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Payment of interest on lease liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash provided by/(used in) financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,672</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,026</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Net change in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,614</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,231</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents as of beginning of the year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,242</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,856</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents as of the end of the year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,856</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,087</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Supplementary Cash Flows Information</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Cash (paid)/refunded for taxes</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(32</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 160; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAVIS COMMODITIES LIMITED AND ITS SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_034"></A>NOTES TO FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1. ORGANIZATION AND PRINCIPAL ACTIVITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Davis Commodities Limited was incorporated on
September 20, 2022 in the Cayman Islands, as an investment holding company. Davis Commodities Limited conducts its primary operations
through its wholly owned subsidiaries that are incorporated and domiciled in Singapore, namely: 1) Maxwill Pte. Ltd.; 2) Maxwill (Asia)
Pte. Ltd.; 3) LP Grace Pte. Ltd; and 4) Maxwill Foodlink Pte. Ltd. (collectively the &ldquo;Company&rdquo;). The subsidiaries specialize
in trading of three main categories of agricultural commodities: sugar, rice and oil and fat products. The Company distributes agricultural
commodities to various markets, including providing warehouse storage and logistic services.</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"><B><I>Reorganization</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of the formation of the group structure
is as follows:</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"><I>Maxwill Pte. Ltd.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 1, 2022, Li Peng Leck&rsquo;s (&ldquo;LPL&rsquo;s&rdquo;)
spouse transferred two (2) shares, the then entire issued share capital of Maxwill Pte. Ltd., to LPL, as part of a family restructuring
exercise. On the same day, it was resolved and approved that 98 new shares in the capital of Maxwill Pte. Ltd. would be issued to LPL
and members of her immediate family as part of a family restructuring exercise.</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">On August 22, 2022, LPL and members of her immediate
family transferred all 100 shares, the entire issued and share capital of Maxwill Pte. Ltd., to Davis &amp; KT Holdings Pte. Ltd., as
part of a family restructuring exercise. The beneficial interests of all the family members remain the same as they hold the same proportion
of shares in Davis &amp; KT Holdings Pte. Ltd.</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"><I>Maxwill (Asia) Pte. Ltd.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 22, 2022, LPL and members of her immediate
family transferred all their 1,483,000 shares, the entire issued and share capital of Maxwill (Asia) Pte. Ltd., to Maxwill Pte. Ltd.,
as part of a family restructuring exercise. The beneficial interests of all the family members remain the same as they hold the same proportion
of shares in Davis &amp; KT Holdings Pte. Ltd.</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"><I>LP Grace Pte. Ltd.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 1, 2022, LPL&rsquo;s mother transferred
two (2) shares, the then entire issued share capital of LP Grace Pte. Ltd. to LPL, as part of a family restructuring exercise. We further
note that there is a trust deed entered into between LPL and her mother in relation to the two (2) shares, the then entire issued share
capital of LP Grace Pte. Ltd., that sets out that the shares are held by LPL&rsquo;s mother on trust for LPL.</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">On the same day, it was resolved and approved
that 98 new shares in the capital of LP Grace Pte. Ltd. would be issued to LPL and members of her immediate family as part of a family
restructuring exercise.</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">On August 23, 2022, LPL and members of her immediate
family transferred all 100 shares, the entire issued and share capital of LP Grace Pte. Ltd., to Maxwill Pte. Ltd., as part of a family
restructuring exercise. The beneficial interests of all the family members remain the same as they hold the same proportion of shares
in Davis &amp; KT Holdings Pte. Ltd.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 161; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><I>Maxwill Foodlink Pte. Ltd.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 23, 2022, LPL and members of her immediate
family transferred all 60,002 shares, the entire issued and share capital of Maxwill Foodlink Pte. Ltd., to Maxwill Pte. Ltd., as part
of a family restructuring exercise. The beneficial interests of all the family members remain the same as they hold the same proportion
of shares in Davis &amp; KT Holdings Pte. Ltd.</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"><I>Davis Commodities Limited &ndash; Share Swap
Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Davis Commodities Limited was incorporated in
the Cayman Islands as an exempted company with limited liability on September 20, 2022, with an initial share capital of 3,524 shares.</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">On September 20, 2022, Davis Commodities Limited
entered into a share swap agreement with Davis &amp; KT Holdings Pte. Ltd. (the &ldquo;Share Swap Agreement&rdquo;). Pursuant to the Share
Swap Agreement, Davis &amp; KT Holdings Pte. Ltd. transferred 100 shares, the total issued and paid up capital of Maxwill Pte. Ltd., to
Davis Commodities Limited, while Davis Commodities Limited issued and allotted 6,476 shares to Davis &amp; KT Holdings Pte. Ltd. (the
&ldquo;Share Swap&rdquo;). Following the acquisition, Maxwill Pte. Ltd., together with all its subsidiaries, become wholly owned subsidiaries
of Davis Commodities Limited. Davis Commodities Limited has an issued and paid up capital of 10,000 shares.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Share Swap is considered as a merger of entities
under&nbsp;common control. Under the guidance in ASC 805, for transactions between entities under&nbsp;common control, the assets, liabilities
and results of operations, are recognized at their carrying amounts on the date of the Share Swap, which requires retrospective combination
of the Company, Maxwill Pte. Ltd., Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd. and Maxwill Foodlink Pte. Ltd. for all periods presented.
The consolidated financial statements have been prepared as if the existing corporate structure had been in existence throughout all periods.
This includes a retrospective presentation for all equity related disclosures, including issued shares and earnings per share, which have
been revised to reflect the effects of the reorganization, as of December 31, 2021 and 2020.</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">After the reorganization, the Company wholly owns
Maxwill Pte. Ltd., which is domiciled in Singapore; Maxwill Pte. Ltd. wholly owns Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd. and Maxwill
Foodlink Pte. Ltd., which are all incorporated and domiciled in Singapore. The Company is headquartered in Singapore and conducts its
operations domestically.</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">Details of the subsidiaries of the Company are
set out below:</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 COLSPAN="9" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage of effective ownership</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of <BR>
Incorporation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <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>2020</B></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Place of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>incorporation</B></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal <BR>
Activities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxwill Pte. Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 1, 2004</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="padding-left: 5.65pt; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holding company. </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxwill (Asia) Pte. Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 11, 1999</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="padding-left: 5.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products, and providing warehouse storage and logistic services. </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LP Grace Pte. Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 11, 2008</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="padding-left: 5.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agency services. </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxwill Foodlink Pte. Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 15, 2004</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="padding-left: 5.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products and providing warehouse storage and logistic services. </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">The accompanying financial statements are presented
assuming that the Company was in existence at the beginning of the first period presented.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 162; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(a)&nbsp;&nbsp;&nbsp;&nbsp;Basis
of presentation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United&nbsp;States of America (&ldquo;US GAAP&rdquo;)
and pursuant to the regulations of the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;).</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"><I>(b) Consolidation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include
the financial statements of the Company and its subsidiaries. All inter-company transactions, if any, and balances due to, due from, long-term
investment subsidiary, and registered paid in capital have been eliminated upon consolidation.</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">On consolidation the entities should be combined
for all periods that the relationship of common control started and the transaction would be treated as a capital transaction with any
gain or loss on acquisition adjusted through equity. The consolidated entity would not recognize any goodwill and/or gain/losses from
the acquisition and results of operations would be presented for all periods under common control.</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 financial statements of the Company were prepared
by applying the pooling of interest method. Under this method, the Company has been treated as the holding company of the subsidiaries
for the financial years presented. Accordingly, the results of the Company include the results of the subsidiaries for two-year period
ended December 31, 2021 and 2020. Such manner of presentation reflects the economic substance of the companies, which were under common
control throughout the relevant period, as a single economic enterprise, although the legal parent-subsidiary relationships were not established.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(c)&nbsp;&nbsp;&nbsp;&nbsp;Use
of estimates</I></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 preparation of financial statements in conformity
with accounting principles generally accepted in the U.S. GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to allowance for uncollectible
accounts receivable, inventory valuation, useful lives and impairment for property, plant and equipment, valuation allowance for deferred
tax assets, fair value of financial instruments, warranty liabilities, and contingencies. Actual results could vary from the estimates
and assumptions that were used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(d)&nbsp;&nbsp;&nbsp;&nbsp;Risks
and uncertainties</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main operations of the
Company are located in Singapore. Accordingly, the Company&rsquo;s business, financial condition, and results of operations may be influenced
by political, economic, and legal environments in Singapore, as well as by the general state of the economy in Singapore. The Company&rsquo;s
results may be adversely affected by changes in the political, regulatory and social conditions in Singapore. Although the Company has
not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization
and structure disclosed in Note 1, such experience may not be indicative of future results.</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 Company&rsquo;s business, financial condition
and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics
and other catastrophic incidents, which could significantly disrupt the Company&rsquo;s operations.</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-top: 0pt; margin-bottom: 0pt"><I>(e)&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency
translation and transaction and Convenience translation</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements
are presented in U.S. dollar (&ldquo;US$&rdquo;), which is the reporting currency of the Company. The functional currency of the Company
and its subsidiaries, Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd. and Maxwill Pte. Ltd. are the U.S. dollar. Maxwill Foodlink Pte. Ltd.
uses the Singapore dollar as its functional currency.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 163; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">Assets and liabilities denominated in currencies
other than the reporting currency are translated into the reporting currency at the rates of exchange prevailing at the balance sheet
date. Translation gains and losses are recognized in the consolidated statements of operations and comprehensive loss as other comprehensive
income or loss. Transactions in currencies other than the reporting currency are measured and recorded in the reporting currency at the
exchange rate prevailing on the transaction date. The cumulative gain or loss from foreign currency transactions is reflected in the consolidated
statements of income and comprehensive income as other income (other expenses).</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 value of foreign currency including, the Singapore
dollar (&ldquo;S$&rdquo;), may fluctuate against the US$. Any significant variations of the aforementioned currency relative to the Singapore
dollar may materially affect the Company&rsquo;s financial condition in terms of reporting in US$. The following table outlines the currency
exchange rates that were used in preparing the accompanying consolidated financial statements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: justify">US$ to S$ Year End</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1.3500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1.3680</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">US$ to S$ Average Rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3843</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3448</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(f)&nbsp;&nbsp;&nbsp;&nbsp;Fair
Value Measurement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounting guidance defines fair value as the
price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded
at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions
that market participants would use when pricing the asset or liability.</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">Accounting guidance establishes a fair value hierarchy
that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
A financial instrument&rsquo;s categorization within the fair value hierarchy is based upon the lowest level of input that is significant
to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 2pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 1 applies to assets or liabilities for which there are quoted
prices, in active markets for identical assets or liabilities.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 2 applies to assets or liabilities for which there are inputs
other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets
or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent
transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally
from, or corroborated by, observable market data.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 3 applies to asset or liabilities for which there are unobservable
inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents, accounts receivable,
other current assets, amount due from directors, financial instruments, bank loans, leases payable, accounts payables, amount due to related
parties, accruals and other current liabilities are financial assets and liabilities. Cash and cash equivalents, accounts receivable,
other currents, amount due from directors, accounts payables, amount due to related parties, accruals and other current liabilities are
subject to fair value measurement; however, because of their being short term in nature, management believes their carrying values approximate
their fair value. Financial instruments are fair value financial assets that are marked to fair value and are accounted for as under Level
3 under the above hierarchy except for derivative instruments that are marked to fair value and are accounted for as under Level 2. The
Company accounts for bank loans and lease payables at amortized cost and has elected not to account for them under the fair value hierarchy.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 164; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related
parties</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We adopted ASC 850, Related Party Disclosures,
for the identification of related parties and disclosure of related party transactions</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
and cash equivalents</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents consist of cash on hand,
the Company&rsquo;s demand deposit placed with financial institutions, which have original maturities of less than three months and unrestricted
as to withdrawal and use.</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">Periodically, the Company may carry cash balances
at financial institutions more than the respective subsidiaries&rsquo; government insured limits in Singapore of S$75,000 per institution.
The amount in excess of government insurance as of December 31, 2021 and 2020, was approximately S$1,256,128 and S$427,575 respectively.
The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions,
that the credit risk with regard to these deposits is not significant.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
Receivable, net</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable, net are stated at the original
amount less an allowance for impairment loss on such receivables. The allowance for impairment loss is estimated based upon the Company&rsquo;s
assessment of various factors including historical experience, the age of the accounts receivable balances, current general economic conditions,
future expectations and customer specific quantitative and qualitative factors that may affect the customers&rsquo; ability to pay. An
allowance is also made when there is objective evidence for the Company to reasonably estimate the amount of probable loss.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(j)&nbsp;&nbsp;&nbsp;&nbsp;Inventories</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are measured at the lower of cost
and net realizable value. The cost of inventories is based on the first-in, first-out principle, and includes expenditure incurred in
acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(k)&nbsp;&nbsp;&nbsp;&nbsp;Property,
plant and equipment, net</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant and equipment are stated at cost
less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of the
assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated useful
lives are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%; font-weight: bold">Category</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%; font-weight: bold; text-align: left">Estimated useful lives</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Investment property</TD><TD>&nbsp;</TD>
    <TD>40 years</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Right-of-use asset</TD><TD>&nbsp;</TD>
    <TD>4 years</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Furniture and fittings, office equipment, renovation and computer and software</TD><TD>&nbsp;</TD>
    <TD>3 years</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">Expenditures for repair and maintenance costs,
which do not materially extend the useful lives of the assets, are charged to expenses as incurred, whereas the expenditures for major
renewals and betterments that substantially extend the useful lives of property and equipment are capitalized as additions to the related
assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any
resulting gain or loss recognized in the consolidated statements of income.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment
of long-lived assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reviews its long-lived assets for
impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When
these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted
future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted
cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying
amount over the fair value of the assets, using the expected future discounted cash flows. No impairment of long-lived assets was recognized
as of December 31, 2021 and 2020.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 165; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments
and contingencies</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the normal course of business, the Company
is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business
that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such
contingency if it determines it is probable that a loss will occur, and a reasonable estimate of the loss can be made. The Company may
consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances
of each matter.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(n)&nbsp;&nbsp;&nbsp;&nbsp;Revenue
recognition</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May&nbsp;2014, the Financial Accounting Standards
Board (&ldquo;FASB&rdquo;) issued Topic 606, &ldquo;Revenue from Contracts with Customers&rdquo;. This topic clarifies the principles
for recognizing revenue and develops a common revenue standard for U.S. GAAP. Simultaneously, this topic supersedes the revenue recognition
requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification.
The core principle of the guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.</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 Company currently generates its revenue from
the following main sources:</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"><B><I>Revenue from goods sold and services provided</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue from sales of goods and services in the
ordinary course of business is recognized when the Company satisfies a performance obligation (&lsquo;&lsquo;PO&rsquo;&rsquo;) by transferring
control of a promised good or service to the customer. The amount of revenue recognized is the amount of the transaction price allocated
to the satisfied PO.</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 transaction price is allocated to each PO
in the contract on the basis of the relative stand-alone selling prices of the promised goods or services. The individual standalone selling
price of a good or service that has not previously been sold on a stand-alone basis, or has a highly variable selling price, is determined
based on the residual portion of the transaction price after allocating the transaction price to goods and/or services with observable
stand-alone selling price. A discount or variable consideration is allocated to one or more, but not all, of the performance obligations
if it relates specifically to those performance obligations.</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">Transaction price is the amount of consideration
in the contract to which the Company expects to be entitled in exchange for transferring the promised goods or services. The transaction
price may be fixed or variable and is adjusted for time value of money if the contract includes a significant financing component. Consideration
payable to a customer is deducted from the transaction price if the Company does not receive a separate identifiable benefit from the
customer. When consideration is variable, if applicable, the estimated amount is included in the transaction price to the extent that
it is highly probable that a significant reversal of the cumulative revenue will not occur when the uncertainty associated with the variable
consideration is resolved.</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">Revenue may be recognized at a point in time or
over time following the timing of satisfaction of the PO. If a PO is satisfied over time, revenue is recognized based on the percentage
of completion, reflecting the progress towards complete satisfaction of that PO. Typically, POs for products and services where the process
is as described below, the PO is satisfied at a point in time.</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">For the sale of sugar, rice and fat and oil products,
the Company typically receives purchase orders from its customers which will set forth the terms and conditions, including the transaction
price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations
that the Company must fulfill in order to recognize revenue. The key performance obligation is the delivery of the finished product to
the customer at their location, at which point title to that asset passes to the customer. The completion of this earning process is
evidenced by a transport document such as a bill of lading or delivery order. The Company recognizes gross product revenue at a time
when the control of products or services are transferred to customers. Typical payment terms set forth in the purchase order ranges from
30 to 90 days from the date of delivery. The amount of revenue recognized from contract liabilities to the Company&rsquo;s result of
operations can be found in Note 14 below.</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">To distinguish a promise to provide products
from a promise to facilitate the sale from a third party, the Company considers the guidance of control in ASC 606-10-55-37A and the
indicators in 606-10-55-39. The Company considers this guidance in conjunction with the terms in the Company&rsquo;s arrangements with
both suppliers and customers.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 166; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">In general, the Company controls the products,
as it has the obligation to (i) fulfill the products&rsquo; delivery and (ii) bears any inventory risk as legal owners. In addition,
when establishing the selling prices for delivery of the products, the Company has control to set its selling price to ensure it would
generate profit for the products delivered. The Company believes that all these factors indicate that the Company is acting as a principal
in this transaction. As a result, revenue from the sales of products is presented on a gross basis.</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">Shipping, storage and handling and insurance
costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment
cost and are included in cost of revenue.&nbsp;</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"><B><I>Revenue from rental of investment property</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC 842 Lease Topics, the
Company accounts for the rental of investment property as direct finance leases where, lease income from the perspective of lessor is
recognized on the Company&rsquo;s statement of income on a straight-line basis over the term of the lease once management has determined
that the lease payments are reasonably expected to be collected. The performance obligation under these leasing arrangements is to lease
the investment property to the lessee, and to ensure that the investment property is available for use over the life of the lease contract.
Rental income from investment property included in Other Income amounted to US$22,982 and US$23,648 for the fiscal years ended December
31, 2020 and 2021, respectively.</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"><I>(o)&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cost of revenue mainly consists of raw material
costs, labor costs, sub-contracting costs, production overhead, shipping, storage and handling and insurance costs.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></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"><I>(p)&nbsp;&nbsp;&nbsp;&nbsp;Selling and marketing
expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Selling expenses mainly consists of promotion
and marketing expenses and transportation expenses. The Company does not carry any capitalized contract acquisition costs that would be
amortized to its results of operations over time, and potential expenses related to customer and contract acquisitions costs if any are
accounted for as periodic costs.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(q)&nbsp;&nbsp;&nbsp;&nbsp;General
and administrative expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General and administrative expenses mainly consist
of staff cost, depreciation, office supplies and upkeep expenses, travelling and entertainment, legal and professional fees, property
and related expenses, other miscellaneous administrative expenses.</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-top: 0pt; margin-bottom: 0pt"> <I>(r)</I> <I>&nbsp;&nbsp;&nbsp;&nbsp;Operating leases</I></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"><I>Prior to the adoption of ASC 842 on January
1, 2019:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Leases of office premise, where substantially
all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Payments made under operating
leases are recognized as an expense on a straight-line basis over the lease term. The Company had no finance leases for any of the periods
stated herein.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 167; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Upon and hereafter the adoption of ASC 842
on January 1, 2019:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company determines if an arrangement is a
lease at inception. Operating leases are included in operating lease right-of-use (&ldquo;ROU&rdquo;) assets and operating lease liability
in the Company&rsquo;s consolidated balance sheets. ROU assets represent the Company&rsquo;s right to use an underlying asset for the
lease term and lease liabilities represent the Company&rsquo;s obligation to make lease payments arising from the lease. Operating lease
ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When
determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise
that option, if any. As the Company&rsquo;s leases do not provide an implicit rate, the Company used an incremental borrowing rate based
on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt
the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less
and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements;
and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019
to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial
direct costs.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
taxes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for income taxes under ASC
740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated
financial statement carrying amounts of existing assets and liabilities and their respective tax bases.</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">Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered
or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including
the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</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 provisions of ASC 740-10-25, &ldquo;Accounting
for Uncertainty in Income Taxes,&rdquo; prescribe a more-likely-than-not threshold for consolidated financial statement recognition and
measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition
of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest
and penalties associated with tax positions, and related disclosures.</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 Company did not accrue any liability, interest
or penalties&nbsp;related to uncertain tax positions in its provision for income taxes line of its consolidated statements of income&nbsp;for
the years ended December 31, 2021 and 2020, respectively. The Company does not expect that its assessment regarding unrecognized tax positions
will materially change over the next 12 months.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(t)&nbsp;&nbsp;&nbsp;&nbsp;Earnings
per share</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings per share is computed by dividing
net earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted
earnings per share reflect the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised
or converted into ordinary shares.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent
accounting pronouncements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is an &ldquo;emerging growth company&rdquo;
(&ldquo;EGC&rdquo;) as defined in the Jumpstart Our Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;). Under the JOBS Act, EGC
can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards
apply to private companies.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 168; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February&nbsp;2016, the FASB issued ASU No.&nbsp;2016-02,
Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases
are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present
value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy
election not to recognize lease assets and liabilities. In July&nbsp;2018, ASU 2016-02 was updated with ASU 2018-11, Targeted Improvements
to ASC Topic 842, which provides entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically,
under the amendments in ASU 2018-11, (1) entities may elect not to recast the comparative periods presented when transitioning to ASC
842 and (2)&nbsp;lessors may elect not to separate lease and non-lease components when certain conditions are met. In November&nbsp;2019,
ASU 2019-10, Codification Improvements to ASC 842 modified the effective dates of all other entities. In June&nbsp;2020, ASU 2020-05 defer
the effective date for one year for entities in the &ldquo;all other&rdquo; category. For all other entities, the amendments in ASU 2020-05
are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15,
2022. Early application of the guidance continues to be permitted. The Company adopted ASU 2016-02 from January 1, 2019.</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">In June&nbsp;2016, the FASB issued ASU No.&nbsp;2016-13,
&ldquo;Financial Instruments&nbsp;&mdash; Credit Losses&rdquo;, which will require the measurement of all expected credit losses for financial
assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Subsequently,
the FASB issued ASU No.&nbsp;2018-19, Codification Improvements to Topic 326, to clarify that receivables arising from operating leases
are within the scope of lease accounting standards. Further, the FASB issued ASU No.&nbsp;2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11
and ASU 2020-02 to provide additional guidance on the credit losses standard.</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">For all other entities, the amendments for ASU
2016-13 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early
adoption permitted. Adoption of the ASUs is on a modified retrospective basis. The Company will adopt ASU 2016-13 from January 1, 2023.
The Company is in the process of evaluating the effect of the adoption of this ASU.</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">Other accounting standards that have been issued
by the FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial
statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated
to its consolidated financial condition, results of operations, cash flows or 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"><B>3. ACCOUNTS RECEIVABLE, NET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable, net, consists of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Accounts receivable</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">3,990</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">12,868</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Less: Allowance for doubtful accounts</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Accounts receivable, net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,990</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,868</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">The movements in the allowance for doubtful accounts
for the years ended December 31, 2020 and 2021 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Balance at beginning of the year</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">92</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Reversal</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(92</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Balance at end of the year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR></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">&nbsp;</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>

<!-- Field: Page; Sequence: 169; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of the end of each of the financial year, the ageing analysis of accounts receivable, net of allowance for doubtful accounts, based
on the invoice date is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B><BR></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Within 30 days</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">3,686</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">12,680</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Between 31 and 60 days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Between 61 and 90 days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">More than 90 days</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">137</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,990</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,868</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><B>4. PREPAID EXPENSES
AND OTHER CURRENT ASSETS, NET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-indent: -10pt; padding-left: 10pt">Deposits</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">11</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">GST receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Margin deposits *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">557</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,155</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Unrealized gain on commodity future contracts, at fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">389</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Prepayment to suppliers &ndash; Third parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Prepayment to suppliers &ndash; Related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Loans to third parties**</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Loan to a related party ***</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,333</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">921</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,167</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">* Margin deposits relate to deposits placed with
Phillip Nova Pte. Ltd. for derivative instruments entered into for the purpose of managing the Company&rsquo;s commodity price risk (Note
16).</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 loans to third parties represents
loans to an ex-employee and third-party companies. The loans were non-trade related, unsecured, interest-free and repayable on demand.
The amounts were fully settled during the financial year ended December 31, 2021.</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 loan to a related party includes convertible
loan granted to Carfax Commodities (Asia) Pte. Ltd. on November 30, 2020. The principal amount of the loan facility is up to US$4,500,000.
The loan is repayable on demand with compounded interest at the rate prescribed by Inland Revenue Authority of Singapore. There is right
to convert all the loan and all other amounts accrued or owing in connection with the loan into new ordinary shares at any time upon the
occurrence of or in connection with a conversion event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><B>5. AMOUNT DUE
FROM DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company had unsecured, interest-free loan
to the directors amounting to US$1,060,805 in December 2020 and US$ Nil in December 2021 respectively. The amounts were offset by dividend
declared in December 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>6.</B> <B>INVENTORY</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Finished goods</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">336</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">95</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 170; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7. PROPERTY, PLANT AND EQUIPMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant and equipment, net, consists of
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Investment property</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">442</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">442</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Computer software</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Renovation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Office equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Furniture and fittings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Subtotal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">732</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Less: Accumulated depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">310</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">326</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Property, plant and equipment, net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">411</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">406</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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 11.85pt 0pt 0; text-align: justify">Depreciation expense was approximately
US$50 thousands and US$54 thousands for the years ended December 31, 2020 and 2021, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.85pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.85pt 0pt 0; text-align: justify"><B>8. <FONT STYLE="text-transform: uppercase">Right-of-use
(&ldquo;ROU&rdquo;) assets and lease payable</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.85pt 0pt 0; text-align: justify">The right-of-use assets relate to
leases of office premise. The Company recognized operating lease ROU assets and lease liabilities as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.85pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Right-of-use asset</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">149</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">149</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Less: Accumulated depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">74</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">112</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Right-of-use asset, net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">75</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">37</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Operating lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Current portion</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">38</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">38</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Non-current portion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">38</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">76</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">38</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">As of December 31, 2021, future minimum lease
payments under the non-cancelable operating lease is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future payment</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 81%; text-align: left">2022</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">38</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summarizes other supplemental information
about the Company&rsquo;s operating lease as of December 31, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 83%">Weighted average discount rate</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">2.58%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Weighted average remaining lease term (years)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 171; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>9. BANK LOANS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The bank loans as of December 31, 2020 and 2021
are set out below:</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 STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bank loans</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Currency</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Period</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effective Interest rate</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Third Party guarantee</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Directors&rsquo; joint and several guarantee</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carrying amount</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SGD&rsquo;000</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured fixed rate bank loan &#12288;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NIL</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,866</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured floating rate bank loan &#12288;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3-month SIBOR plus 3%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NIL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">173</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,039</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured fixed rate bank loan </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NIL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">256</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2021</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">256</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Bank loans</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><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">Carrying amount</P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">Within 1 year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2022</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2025</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">Thereafter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">US$&rsquo;000</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; width: 29%">Secured fixed rate bank loan &#12288;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">1,866</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">1,866</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Secured floating rate bank loan &#12288;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">173</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">173</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">December 31, 2020</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,039</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,039</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Carrying amount</P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Within 1 year</P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2025</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2026</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Secured fixed rate bank loan &#12288;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">256</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">47</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">49</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">51</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">53</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">56</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">December 31, 2021</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">256</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">47</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">49</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">51</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">53</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">56</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>10. ACCRUALS AND OTHER CURRENT LIABILITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accrued expenses and other liabilities consist
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued operating expenses</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">115</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1,431</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Dividend payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Advances from customers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,817</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Unrealized losses on commodity future contracts, at fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">397</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Other payables</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">44</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">61</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,379</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,013</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>11. AMOUNT DUE TO RELATED PARTIES</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 amount due to related parties was unsecured,
interest-free and repayable on demand. The amount due to related parties was fully repaid in December 2021.</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 172; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><B>12. DEFERRED TAX ASSETS/ LIABILITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Deferred tax liabilities</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following are the major deferred tax assets and liabilities recognized
by the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Property, plant and equipment</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Provisions</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tax losses</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-indent: -10pt; padding-left: 10pt">As of January 1, 2020</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Recognized in statements of income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">As of December 31, 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Recognized in statements of income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">As of December 31, 2021</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>13. EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the sake of undertaking a public offering
of the Company&rsquo;s ordinary shares, the Company has performed a series of re-organizing transactions resulting in 10,000 shares of
ordinary shares outstanding that have been retrospectively restated to the beginning of the first period presented. The Company only has
one single class of ordinary shares that are accounted for as permanent equity.</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 additional paid-in capital represents the
paid-in capital of the subsidiaries under common control before completion of the Share Swap and Reorganization as described in Note 1.</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 Company acquired the entire issued and paid
up capital of Maxwill Pte. Ltd. from Davis &amp; KT Holdings Pte. Ltd. via a Share Swap. Davis &amp; KT Holdings Pte. Ltd. transferred
its 100 shares, the total issued and paid up capital of Maxwill Pte. Ltd., to the Company, while the Company issued and allotted 6,476
shares of the Company to Davis &amp; KT Holdings Pte. Ltd. The above transaction was completed pursuant to the Share Swap Agreement.</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">Following the acquisition, Maxwill Pte. Ltd.,
together with all its subsidiaries, are wholly owned subsidiaries of the Company. The Company has an issued and paid up capital of 10,000
shares.</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"><B>14. REVENUES BY PRODUCT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 70%">Sale of sugar</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">87,410</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">135,140</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Sale of rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,166</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,064</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Sale of oils and fats</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,049</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,035</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">131,625</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">194,239</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">An operating segment is a component of the Company
that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal
financial reports that are provided to and regularly reviewed by the Company&rsquo;s chief operating decision maker in order to allocate
resources and assess performance of the segment.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 173; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">In accordance with ASC 280, Segment Reporting,
operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated
regularly by the chief operating decision maker (&ldquo;CODM&rdquo;), or decision-making group, in deciding how to allocate resources
and in assessing performance. The Company uses the &ldquo;management approach&rdquo; in determining reportable operating segments. The
management approach considers the internal organization and reporting used by the Company&rsquo;s chief operating decision maker for making
operating decisions and assessing performance as the source for determining the Company&rsquo;s reportable segments. Management, including
the chief operating decision maker, reviews operation results by the revenue of different services. Based on management&rsquo;s assessment,
the Company has determined that it has three operating segments as defined by ASC 280 as follow:</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 5%">1.</TD>
  <TD STYLE="width: 92%">Sale of sugar</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>2.</TD>
  <TD>Sale of rice</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>3.</TD>
  <TD>Sale of oil and fat products</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information regarding the results of each reportable
segment is included below. Performance is measured based on segment revenue and gross profit/(loss), as included in the internal management
reports that are reviewed by the Company&rsquo;s CODM. Both segment revenue and gross profit/(loss) are used to measure performance as
management believes that such information is the most relevant in evaluating the level of activities and results of these segments.</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 following table presents summary information
by product type for the years ended December 31, 2020 and 2021, respectively:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the year ended <BR> December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sale of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>sugar</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sale of rice</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sale of oil and fat products</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$&rsquo;000</B></P></TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-indent: -10pt; padding-left: 10pt">Revenue</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">135,140</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">35,064</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">24,035</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">194,239</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Gross Profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,286</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,163</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">796</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,245</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the year ended <BR> December 31, 2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sale of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>sugar</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sale of rice</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sale of oil and fat products</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$&rsquo;000</B></P></TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-indent: -10pt; padding-left: 10pt">Revenue</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">87,410</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">24,166</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">20,049</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">131,625</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Gross Profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,635</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,837</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,857</TD><TD STYLE="text-align: left">&nbsp;</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">The following table presents summary information
by geographic region for the fiscal years ended December 31, 2020 and 2021, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the year ended <BR> December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%">Africa</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">54,631</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">63,231</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>China</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,390</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,809</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Indonesia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,984</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,971</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Vietnam</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,866</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,563</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other countries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,754</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,665</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">131,625</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">194,239</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 174; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the following table, revenue is disaggregated
by the timing of revenue recognition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the year ended <BR> December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sale of sugar</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sale of rice</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sale of oil and fat products</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$&rsquo;000</B></P></TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; text-align: left; text-indent: -10pt; padding-left: 10pt">Timing of revenue recognition:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Point in time</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: right">135,140</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: right">35,064</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: right">24,035</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: right">194,239</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>For the year ended <BR> December 31, 2020</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; width: 40%">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt"><B>Sale of sugar</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 11%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Sale of rice</B></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt"><B>Sale of oil and fat products</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>US$&rsquo;000</B></P></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; text-align: left; text-indent: -10pt; padding-left: 10pt">Timing of revenue recognition</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Point in time</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">87,410</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,166</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,049</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">131,625</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</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">All assets and operations of the Company are located
in Singapore, and accordingly, no segmental analysis of segment assets is presented.</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"><B>15. INCOME TAX EXPENSES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Caymans Islands</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is domiciled in the Cayman Islands.
This locality currently enjoys permanent income tax holidays; accordingly, the Company does not accrue for income taxes.</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"><B><I>Singapore</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s subsidiaries, Maxwill Pte.
Ltd., Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd. and Maxwill Foodlink Pte. Ltd., are considered Singapore tax resident enterprises under
Singapore tax laws; accordingly, they are subject to enterprise income tax on their taxable income as determined under Singapore tax laws
and accounting standards at a statutory tax rate of 17% (2020: 17%).</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 income tax provision consists of the following
components:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the years ended <BR> December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Income tax:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; padding-bottom: 2.5pt; text-indent: -31.8pt; padding-left: 46pt">Current year</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">32</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">901</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 175; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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 income tax expense varied from the amount
of income tax expense determined by applying the Singapore income tax rate of 17% (2020: 17%) to profit before income tax as a result
of the following differences:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the years ended <BR> December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Income before tax expenses:</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">488</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">5,601</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -31.8pt; padding-left: 46pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Tax at the domestic income tax rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">952</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Tax effect of expenses that are not deductible in determining taxable profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Non-taxable incomes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Tax exemption</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Capital allowances claimed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(16</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(25</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">32</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">901</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* &ndash; denotes amount less than US$&rsquo;000.</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"><FONT STYLE="background-color: white"><B>16.&nbsp;DERIVATIVE INSTRUMENTS
AND HEDGING ACTIVITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company uses derivative instruments to manage
commodity price risk. The Company enters into derivatives to economically hedge its exposure against adverse fluctuations of commodity
prices. Generally, derivative instruments are recorded at fair value in other current assets or current liabilities in the Company&rsquo;s
consolidated balance sheets.</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"><FONT STYLE="background-color: white">The Company&rsquo;s
current assets and liabilities that were accounted for at fair value:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current Asset</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Unrealized gain on commodity future contracts</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">389</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Current Liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Unrealized loss on commodity future contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">397</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company estimates fair values based on exchange quoted prices from
broker market transactions. In such cases, these derivative contracts are classified within Level&nbsp;2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Effect of Derivative Instruments on the Consolidated Statements
of Income</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below summarizes the net effect of derivative instruments
on the consolidated statements of income for the years ended December&nbsp;31, 2021 and 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Years ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Income statement classification</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%">Cost of revenues</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">949</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">851</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 176; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><B>17. RELATED PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Related parties are entities with common direct
or indirect shareholders and/or directors. Parties are considered to be related if one party has the ability to control the other party
or exercise significant influence over the other party in making financial and operating decisions.</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">Some of the Company&rsquo;s transactions and arrangements
are with related parties and the effect of these on the basis determined between parties is reflected in these financial statements. The
balances are unsecured, interest-free and repayable on demand unless otherwise stated.</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 following transactions took place between
the Company and its related parties during the year:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Interest income from a related party</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">41</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loan to directors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Loans assumed by a director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,123</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payment on behalf of directors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">210</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Director&rsquo;s fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Directors&rsquo; remuneration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">219</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">223</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Rental expense paid to a director</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">39</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>18. DIVIDENDS</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">On December 31, 2021, prior to the reorganization
and the Company&rsquo;s initial public offering, our subsidiary Maxwill (Asia) Pte. Ltd. declared final dividends totaling US$5 million
payable to its then controlling shareholders, Tan Choo Kiat and Li Peng Leck, of which US$2 million was offset against amount due from
directors and US$3 million was paid in cash on January 25, 2022.</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"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify">Dividends on ordinary shares proposed and paid:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: justify; padding-bottom: 1pt; text-indent: -7.1pt; padding-left: 0.2in">-&nbsp; Final tax-exempt (one-tier) dividend for 2021</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">5,051</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,051</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">Other than the above-mentioned disclosure, there
were no other significant related party transactions conducted during the year ended December 31, 2020 and 2021.</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 177; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>19. CONCENTRATIONS AND RISKS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Concentrations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially expose
the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its
customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and
long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial
condition and payment practices of its customers to minimize collection risk on accounts receivable.</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 following table sets forth a summary of single
customers who represent 10% or more of the Company&rsquo;s total revenue:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the years ended <BR> December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">PT Industri Gula Nusantara</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">24,984</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(i)</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</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">(i) Revenue from the relevant customer was
less than 10% of the Company&rsquo;s total revenue for the respective year.</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 following table sets forth a summary of single
customers who represent 10% or more of the Company&rsquo;s total accounts receivable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of <BR> December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Customer A</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">448</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(ii)</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Customer B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">511</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(ii)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Customer C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(ii)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,880</TD><TD STYLE="text-align: left">&nbsp;</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">(ii) Accounts receivable from relevant customers
was less than 10% of the Company&rsquo;s total accounts receivable for the respective year.</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 following table sets forth a summary of suppliers
who represent 10% or more of the Company&rsquo;s total purchases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the years ended <BR> December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Supplier A</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">13,111</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iii)</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplier B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,074</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Supplier C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iii)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,861</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplier D</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iii)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,200</TD><TD STYLE="text-align: left">&nbsp;</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">(iii) Purchase from relevant suppliers was less
than 10% of the Company&rsquo;s total purchase for the respective year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></P>

<!-- Field: Page; Sequence: 178; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth a summary of suppliers
who represent 10% or more of the Company&rsquo;s total accounts payable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Supplier A</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">683</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplier B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">621</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Supplier C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">957</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplier D</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">719</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,991</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Supplier E</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,071</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplier F</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,471</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Supplier G</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,935</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplier H</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,652</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Supplier I</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,707</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(iv) Accounts payable
from relevant suppliers was less than 10% of the Company&rsquo;s total accounts payable for the respective year. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Credit Risk</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit risk is the potential financial loss to
the Company resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Company,
as and when they fall due. As the Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of
trade and other receivables (exclude prepayments), financial instrument and cash and bank deposits presented on the consolidated statements
of financial position. The Company has no other financial assets which carry significant exposure to credit risk.</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"><I>Liquidity Risk</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liquidity risk is the risk that the Company will
encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another
financial asset. The Company&rsquo;s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company&rsquo;s reputation.</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">Typically, the Company ensures that it has sufficient
cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of financial obligations; this excludes
the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.</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"><B>20. COMMITMENTS AND CONTINGENCIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Contingencies</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the ordinary course of business, the Company
may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records
contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable.
In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2020 and 2021 and through the
issuance date of these consolidated financial statements.</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"><B>21. SUBSEQUENT EVENTS</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has assessed all events from December
31, 2021, up through October 21, 2022, which is the date that these consolidated financial statements are available to be issued, unless
as disclosed below, there are no material subsequent events that require disclosure in these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 179; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></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: center"><B><A NAME="a_035"></A>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 7%">To:</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 93%">The Board of Directors and Shareholders of</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt"></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt">Davis Commodities Limited</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Opinion on the Financial Statements</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 have reviewed the accompanying consolidated
balance sheets of Davis Commodities Limited and its subsidiaries (collectively the &ldquo;Company&rdquo;) as of June 30, 2022, and the
related consolidated statements of income and comprehensive income, changes in shareholders&rsquo; equity, and cash flows for the six
months period ended June 30, 2022 and 2021, and the related notes (collectively referred to as the interim financial statements). Based
on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for
them to be in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have previously audited, in accordance with
the standards of the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;), the consolidated balance sheets
of the Company as of December 31, 2021 and 2020, and the related statements of income and comprehensive income, changes in shareholders&rsquo;
equity and cash flows for the years then ended (not presented herein); and in our report dated October 21, 2022, we expressed an unqualified
opinion on those financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of
December 31, 2021, is fairly stated, in all material respects, in relation to the balance sheet from which it has been derived.</P>

<P STYLE="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>Basis for Review Results</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">These interim financial statements are the responsibility
of the Company&rsquo;s management. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial
information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance with standards of the PCAOB, the objective of which is
the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. We are
a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the
U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Onestop Assurance PAC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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">Onestop Assurance PAC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certified Public Accountants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&rsquo;s auditor since May 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Singapore</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 21, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 180; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAVIS COMMODITIES LIMITED AND ITS SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_037"></A>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(UNAUDITED)<BR>
(Amount in thousands, except for share and per share data, or otherwise noted)</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></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As of Dec 31, </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2021</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of Jun 30, 2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Current assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 20pt">Cash and cash equivalents</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">7,087</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">5,088</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accounts receivable, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,868</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,664</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Prepaid expenses and other current assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,646</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Inventory</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">95</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">288</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total current assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,217</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">19,686</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">406</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">404</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Right-of-use asset</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">443</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">422</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">TOTAL ASSETS</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,660</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20,108</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Bank loans - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Lease payable - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,341</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,217</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accruals, and other current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,956</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Amount due to director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Amount due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Income taxes payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">939</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">887</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,378</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,235</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Bank loans &ndash; non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">209</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">616</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Deferred tax liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total non-current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">210</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">617</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">TOTAL LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,588</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,852</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Commitments and contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Ordinary shares US$0.001 par value per share; 10,000 authorized as of December 31, 2021 and June 30, 2022; 10,000 shares issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,113</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,113</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">952</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,123</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Accumulated other comprehensive income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,072</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,256</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">TOTAL LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,660</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20,108</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<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">* &ndash; denotes amount less than US$&rsquo;000.</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">The accompanying notes are an integral part of
these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 181; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAVIS COMMODITIES LIMITED AND ITS SUBSIDIARIES
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_038"></A>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(UNAUDITED)<BR>
(Amount in thousands, except for share and per share data, or otherwise noted)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months period ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-indent: -10pt; padding-left: 10pt">Revenues</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">84,465</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">100,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Cost of revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(80,180</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(94,032</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,285</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,668</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Selling and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,676</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,906</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">General and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(778</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,536</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Total operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,454</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,442</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Income from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,226</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Other income/(expense):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Other income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">643</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Interest expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(32</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">611</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">163</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Income before tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,442</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,389</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Income tax expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(231</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(218</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Net income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,211</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,171</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Foreign currency translation gain,, net of taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total comprehensive income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,212</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,184</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net income per share attributable to ordinary shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 20pt">Basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">121.20</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">118.50</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Weighted average number of ordinary shares used in computing net income per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 20pt">Basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>



<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">The accompanying notes are an integral part of
these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 182; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>DAVIS COMMODITIES LIMITED AND ITS SUBSIDIARIES
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_039"></A>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&rsquo;
EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(UNAUDITED)<BR>
(Amount in thousands, except for share and per share data, or otherwise noted)</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></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ordinary Shares</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">No of shares</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Additional paid-in capital</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated other comprehensive income</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Retained earnings</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Total stockholders&rsquo; equity</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 34%">Balance as of January 1, 2021</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">10,000</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*</B></FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">1,113</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">10</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">1,303</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-weight: bold; text-align: right">2,426</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,211</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,211</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Foreign currency translation adjustment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Balance as of June 30, 2021</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,113</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,514</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,638</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Balance as of January 1, 2022</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,113</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">952</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,072</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,171</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Foreign currency translation adjustment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Balance as of June 30, 2022</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,000</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,113</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">20</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,123</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,256</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<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">* Denotes less than US$1,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 183; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAVIS COMMODITIES LIMITED AND ITS SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_040"></A>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(UNAUDITED)<BR>
(Amount in thousands, except for share and per share data, or otherwise noted)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">For the six months period ended June 30,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Net income</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1,211</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1,171</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Adjustments:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-align: left">Unrealized loss on derivative contract at fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-align: left">Unrealized gain on foreign exchange</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-align: left">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-align: left">Interest expense on lease liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-align: left; padding-bottom: 1pt">Interest income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(26</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,412</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,194</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-align: left">Changes in operating assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-align: left">Decrease/(increase) in inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(193</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-align: left">Decrease in margin deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">889</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-align: left">(Increase)/decrease of accounts and other receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,520</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,836</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10.05pt; padding-left: 30pt">Increase/(decrease) in accounts and other payables, and accruals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,175</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-align: left">Decrease in amount due from directors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-align: left; padding-bottom: 1pt">Increase/(decrease) in income tax payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">229</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(51</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Cash provided by operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,382</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Interest received</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 2.95pt">Dividend paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,000</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Purchase of property, plant and equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash provided by/(used in) investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,981</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Amount due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Proceeds from bank borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">578</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Repayment of bank borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(224</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(60</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Interest paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Principal payment of lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Payment of interest on lease liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash (used in)/provided by financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(228</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">482</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net change in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,999</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents as of beginning of the period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,856</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,087</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents as of the end of the period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,017</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,088</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Supplementary Cash Flows Information</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Cash refunded/(paid) for taxes</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(269</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>



<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of
these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 184; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAVIS COMMODITIES LIMITED AND ITS SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_041"></A>NOTES TO FINANCIAL STATEMENTS</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"><B>1. ORGANIZATION AND PRINCIPAL ACTIVITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Davis Commodities Limited was incorporated on
September 20, 2022 in the Cayman Islands, as an investment holding company. Davis Commodities Limited conducts its primary operations
through its wholly owned subsidiaries (collectively the &ldquo;Company&rdquo;) that are incorporated and domiciled in Singapore, namely:
1.) Maxwill Pte. Ltd., 2.) Maxwill (Asia) Pte. Ltd., 3.) LP Grace Pte. Ltd, and 4.) Maxwill Foodlink Pte. Ltd. The subsidiaries specialize
in trading of three main categories of agricultural commodities: sugar, rice and oil and fat products. The Company distributes agricultural
commodities to various markets, including providing warehouse storage and logistic services.</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"><B><I>Reorganization</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of the formation of the group is as
follows:</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"><I>Maxwill Pte. Ltd.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></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">On July 1, 2022, Li Peng Leck&rsquo;s (&ldquo;LPL&rsquo;s&rdquo;)
spouse transferred two (2) shares, the then entire issued share capital of Maxwill Pte. Ltd., to LPL, as part of a family restructuring
exercise. On the same day, it was resolved and approved that 98 new shares in the capital of Maxwill Pte. Ltd. would be issued to LPL
and members of her immediate family as part of a family restructuring exercise.</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">On August 22, 2022, LPL and members of her immediate
family transferred all 100 shares, the entire issued and share capital of Maxwill Pte. Ltd., to Davis &amp; KT Holdings Pte. Ltd., as
part of a family restructuring exercise. The beneficial interests of all the family members remain the same as they hold the same proportion
of shares in Davis &amp; KT Holdings Pte. Ltd.</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"><I>Maxwill (Asia) Pte. Ltd.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 22, 2022, LPL and members of her immediate
family transferred all their 1,483,000 shares, the entire issued and share capital of Maxwill (Asia) Pte. Ltd., to Maxwill Pte. Ltd.,
as part of a family restructuring exercise. The beneficial interests of all the family members remain the same as they hold the same proportion
of shares in Davis &amp; KT Holdings Pte. Ltd.</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"><I>LP Grace Pte. Ltd.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 1, 2022, LPL&rsquo;s mother transferred
two (2) shares, the then entire issued share capital of LP Grace Pte. Ltd., to LPL, as part of a family restructuring exercise. We further
note that there is a trust deed entered into between LPL and her mother in relation to the two (2) shares, the then entire issued share
capital of LP Grace Pte. Ltd., that sets out that the shares are held by LPL&rsquo;s mother on trust for LPL.</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">On the same day, it was resolved and approved
that 98 new shares in the capital of LP Grace Pte. Ltd. would be issued to LPL and members of her immediate family as part of a family
restructuring exercise.</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">On August 23, 2022, LPL and members of her immediate
family transferred all 100 shares, the entire issued and share capital of LP Grace Pte. Ltd., to Maxwill Pte. Ltd., as part of a family
restructuring exercise. The beneficial interests of all the family members remain the same as they hold the same proportion of shares
in Davis &amp; KT Holdings Pte. Ltd.</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"><I>Maxwill Foodlink Pte. Ltd.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 23, 2022, LPL and members of her immediate
family transferred all 60,002 shares, the entire issued and share capital of Maxwill Foodlink Pte. Ltd., to Maxwill Pte. Ltd., as part
of a family restructuring exercise. The beneficial interests of all the family members remain the same as they hold the same proportion
of shares in Davis &amp; KT Holdings Pte. Ltd.</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"><I>Davis Commodities Limited &ndash; Share Swap
Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Davis Commodities Limited was incorporated in
the Cayman Islands as an exempted company with limited liability on September 20, 2022, with an initial share capital of 3,524 shares.</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 185; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">On September 20, 2022, Davis Commodities Limited
entered into a share swap agreement with Davis &amp; KT Holdings Pte. Ltd. (the &ldquo;Share Swap Agreement&rdquo;). Pursuant to the Share
Swap Agreement, Davis &amp; KT Holdings Pte. Ltd. transferred its 100 shares, the total issued and paid up capital of Maxwill Pte. Ltd.
to Davis Commodities Limited, while Davis Commodities Limited issued and allotted 6,476 shares to Davis &amp; KT Holdings Pte. Ltd. (the
&ldquo;Share Swap&rdquo;). Following the acquisition, Maxwill Pte. Ltd., together with all its subsidiaries, become wholly owned subsidiaries
of Davis Commodities Limited. Davis Commodities Limited has issued and paid up capital of 10,000 shares.</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 Share Swap, is considered as a merger of entities
under&nbsp;common control. Under the guidance in ASC 805, for transactions between entities under&nbsp;common control, the assets, liabilities
and results of operations, are recognized at their carrying amounts on the date of the Share Swap, which required retrospective combination
of the Company, Maxwill Pte. Ltd., Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd. and Maxwill Foodlink Pte. Ltd. for all periods presented.
The consolidated financial statements have been prepared as if the existing corporate structure had been in existence throughout all periods.
This includes a retrospective presentation for all equity related disclosures, including issued shares and earnings per share, which have
been revised to reflect the effects of the reorganization, as of June 30, 2022 and December 31, 2021.</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">After the reorganization, the Company wholly owns
Maxwill Pte. Ltd. which is domiciled in Singapore; Maxwill Pte. Ltd. wholly owns Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd. and Maxwill
Foodlink Pte. Ltd., which are all incorporated and domiciled in Singapore. The Company is headquartered in Singapore and conducts its
operations domestically.</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">Details of the subsidiaries of the Company are
set out below:</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="9" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage of <BR> effective <BR> ownership</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of <BR>
Incorporation</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>December 31,</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2021</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>June 30,</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2022</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Place of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>incorporation</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal <BR>
Activities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxwill Pte. Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 1, 2004</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="padding-left: 5.65pt; width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holding company. </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxwill (Asia) Pte. Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 11, 1999</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="padding-left: 5.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products, and providing warehouse storage and logistic services. </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LP Grace Pte. Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 11, 2008</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="padding-left: 5.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agency services. </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxwill Foodlink Pte. Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 15, 2004</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="padding-left: 5.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading of three main categories of agricultural commodities: sugar, rice and oil and fat products and providing warehouse storage and logistic services. </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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements are presented
assuming that the Company was in existence at the beginning of the first period presented.</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"><B>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(a)&nbsp;&nbsp;&nbsp;&nbsp;Basis
of presentation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United&nbsp;States of America (&ldquo;US GAAP&rdquo;)
and pursuant to the regulations of the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;).</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 186; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><I>(b) Consolidation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include
the financial statements of the Company and its subsidiaries. All inter-company transactions, if any, and balances due to, due from, long-term
investment subsidiary, and registered paid in capital have been eliminated upon consolidation.</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">On consolidation the entities should be combined
for all periods that the relationship of common control started and the transaction would be treated as a capital transaction with any
gain or loss on acquisition adjusted through equity. The consolidated entity would not recognize any goodwill and/or gain/losses from
the acquisition and results of operations would be presented for all periods under common control.</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 financial statements of the Company were prepared
by applying the pooling of interest method. Under this method, the Company has been treated as the holding company of the subsidiaries
for the financial years presented. Accordingly, the results of the Company include the results of the subsidiaries for six-month periods
ended June 30, 2021 and 2022. Such manner of presentation reflects the economic substance of the companies, which were under common control
throughout the relevant period, as a single economic enterprise, although the legal parent-subsidiary relationships were not established.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(c)&nbsp;&nbsp;&nbsp;&nbsp;Use
of estimates</I></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 preparation of financial statements in conformity
with accounting principles generally accepted in the U.S. GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to allowance for uncollectible
accounts receivable, inventory valuation, useful lives and impairment for property, plant and equipment, valuation allowance for deferred
tax assets, fair value of financial instruments, warranty liabilities, and contingencies. Actual results could vary from the estimates
and assumptions that were used.&nbsp;</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(d)&nbsp;&nbsp;&nbsp;&nbsp;Risks
and uncertainties</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main operations of the
Company are located in Singapore. Accordingly, the Company&rsquo;s business, financial condition, and results of operations may be influenced
by political, economic, and legal environments in Singapore, as well as by the general state of the economy in Singapore. The Company&rsquo;s
results may be adversely affected by changes in the political, regulatory and social conditions in Singapore. Although the Company has
not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization
and structure disclosed in Note 1, such experience may not be indicative of future results.</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 Company&rsquo;s business, financial condition
and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics
and other catastrophic incidents, which could significantly disrupt the Company&rsquo;s operations.</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"><I>(e) Foreign currency translation
and transaction and Convenience translation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements
are presented in U.S. dollar (&ldquo;US$&rdquo;), which is the reporting currency of the Company. The functional currency of the Company
and its subsidiaries, Maxwill Pte. Ltd., Maxwill (Asia) Pte. Ltd. and LP Grace Pte. Ltd. are the U.S. dollar. Maxwill Foodlink Pte. Ltd.
uses the Singapore dollar as its functional currency.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 187; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">Assets and liabilities denominated in currencies
other than the reporting currency are translated into the reporting currency at the rates of exchange prevailing at the balance sheet
date. Translation gains and losses are recognized in the consolidated statements of operations and comprehensive loss as other comprehensive
income or loss. Transactions in currencies other than the reporting currency are measured and recorded in the reporting currency at the
exchange rate prevailing on the transaction date. The cumulative gain or loss from foreign currency transactions is reflected in the consolidated
statements of income and comprehensive income as other income (other expenses).</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 value of foreign currency including, the Singapore
dollar (&ldquo;S$&rdquo;), may fluctuate against the US$. Any significant variations of the aforementioned currency relative to the Singapore
dollar may materially affect the Company&rsquo;s financial condition in terms of reporting in US$. The following table outlines the currency
exchange rates that were used in preparing the accompanying consolidated financial statements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 55%; text-align: justify">US$ to S$ Period End</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1.3320</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1.3850</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1.3680</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">US$ to S$ Average Rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3658</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.3448</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(f)&nbsp;&nbsp;&nbsp;&nbsp;Fair
Value Measurement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounting guidance defines fair value as the
price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded
at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions
that market participants would use when pricing the asset or liability.</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">Accounting guidance establishes a fair value hierarchy
that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
A financial instrument&rsquo;s categorization within the fair value hierarchy is based upon the lowest level of input that is significant
to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:</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 0pt 48pt; text-align: justify"> <FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level
1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"> <FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level
2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for
the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or
liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which
significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"> <FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level
3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement
of the fair value of the assets or liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents, accounts receivable,
other current assets, amount due from directors, financial instruments, bank loans, leases payable, accounts payables, amount due to related
parties, accruals and other current liabilities are financial assets and liabilities. Cash and cash equivalents, accounts receivable,
other currents, amount due from directors, accounts payables, amount due to related parties, accruals and other current liabilities are
subject to fair value measurement; however, because of their being short term in nature management believes their carrying values approximate
their fair value. Financial instruments are fair value financial assets that are marked to fair value and are accounted for as under Level
3 under the above hierarchy except for derivative instruments that are marked to fair value and are accounted for as under Level 2. The
Company accounts for bank loans and leases payables at amortized cost and has elected not to account for them under the fair value hierarchy.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 188; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related
parties</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We adopted ASC 850, Related Party Disclosures,
for the identification of related parties and disclosure of related party transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
and cash equivalents</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents consist of cash on hand,
the Company&rsquo;s demand deposit placed with financial institutions, which have original maturities of less than three months and unrestricted
as to withdrawal and use.</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">Periodically, the Company may carry cash balances
at financial institutions more than the respective subsidiaries&rsquo; government insured limits in Singapore of S$75,000 per institution.
The amount in excess of government insurance as of June 30, 2022 and December 31, 2021, was approximately S$954,987 and S$1,256,128 respectively.
The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions,
that the credit risk with regards to these deposits is not significant.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
Receivable, net</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable, net are stated at the original
amount less an allowance for impairment loss on such receivables. The allowance for impairment loss is estimated based upon the Company&rsquo;s
assessment of various factors including historical experience, the age of the accounts receivable balances, current general economic conditions,
future expectations and customer specific quantitative and qualitative factors that may affect the customers&rsquo; ability to pay. An
allowance is also made when there is objective evidence for the Company to reasonably estimate the amount of probable loss.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(j)&nbsp;&nbsp;&nbsp;&nbsp;Inventories</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are measured at the lower of cost
and net realizable value. The cost of inventories is based on the first-in, first-out principle, and includes expenditure incurred in
acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(k)&nbsp;&nbsp;&nbsp;&nbsp;Property,
plant and equipment, net</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant and equipment are stated at cost
less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of the
assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated useful
lives are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 60%; font-weight: bold">Category</TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 38%; font-weight: bold; text-align: left">Estimated useful lives</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Investment property</TD><TD>&nbsp;</TD>
    <TD>40 years</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Right-of-use asset</TD><TD>&nbsp;</TD>
    <TD>4 years</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Furniture and fittings, office equipment, renovation and computer and software</TD><TD>&nbsp;</TD>
    <TD>3 years</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">Expenditures for repair and maintenance costs,
which do not materially extend the useful lives of the assets, are charged to expenses as incurred, whereas the expenditures for major
renewals and betterments that substantially extend the useful lives of property and equipment are capitalized as additions to the related
assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any
resulting gain or loss recognized in the consolidated statements of income.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment
of long-lived assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reviews its long-lived assets for
impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When
these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted
future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted
cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying
amount over the fair value of the assets, using the expected future discounted cash flows. No impairment of long-lived assets was recognized
as of June 30, 2022 and December 31, 2021.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 189; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments
and contingencies</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the normal course of business, the Company
is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business
that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such
contingency if it determines it is probable that a loss will occur, and a reasonable estimate of the loss can be made. The Company may
consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances
of each matter.</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"><I>(n)&nbsp;&nbsp;&nbsp;&nbsp;Revenue recognition</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In May&nbsp;2014, the Financial Accounting Standards
Board (&ldquo;FASB&rdquo;) issued Topic 606, &ldquo;Revenue from Contracts with Customers&rdquo;. This topic clarifies the principles
for recognizing revenue and develops a common revenue standard for U.S. GAAP. Simultaneously, this topic supersedes the revenue recognition
requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification.
The core principle of the guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.</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 Company currently generates its revenue from
the following main sources:</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"><B><I>Revenue from goods sold and services
provided</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue from sales of goods and services in the
ordinary course of business is recognized when the Company satisfies a performance obligation (&lsquo;&lsquo;PO&rsquo;&rsquo;) by transferring
control of a promised good or service to the customer. The amount of revenue recognized is the amount of the transaction price allocated
to the satisfied PO.</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 transaction price is allocated to each PO
in the contract on the basis of the relative stand-alone selling prices of the promised goods or services. The individual standalone selling
price of a good or service that has not previously been sold on a stand-alone basis, or has a highly variable selling price, is determined
based on the residual portion of the transaction price after allocating the transaction price to goods and/or services with observable
stand-alone selling price. A discount or variable consideration is allocated to one or more, but not all, of the performance obligations
if it relates specifically to those performance obligations.</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">Transaction price is the amount of consideration
in the contract to which the Company expects to be entitled in exchange for transferring the promised goods or services. The transaction
price may be fixed or variable and is adjusted for time value of money if the contract includes a significant financing component. Consideration
payable to a customer is deducted from the transaction price if the Company does not receive a separate identifiable benefit from the
customer. When consideration is variable, if applicable, the estimated amount is included in the transaction price to the extent that
it is highly probable that a significant reversal of the cumulative revenue will not occur when the uncertainty associated with the variable
consideration is resolved.</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">Revenue may be recognized at a point in time or
over time following the timing of satisfaction of the PO. If a PO is satisfied over time, revenue is recognized based on the percentage
of completion, reflecting the progress towards complete satisfaction of that PO. Typically, PO for products and services where the process
is as described below, the PO is satisfied at a point in time.</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">For the sale of sugar, rice and fat and oil products,
the Company typically receives purchase orders from its customers which will set forth the terms and conditions including the transaction
price, products to be delivered, terms of delivery, and terms of payment. The terms serve as the basis of the performance obligations
that the Company must fulfill in order to recognize revenue. The key performance obligation is the delivery of the finished product to
the customer at their location, at which point title to that asset passes to the customer. The completion of this earning process is
evidenced by a transport document such as bill of lading or delivery order. The Company recognizes gross product revenue at a time when
the control of products or services are transferred to customers. Typical payment terms set forth in the purchase order ranges from 30
to 90 days from the date of delivery. The amount of revenue recognized from contract liabilities to the Company&rsquo;s result of operations
can be found in Note 13 below.</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">To distinguish a promise to provide products
from a promise to facilitate the sale from a third party, the Company considers the guidance of control in ASC 606-10-55-37A and the
indicators in ASC 606-10-55-39. The Company considers this guidance in conjunction with the terms in the Company&rsquo;s arrangements
with both suppliers and customers. In general, the Company controls the products, as it has the obligation to (i) fulfill the products&rsquo;
delivery and (ii) bears any inventory risk as legal owners. In addition, when establishing the selling prices for delivery of the products,
the Company has control to set its selling price to ensure it would generate profit for the products delivered. The Company believes
that all these factors indicate that the Company is acting as a principal in this transaction. As a result, revenue from the sales of
products is presented on a gross basis.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 190; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shipping, storage and handling and insurance
costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment
cost and are included in cost of revenue.</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"><B><I>Revenue from rental of investment property</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC 842 Lease Topics&ndash;-
the Company accounts for the rental of investment property as direct finance leases where, lease income from the perspective of lessor
is recognized on the Company&rsquo;s statement of income on a straight-line basis over the term of the lease once management has determined
that the lease payments are reasonably expected to be collected. The performance obligation under these leasing arrangements is to lease
the investment property to the lessee, and to ensure that the investment property is available for use over the life of the lease contract.
Rental income from investment property included in Other Income amounted to US$11,907 and US$6,309 for the six months periods ended June
30, 2021 and 2022, respectively.</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"><I>(o)</I>&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue</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">Cost of revenue mainly consists of raw material
costs, labor costs, sub-contracting costs, production overhead, shipping, storage and handling and insurance costs.</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"><I>(p)&nbsp;&nbsp;&nbsp;&nbsp;Selling and marketing
expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Selling expenses mainly consists of promotion
and marketing expenses and transportation expenses. The Company does not carry any capitalized contract acquisition costs that would be
amortized to its results of operations over time, and potential expenses related to customer and contract acquisitions costs if any are
accounted for as periodic costs.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(q)&nbsp;&nbsp;&nbsp;&nbsp;General
and administrative expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General and administrative expenses mainly consist
of staff cost, depreciation, office supplies and upkeep expenses, travelling and entertainment, legal and professional fees, property
and related expenses, other miscellaneous administrative expenses.</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-top: 0pt; margin-bottom: 0pt"> <I>(r)</I> <I>&nbsp;&nbsp;&nbsp;&nbsp;Operating leases</I></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"><I>Prior to the adoption of ASC 842 on January
1, 2019:</I></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">Leases of office premise, where substantially
all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Payments made under operating
leases are recognized as an expense on a straight-line basis over the lease term. The Company had no finance leases for any of the periods
stated herein.</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"><I>Upon and hereafter the adoption of ASC 842
on January 1, 2019:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company determines if an arrangement is a
lease at inception. Operating leases are included in operating lease right-of-use (&ldquo;ROU&rdquo;) assets and operating lease liability
in the Company&rsquo;s consolidated balance sheets. ROU assets represent the Company&rsquo;s right to use an underlying asset for the
lease term and lease liabilities represent the Company&rsquo;s obligation to make lease payments arising from the lease. Operating lease
ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When
determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise
that option, if any. As the Company&rsquo;s leases do not provide an implicit rate, the Company used an incremental borrowing rate based
on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt
the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less
and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements;
and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019
to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial
direct costs.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 191; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
taxes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for income taxes under ASC
740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated
financial statement carrying amounts of existing assets and liabilities and their respective tax bases.</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">Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered
or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including
the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</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 provisions of ASC 740-10-25, &ldquo;Accounting
for Uncertainty in Income Taxes,&rdquo; prescribe a more-likely-than-not threshold for consolidated financial statement recognition and
measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition
of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest
and penalties associated with tax positions, and related disclosures.</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 Company did not accrue any liability,
interest or penalties&nbsp;related to uncertain tax positions in its provision for income taxes line of its consolidated statements
of income for the periods ended June 30, 2022 and 2021, respectively. The Company does not expect that its assessment regarding
unrecognized tax positions will materially change over the next 12 months.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(t)&nbsp;&nbsp;&nbsp;&nbsp;Earnings
per share</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings per share is computed by dividing
net earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted
earnings per share reflect the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised
or converted into ordinary shares.</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 0pt 24pt; text-align: justify; text-indent: -24pt"><I>(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent
accounting pronouncements</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is an &ldquo;emerging growth company&rdquo;
(&ldquo;EGC&rdquo;) as defined in the Jumpstart Our Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;). Under the JOBS Act, EGC
can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards
apply to private companies.</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">In February&nbsp;2016, the FASB issued ASU No.&nbsp;2016-02,
Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases
are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present
value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy
election not to recognize lease assets and liabilities. In July&nbsp;2018, ASU 2016-02 was updated with ASU 2018-11, Targeted Improvements
to ASC Topic 842, which provides entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically,
under the amendments in ASU 2018-11, (1) entities may elect not to recast the comparative periods presented when transitioning to ASC
842 and (2)&nbsp;lessors may elect not to separate lease and non-lease components when certain conditions are met. In November&nbsp;2019,
ASU 2019-10, Codification Improvements to ASC 842 modified the effective dates of all other entities. In June&nbsp;2020, ASU 2020-05 defer
the effective date for one year for entities in the &ldquo;all other&rdquo; category. For all other entities, the amendments in ASU 2020-05
are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15,
2022. Early application of the guidance continues to be permitted. The Company adopted ASU 2016-02 from January 1, 2019.</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 192; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">In June&nbsp;2016, the FASB issued ASU No.&nbsp;2016-13,
&ldquo;Financial Instruments&nbsp;&mdash; Credit Losses&rdquo;, which will require the measurement of all expected credit losses for financial
assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Subsequently,
the FASB issued ASU No.&nbsp;2018-19, Codification Improvements to Topic 326, to clarify that receivables arising from operating leases
are within the scope of lease accounting standards. Further, the FASB issued ASU No.&nbsp;2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11
and ASU 2020-02 to provide additional guidance on the credit losses standard.</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">For all other entities, the amendments for ASU
2016-13 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early
adoption permitted. Adoption of the ASUs is on a modified retrospective basis. The Company will adopt ASU 2016-13 from January 1, 2023.
The Company is in the process of evaluating the effect of the adoption of this ASU.</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">Other accounting standards that have been issued
by the FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial
statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated
to its consolidated financial condition, results of operations, cash flows or disclosures.</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"><B>3. ACCOUNTS RECEIVABLE, NET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable, net, consists of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>December 31, </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2021</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, <BR>
2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Accounts receivable</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">12,868</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">9,664</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Less: Allowance for doubtful accounts</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Accounts receivable, net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,868</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,664</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The ageing analysis of accounts receivable, net of allowance for doubtful
accounts, based on the invoice date is as follows:<B><BR>
<BR>
</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <BR>
2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June 30, </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2022</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Within 30 days</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">12,680</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">9,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Between 31 and 60 days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Between 61 and 90 days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">More than 90 days</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,868</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,664</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 193; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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 0pt 24pt; text-align: justify; text-indent: -24pt"><B>4. PREPAID EXPENSES
AND OTHER CURRENT ASSETS, NET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <BR>
2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June 30, </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2022</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">GST receivable</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">46</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Margin deposits *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,155</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">267</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Prepayment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Prepayment to suppliers &ndash; Third parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">641</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Prepayment to suppliers &ndash; Related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Unrealized gain on commodity future contracts, at fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Loan to third parties **</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">364</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Loan to a related party ***</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,333</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,270</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,167</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,646</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">* Margin deposits relate to deposits placed with
Phillip Nova Pte. Ltd. for derivatives instruments entered into for the purpose of managing the Company&rsquo;s commodity price risk (Note
15).</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 loan to third parties represents a loan
to a third-party company. The loan is non-trade related, unsecured, interest-free and repayable on demand.</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 loan to a related party included a convertible
loan granted to Carfax Commodities Pte. Ltd. on November 30, 2020. The principal amount of the loan facility is up to US$4,500,000. The
loan is repayable on demand with compounded interest at the rate prescribed by Inland Revenue Authority of Singapore. There is right to
convert the loan and all other amounts accrued or owing in connection with the loan into new ordinary shares at any time upon the occurrence
of or in connection with a conversion event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>5.</B> <B>INVENTORY</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <BR>
2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June 30, </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2022</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Finished goods</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">95</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">288</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 194; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6. PROPERTY, PLANT AND EQUIPMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant and equipment, net, consists of
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <BR>
2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June 30, </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2022</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Investment property</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">442</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">442</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Computer software</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Renovation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Office equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Furniture and fittings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Subtotal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">732</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">739</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Less: Accumulated depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">326</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">335</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Property, plant and equipment, net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">406</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">404</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">Depreciation expense was approximately US$25,000
and US$28,000 for the six months period ended June 30, 2021 and 2022, respectively.</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"><B>7. <FONT STYLE="text-transform: uppercase">Right-of-use (&ldquo;ROU&rdquo;)
assets and lease payable</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.85pt 0pt 0; text-align: justify">The right-of-use assets relate to
leases of office premise. The Company recognized operating lease ROU assets and lease liabilities as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.85pt 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <BR>
2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June 30, </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2022</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Right-of-use asset</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">149</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">149</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Less: Accumulated depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">112</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">131</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Right-of-use, net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">37</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">18</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">June 30,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Operating lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left; padding-bottom: 1pt">Current portion</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">38</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">19</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">38</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">19</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">As of June 30, 2022, future minimum lease payments
under the non-cancelable operating leases are as follows:</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future payment</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&rsquo;000</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 81%; text-align: left">2022</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">19</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 195; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summarizes other supplemental information
about the Company&rsquo;s operating lease as of June 30 2022:</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 83%">Weighted average discount rate</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">2.58%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Weighted average remaining lease term (years)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8. BANK LOANS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The bank loans as of December 31, 2021 and June
30, 2022 are set out below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Bank loans</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Currency</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Period</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Effective Interest rate</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third Party guarantee</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Directors&rsquo; joint and several guarantee</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying amount</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">SGD&rsquo;000</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; width: 25%; text-align: left">Secured fixed rate bank loan &#12288;</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD</FONT></TD><TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 8%; text-align: center">2026</TD><TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 11%; text-align: center">4.5%</TD><TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 11%; text-align: center">Yes</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 11%; text-align: center">No</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 11%">256</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">December 31, 2021</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center">256</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Secured fixed rate bank loan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">2026</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">4.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Yes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">No</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">230</TD><TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Secured fixed rate bank loan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">2027</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">4.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Yes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">No</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">407</TD><TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Secured fixed rate bank loan</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SGD</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">2027</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">4.5%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">Yes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">No</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">133</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">June 30, 2022</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&#12288;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center">770</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Bank loans</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Carrying amount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Within 1 year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">US$&rsquo;000</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 27%; text-align: left; padding-bottom: 1pt">Secured fixed rate bank loan &#12288;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">256</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 9%; text-align: right">47</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 9%; text-align: right">49</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 9%; text-align: right">51</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 9%; text-align: right">53</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 9%; text-align: right">56</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">December 31, 2021</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">256</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">47</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">49</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">51</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">53</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">56</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Carrying amount</P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Within 1 year</P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">2025</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">2026</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Secured fixed rate bank loan &#12288;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">230</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">47</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">49</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">52</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">54</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">28</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Secured fixed rate bank loan</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">407</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">80</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">84</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">88</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">92</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">63</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Secured fixed rate bank loan</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">133</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">27</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">28</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">29</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">31</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">18</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&#12288;June 30, 2022</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">770</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">154</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">161</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">169</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">177</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">109</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>9. ACCRUALS AND OTHER CURRENT LIABILITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accrued expenses and other liabilities consist
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <BR>
2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June 30,</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2022</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued operating expenses</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1,431</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">433</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Dividend payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Advances from customers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,499</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Unrealized losses on commodity future contracts, at fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Other payables</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">61</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,013</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,956</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 196; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>10. AMOUNT DUE TO RELATED PARTIES</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 amount due to related parties was
unsecured, interest-free and repayable on demand.</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"><B>11. DEFERRED TAX ASSETS/ LIABILITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, <BR>
2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June 30, </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2022</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Deferred tax liabilities</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following are the major deferred tax assets and liabilities recognized
by the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Property, plant and equipment</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Provisions</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tax losses</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-indent: -10pt; padding-left: 10pt">As of January 1, 2021</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Recognized in statements of income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">As of December 31, 2021</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Recognized in statements of income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">As of June 30, 2022</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>12. EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the sake of undertaking a public offering
of the Company&rsquo;s ordinary shares, the Company has performed a series of re-organizing transactions resulting in 10,000 shares of
ordinary shares outstanding that have been retrospectively restated to the beginning of the first period presented. The Company only has
one single class of ordinary shares that are accounted for as permanent equity.</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 additional paid-in capital is arising from
a merger of the paid-in capital of the entities under common control before the Share Swap and reorganization.</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 Company acquired the entire issued and paid
up capital of Maxwill Pte. Ltd. from Davis &amp; KT Holdings Pte. Ltd. via a Share Swap. Davis &amp; KT Holdings Pte. Ltd. transferred
its 100 shares, the total issued and paid up capital of Maxwill Pte. Ltd. to the Company, while the Company issued and allotted 6,476
Shares of the Company to Davis &amp; KT Holdings Pte. Ltd. The above transaction was completed pursuant to the Share Swap Agreement.</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">Following the acquisition, Maxwill Pte. Ltd.,
together with all its subsidiaries, are wholly owned subsidiaries of the Company. The Company has an issued and paid up capital of 10,000
shares.</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"><B>13. REVENUES BY PRODUCT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(unaudited)</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(unaudited)</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 70%">Sale of sugar</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">62,154</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">81,400</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Sale of rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,624</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,188</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Sale of oil and fat products</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,687</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,112</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">84,465</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100,700</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">An operating segment is a component of the Company
that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal
financial reports that are provided to and regularly reviewed by the Company&rsquo;s chief operating decision maker in order to allocate
resources and assess performance of the segment.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 197; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">In accordance with ASC 280, Segment Reporting,
operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated
regularly by the chief operating decision maker (&ldquo;CODM&rdquo;), or decision-making group, in deciding how to allocate resources
and in assessing performance. The Company uses the &ldquo;management approach&rdquo; in determining reportable operating segments. The
management approach considers the internal organization and reporting used by the Company&rsquo;s chief operating decision maker for making
operating decisions and assessing performance as the source for determining the Company&rsquo;s reportable segments. Management, including
the chief operating decision maker, reviews operation results by the revenue of different products. Based on management&rsquo;s assessment,
the Company has determined that it has three operating segments as defined by ASC 280 as follow:</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 5%">1.</TD>
  <TD STYLE="width: 92%">Sale of sugar</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>2.</TD>
  <TD>Sale of rice</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>3.</TD>
  <TD>Sale of oil and fat products</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information regarding the results of each
reportable segment is included below. Performance is measured based on segment revenue and gross profit/(loss), as included in the internal
management reports that are reviewed by the Company&rsquo;s CODM. Both segment revenue and gross profit/(loss) are used to measure performance
as management believes that such information is the most relevant in evaluating the level of activities and results of these segments.</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 following table presents summary information
by product type for the six months period ended June 30, 2021 and 2022, respectively:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months period ended <BR> June 30, 2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sale of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>sugar</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sale of rice</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sale of oil and fat products</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$&rsquo;000</B></P></TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-indent: -10pt; padding-left: 10pt">Revenue</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">81,400</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">17,188</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">2,112</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">100,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Gross Profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,734</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">245</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,668</TD><TD STYLE="text-align: left">&nbsp;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months period ended <BR> June 30, 2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sale of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>sugar</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sale of rice</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sale of oil and fat products</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$&rsquo;000</B></P></TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-indent: -10pt; padding-left: 10pt">Revenue</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">62,154</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">10,624</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">11,687</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">84,465</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Gross Profit</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,200</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">563</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">522</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,285</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">The following table presents summary information
by geographic region for the six months period ended June 30, 2020 and 2021, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months period ended <BR> June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%">Africa</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">27,612</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">23,361</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Indonesia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,971</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,758</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Vietnam</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,372</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,241</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other countries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,510</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,340</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">84,465</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100,700</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 198; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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">In the following table, revenue is disaggregated
by the timing of revenue recognition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months period ended <BR> June 30, 2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sale of sugar</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sale of rice</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sale of oil and fat products</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$&rsquo;000</B></P></TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: left"><U>Timing of revenue recognition:</U></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Point in time</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 2.5pt double; text-align: right">81,400</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 2.5pt double; text-align: right">17,188</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 2.5pt double; text-align: right">2,112</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 2.5pt double; text-align: right">100,700</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months period ended <BR> June 30, 2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sale of sugar</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sale of rice</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sale of oil and fat products</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$&rsquo;000</B></P></TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-decoration: underline; text-align: left; text-indent: -10pt; padding-left: 10pt">Timing of revenue recognition</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Point in time</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">62,154</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,624</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11,687</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">84,465</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">All assets and operations of the Company are located in Singapore,
and accordingly, no segmental analysis of segment assets is presented.</P>

<P STYLE="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>14. INCOME TAX EXPENSES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Caymans Islands</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is domiciled in the Cayman Islands.
This locality currently enjoys permanent income tax holidays; accordingly, the Company does not accrue for income taxes.</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"><B><I>Singapore</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s subsidiaries, Maxwill Pte.
Ltd., Maxwill (Asia) Pte. Ltd., LP Grace Pte. Ltd. and Maxwill Foodlink Pte. Ltd. are considered Singapore tax resident enterprises under
Singapore tax laws; accordingly, they are subject to enterprise income tax on their taxable income as determined under Singapore tax laws
and accounting standards at a statutory tax rate of 17% (2020: 17%).</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 income tax provision consists of the following
components:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months period ended <BR> June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Income tax:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; padding-bottom: 2.5pt; text-indent: -31.8pt; padding-left: 46pt">Current year</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">231</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">218</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 199; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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 income tax expense varied from the amount
of income tax expense determined by applying the Singapore income tax rate of 17% (2021: 17%) to profit before income tax as a result
of the following differences:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months period ended <BR> June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Income before tax expenses:</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">1,442</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">1,389</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -31.8pt; padding-left: 46pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Tax at the domestic income tax rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">245</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">236</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Tax effect of expenses that are not deductible in determining taxable profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Non-taxable income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Tax exemption</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Capital allowances claimed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>*</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">231</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">218</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</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">* &ndash; denotes amount less than US$&rsquo;000.</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"><FONT STYLE="background-color: white"><B>15.&nbsp;DERIVATIVE INSTRUMENTS
AND HEDGING ACTIVITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company uses derivative instruments to manage
commodity price risk. The Company enters into derivatives to economically hedge its exposure against adverse fluctuations of commodity
prices. Generally, derivative instruments are recorded at fair value in other current assets or current liabilities in the Company's consolidated
balance sheets.</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"><FONT STYLE="background-color: white"><I></I>The
Company&rsquo;s current assets and liabilities that were accounted for at fair value:-</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">USD&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">USD&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current Asset</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Unrealized gain on commodity future contracts</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">389</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Current Liability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Unrealized loss on commodity future contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company estimates fair values based on exchange quoted prices from
broker market transactions. In such cases, these derivative contracts are classified within Level&nbsp;2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Effect of Derivative Instruments on the Consolidated Statements
of Income</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below summarizes the net effect of derivative instruments
on the consolidated statements of income for the six months period ended June 30, 2021 and 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six months period ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">USD&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">USD&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Income statement classification</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%">Cost of revenues</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">752</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">(384</TD><TD STYLE="width: 1%; text-align: left">)</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 200; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><B>16. RELATED PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Related parties are entities with common direct or indirect shareholders
and/or directors. Parties are considered to be related if one party has the ability to control the other party or exercise significant
influence over the other party in making financial and operating decisions.</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">Some of the Company&rsquo;s transactions and arrangements
are with related parties and the effect of these on the basis determined between parties is reflected in these financial statements. The
balances are unsecured, interest-free and repayable on demand unless otherwise stated.</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 following transactions took place between
the Company and its related parties during the year:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I></I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Six months period ended </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June 30, </B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Interest income from a related party</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">26</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payment on behalf of director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Director&rsquo;s fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Directors&rsquo; remuneration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Rental expense paid to a director</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>17. DIVIDENDS</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">On December 31, 2021, prior to the reorganization
and the Company&rsquo;s initial public offering, our subsidiary Maxwill (Asia) Pte. Ltd. declared final dividends totaling US$5 million
payable to its then controlling shareholders, Tan Choo Kiat and Li Peng Leck, of which, US$2 million was offset against amount due from
directors and US$3 million was paid in cash on January 25, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Dividends on ordinary shares proposed and paid:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: justify; padding-bottom: 2.5pt; text-indent: -7.1pt; padding-left: 0.2in">Final tax-exempt (one-tier) dividend for 2021</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">5,051</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</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">Other than the above-mentioned disclosure, there
were no other significant related party transactions conducted during the six months period ended June 30, 2021 and 2022.</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 201; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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"><B>18. CONCENTRATIONS AND RISKS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Concentrations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially expose
the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its
customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and
long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial
condition and payment practices of its customers to minimize collection risk on accounts receivable.</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 following table sets forth a summary of single
customers who represent 10% or more of the Company&rsquo;s total revenue:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months period ended <BR> June 30,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">PT Industri Gula Nusantara</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">18,971</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">40,758</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Customer B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A(i)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,016</TD><TD STYLE="text-align: left">&nbsp;</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">(i) Revenue from relevant customers was less
than 10% of the Company&rsquo;s total revenue for the respective period.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth a summary of single
customers who represent 10% or more of the Company&rsquo;s total accounts receivable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Customer A</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">8,880</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1,006</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Customer B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A(ii)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,304</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Customer C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A(ii)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,141</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Customer D</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A(ii)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,237</TD><TD STYLE="text-align: left">&nbsp;</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">(ii) Accounts receivable from relevant customers
was less than 10% of the Company&rsquo;s total accounts receivable for the respective year/period.</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 following table sets forth a summary of suppliers
who represent 10% or more of the Company&rsquo;s total purchases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>For the six months period ended <BR> June 30,</B></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2021</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Supplier A</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">9,886</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-size: 10pt">N/A(iii)</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Supplier B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A(iii)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,734</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Supplier C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A(iii)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,928</TD><TD STYLE="text-align: left">&nbsp;</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">(iii) Purchases from relevant suppliers was less
than 10% of the Company&rsquo;s total purchase for the respective period.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 202; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<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 following table sets forth a summary of single
suppliers who represent 10% or more of the Company&rsquo;s total accounts payable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2022</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">US$&rsquo;000</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt">Supplier A</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">1,071</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Supplier B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Supplier C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,935</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Supplier D</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,652</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Supplier E</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,707</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Supplier F</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,991</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,287</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Supplier G</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,498</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Supplier H</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">N/A(iv)</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,700</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(iv) Accounts payable from relevant supplier was less than 10% of the Company&rsquo;s total accounts payable for the respective year/period. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Credit Risk</I></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">Credit risk is the potential financial loss to
the Company resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Company,
as and when they fall due. As the Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of
trade and other receivables (exclude prepayments), financial instrument and cash and bank deposits presented on the consolidated statements
of financial position. The Company has no other financial assets which carry significant exposure to credit risk.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Liquidity Risk</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liquidity risk is the risk that the Company will
encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another
financial asset. The Company&rsquo;s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking
damage to the Company&rsquo;s reputation.</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">Typically, the Company ensures that it has sufficient
cash on demand to meet expected operational expenses for a period of 60 days, including the servicing of financial obligations; this excludes
the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>19. COMMITMENTS AND CONTINGENCIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Contingencies</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the ordinary course of business, the Company
may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records
contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable.
In the opinion of management, there were no pending or threatened claims and litigation as of June 30, 2022 and December 31, 2021 and
through the issuance date of these consolidated financial statements.</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"><B>20. SUBSEQUENT EVENTS</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 Company has assessed all events from July
1, 2022, up through October 21, 2022, which is the date that these consolidated financial statements are available to be issued, unless
as disclosed below, there are no material subsequent events that require disclosure in these consolidated financial statements.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 203; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: justify"><FONT STYLE="color: Red">Until [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
2023,</FONT><FONT STYLE="color: Red"> all dealers that effect transactions in these securities, whether or not participating in this
offering, may be required to deliver a prospectus. This is in addition to the dealers&rsquo; obligation to deliver a prospectus when
acting as underwriters and with respect to their unsold allotments or subscriptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[_________] ORDINARY SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></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><IMG SRC="image_046.jpg" ALT="" STYLE="height: 77px; width: 204px"></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Davis Commodities Limited </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">Prospectus dated [_], 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_047.jpg" ALT="" STYLE="height: 68px; width: 198px"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 204; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cayman Islands law does not limit the extent to
which a company&rsquo;s articles of association may provide for indemnification of officers and directors, except to the extent any such
provision may be held by the Cayman Islands courts to be contrary to public policy, such as providing indemnification against civil fraud
or the consequences of committing a crime.</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">Our Articles of Association permit, to the fullest
extent permissible under Cayman Islands law, indemnification of our directors and officers, and their personal representatives, against
all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by them, other than by reason
of their own dishonesty, willful default or fraud, in or about the conduct of our Company&rsquo;s business or affairs (including as a
result of any mistake of judgment) or in the execution or discharge of their duties, powers, authorities or discretion as directors or
officers of our Company, including, without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred
by them in defending (whether successfully or otherwise) any civil proceedings concerning our Company or its affairs in any court whether
in the Cayman Islands or elsewhere.</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">Pursuant to indemnification agreements, the form
of which will be filed as Exhibit&nbsp;10.2 to this registration statement, we will agree to indemnify our directors and officers against
certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.</P>

<P STYLE="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 Underwriting Agreement, the form of which
will be filed as Exhibit&nbsp;1.1 to this registration statement, will also provide for indemnification of us and our officers and directors.</P>

<P STYLE="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">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have
been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore
unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES.</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">Upon incorporation, our Company had on September
20, 2022 issued to the initial subscriber 1 Ordinary Share (which was transferred to Mr. Ng Hong Whee on the same day). During the past
three years, we have also issued the following securities which were not registered under the Securities Act. We believe that the issuance
on incorporation and each of the following issuances was exempt from registration under the Securities Act in reliance on Regulation D
under the Securities Act or pursuant to Section 4(2) of the Securities Act regarding transactions not involving a public offering or in
reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved
in these issuances of securities.</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 STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Purchaser</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date of Issuance</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Number of Ordinary Shares</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Consideration</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEEEE">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Mr. Ng Hong Whee</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">September 20, 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2,065</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">$2.07</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">ACCT Pte. Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">September 20, 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">486</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">$0.49</FONT></TD></TR>
  <TR STYLE="background-color: #EEEEEE">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">*Davis &amp; KT Holdings Pte. Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">September 20, 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">6,476</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">100 shares of Maxwill </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">TYM Investment Holdings Pte. Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">September 20, 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">486</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">$0.49</FONT></TD></TR>
  <TR STYLE="background-color: #EEEEEE">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">BSPL Services Pte. Ltd.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">September 20, 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">486</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">$0.49</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">Notes:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">On September 20, 2022, Davis Commodities Limited entered into a share
swap agreement with Davis &amp; KT Holdings Pte. Ltd. (the &ldquo;Share Swap Agreement&rdquo;). Pursuant to the Share Swap Agreement,
Davis &amp; KT Holdings Pte. Ltd. transferred 100 shares, the total issued and paid up capital of Maxwill Pte. Ltd., to Davis Commodities
Limited, while Davis Commodities Limited issued and allotted 6,476 Ordinary Shares to Davis &amp; KT Holdings Pte. Ltd. Following the
acquisition, Maxwill Pte. Ltd., together with all its subsidiaries, become wholly owned subsidiaries of Davis Commodities Limited. Davis
Commodities Limited has an issued and paid up share capital of 10,000 Ordinary Shares.</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"><B>ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.</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>(a) Exhibits</B></P>

<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">See Exhibit Index beginning on page II-6 of this registration statement.</P>

<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"><B>(b) Financial Statement Schedules</B></P>

<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; text-align: justify">Schedules have been omitted because the information
required to be set forth therein is not applicable or is shown in the consolidated financial statements or the notes thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 205; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">II-<!-- Field: Sequence; Type: Arabic; Value: 1; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 9. UNDERTAKINGS<I>.</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: justify">The undersigned registrant hereby undertakes to
provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered
in such names as required by the underwriters to permit prompt delivery to each purchaser.</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">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers, and controlling persons of the registrant pursuant to the provisions
described in Item 6, or otherwise, the registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer,
or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned registrant hereby undertakes that:</P>

<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-align: justify; text-indent: 0.3in">(1) For purposes of determining
any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement
in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant under Rule 424(b)(1) or (4) or 497(h) under the
Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">(2) For the purpose of determining
any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">(3) For the purpose of determining
liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement
relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule
430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided,
however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement
will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such
date of first use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">(4) For the purpose of determining
any liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned
registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser
by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to
offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">(i) Any preliminary prospectus
or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">(ii) Any free writing prospectus
relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">(iii) The portion of any other
free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided
by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.3in">(iv) Any other communication
that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 206; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</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">Pursuant to the requirements of the
Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Singapore, on
March 9,
2023.</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>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Davis Commodities Limited </B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 62%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/  Li Peng Leck</I></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Li Peng Leck</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Chairwoman and Executive Director (Principal Executive Officer)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="poa"></A><B>Power of Attorney</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
person whose signature appears below constitutes and appoints each of Li Peng Leck and Ai Imm Lim </FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">as&nbsp;attorneys-in-fact&nbsp;with
full power of substitution, for him or her in any and all capacities, to do any and all acts and all things and to execute any and all
instruments which said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act,
and any rules, regulations, and requirements of the Securities and Exchange Commission thereunder, in connection with the registration
under the Securities Act of Ordinary Shares of the registrant, including, without limitation, the power and authority to sign the name
of each of the undersigned in the capacities indicated below to the Registration Statement on Form&nbsp;F-1&nbsp;(the &ldquo;Registration
Statement&rdquo;) to be filed with the Securities and Exchange Commission with respect to such Shares, to any and all amendments or supplements
to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration
Statement, to any related Registration Statement filed pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, and to any and all
instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether
such amendments are filed before or after the effective date of such Registration Statement; and each of the undersigned hereby ratifies
and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.</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">Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed by the following persons in the capacities and on the dates indicated.</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: bottom">
    <TD STYLE="white-space: nowrap; width: 34%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 46%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Li Peng Leck</I></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Chairwoman and Executive Director (Principal Executive Officer)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">March 9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Li Peng Leck</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Ai Imm Lim</I></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Group Financial Controller (Principal Accounting and Financial Officer)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">March <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,
    2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Ai Imm Lim</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Abbie Jillia Lee</I></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Administrative Officer and Executive Director</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">March 9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Abbie Jillia Lee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Boon
    Chay Lim</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">March <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Boon Chay Lim</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Wei Lyu</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">March <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Wei Lyu</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Shi Wei
    Lay</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">March <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Shi Wei Lay</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE
UNITED STATES</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">Pursuant to the Securities Act of 1933, as amended,
the undersigned, the duly authorized representative in the United States of America, has signed this registration statement or amendment
thereto in New York, NY on March 9, 2023.</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 STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Cogency Global Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Authorized U.S. Representative</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 44%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
Colleen A. De Vries</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Colleen A. De Vries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Senior Vice President on behalf of Cogency Global Inc.</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"></P>

<!-- Field: Page; Sequence: 207; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="border-bottom: Black 1pt solid; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 89%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Underwriting Agreement </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="davis_ex0301.htm">Amended and Restated Memorandum and Articles of Association</A> </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1* </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="davis_ex0401.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Certificate for Ordinary Shares </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1* </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="davis_ex0501.htm">Opinion of Conyers Dill &amp; Pearman Pte. Ltd. regarding the validity of the Ordinary Shares being registered</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1* </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="davis_ex1001.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Employment Agreement by and between executive officers and the Registrant</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2* </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="davis_ex1002.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Indemnification Agreement with the Registrant&rsquo;s directors and officers</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>10.3*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="davis_ex1003.htm">Exclusive Distribution Agreement by and between Thai Roong Ruang Sugar Group and LP Grace Pte. Ltd.</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>10.4*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="davis_ex1004.htm">Exclusive Distribution Agreement by and between Tong Seng Produce Pte. Ltd. and Maxwill Foodlink Pte. Ltd.</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="davis_ex2101.htm">Subsidiaries</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="davis_ex2301.htm">Consent of Onestop Assurance PAC</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2* </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Conyers Dill
    &amp; Pearman Pte. Ltd. (included in Exhibit 5.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3* </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="davis_ex2303.htm">Consent of Rajah &amp; Tann Singapore LLP</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#poa">Powers of Attorney</A> (included
    on signature page)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1*</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="davis_ex9901.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Business Conduct and Ethics of the Registrant</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2*</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="davis_ex9902.htm">Consent of Frost &amp; Sullivan Limited</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107*</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="davis_ex107.htm"><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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">*</TD>
    <TD STYLE="text-align: justify">Filed herewith</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To be filed by amendment</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">&nbsp;</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>

<!-- Field: Page; Sequence: 208; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>






















</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>davis_ex0301.htm
<DESCRIPTION>AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 3.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE COMPANIES ACT (AS REVISED)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXEMPTED COMPANY LIMITED BY SHARES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDED AND RESTATED</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MEMORANDUM OF ASSOCIATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Davis Commodities Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Adopted by a special resolution of the Company
passed on 9 March 2023)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The name of the Company is Davis Commodities Limited.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The registered office of the Company shall be at the offices of Conyers Trust Company (Cayman) Limited,
Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands.</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="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Subject to the following provisions of this Memorandum, the objects for which the Company is established
are unrestricted and shall include, but without limitation:</TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to act and perform all the functions of a holding company in all its branches and to coordinate the policy
and administration of any subsidiary company or companies wherever incorporated or carrying on business or of any group of companies of
which the Company or any subsidiary company is a member or which are in any manner controlled directly or indirectly by the Company;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>(b)</TD><TD STYLE="text-align: justify">to act as an investment company and for that purpose to subscribe, acquire, hold, dispose, sell, deal
in or trade upon any terms, whether conditionally or absolutely, shares, stock, debentures, debenture stock, annuities, notes, mortgages,
bonds, obligations and securities, foreign exchange, foreign currency deposits and commodities, issued or guaranteed by any company wherever
incorporated, or by any government, sovereign, ruler, commissioners, public body or authority, supreme, municipal, local or otherwise,
by original subscription, tender, purchase, exchange, underwriting, participation in syndicates or in any other manner and whether or
not fully paid up, and to meet calls thereon.</TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">Subject to the following provisions of this Memorandum, the Company shall have and be capable of exercising
all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by Section 27(2)
of the Companies Act.</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="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">Nothing in this Memorandum shall permit the Company to carry on a business for which a licence is required
under the laws of the Cayman Islands unless duly licensed.</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="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">The Company shall not trade in the Cayman Islands with any person, firm or corporation except in furtherance
of the business of the Company carried on outside the Cayman Islands; provided that nothing in this clause shall be construed as to prevent
the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
for the carrying on of its business outside the Cayman Islands.</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="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">The liability of each member is limited to the amount from time to time unpaid on such member's shares.</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="width: 0.5in"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">The share capital of the Company is US$100,000 divided into 100,000,000 shares of a nominal or par value
of US$0.001 each with the power for the Company, insofar as is permitted by law, to redeem or purchase any of its shares and to increase
or reduce the said share capital subject to the provisions of the Companies Act (As Revised) and the Articles of Association of the Company
and to issue any part of its capital, whether original, redeemed or increased, with or without any preference, priority or special privilege
or subject to any postponement of rights or to any conditions or restrictions; and so that, unless the conditions of issue shall otherwise
expressly declare, every issue of shares, whether declared to be preference or otherwise, shall be subject to the power hereinbefore contained.</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="width: 0.5in"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">The Company may exercise the power contained in the Companies Act to deregister in the Cayman Islands
and be registered by way of continuation in another jurisdiction.</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: left"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></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>The Companies Act (As Revised)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exempted Company Limited by Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLES OF ASSOCIATION</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">&nbsp;</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">OF</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">&nbsp;</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"><FONT STYLE="font-size: 10pt"><B></B></FONT><B>Davis
Commodities Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Adopted by a special resolution of the Company
passed on 9 March 2023)</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>I N D E X</U></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 80%"><U>SUBJECT</U></TD>
  <TD STYLE="width: 20%"><U>Article No.</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Table A</TD>
  <TD>1</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Interpretation</TD>
  <TD>2</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Share Capital</TD>
  <TD>3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Alteration Of Capital</TD>
  <TD>4-7</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Share Rights</TD>
  <TD>8-10</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Variation Of Rights</TD>
  <TD>11-12</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Shares</TD>
  <TD>13-16</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Share Certificates</TD>
  <TD>17-22</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Lien</TD>
  <TD>23-25</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Calls On Shares</TD>
  <TD>26-34</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Forfeiture Of Shares</TD>
  <TD>35-43</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Register Of Members</TD>
  <TD>44-45</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Record Dates</TD>
  <TD>46</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Transfer Of Shares</TD>
  <TD>47-52</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Transmission Of Shares</TD>
  <TD>53-55</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Untraceable Members</TD>
  <TD>56</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>General Meetings</TD>
  <TD>57-59</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Notice Of General Meetings</TD>
  <TD>60-61</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Proceedings At General Meetings</TD>
  <TD>62-66</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Voting</TD>
  <TD>67-78</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Proxies</TD>
  <TD>79-84</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Corporations Acting By Representatives</TD>
  <TD>85</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>No Action By Written Resolutions Of Members</TD>
  <TD>86</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Board Of Directors</P>
</TD>
  <TD>87</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disqualification Of Directors</P>
</TD>
  <TD>88</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Executive Directors</P>
</TD>
  <TD>89-90</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alternate Directors</P>
</TD>
  <TD>91-94</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Directors&rsquo; Fees And Expenses</P>
</TD>
  <TD>95-98</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Directors&rsquo; Interests</P>
</TD>
  <TD>99-102</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General Powers Of The Directors</P>
</TD>
  <TD>103-108</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Borrowing Powers</P>
</TD>
  <TD>109-112</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proceedings Of The Directors</P>
</TD>
  <TD>113-122</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Audit Committee</P>
</TD>
  <TD>123-125</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Officers</P>
</TD>
  <TD>126-129</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Register of Directors and Officers</P>
</TD>
  <TD><P STYLE="margin-top: 0; margin-bottom: 0">130</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Minutes</P>
</TD>
  <TD>131</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Seal</TD>
  <TD>132</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Authentication Of Documents</P>
</TD>
  <TD>133</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Destruction Of Documents</P>
</TD>
  <TD>134</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends And Other Payments</P>
</TD>
  <TD>135-144</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reserves</P>
</TD>
  <TD>145</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capitalisation</P>
</TD>
  <TD>146-147</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subscription Rights Reserve</P>
</TD>
  <TD>148</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounting Records</P>
</TD>
  <TD>149-153</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Audit</P>
</TD>
  <TD>154-159</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notices</P>
</TD>
  <TD>160-162</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signatures</P>
</TD>
  <TD>163</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Winding Up</P></TD>
  <TD>164-165</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indemnity</P>
</TD>
  <TD>166</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial Year End</P>
</TD>
  <TD>167</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amendment To Memorandum and Articles of
Association And Name of Company</P>

</TD>
  <TD>168</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information</P>
</TD>
  <TD>169</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE COMPANIES ACT (AS REVISED)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXEMPTED COMPANY LIMITED BY SHARES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDED AND RESTATED</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLES OF ASSOCIATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Davis Commodities Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Adopted by a special resolution of the Company
passed on 9 March 2023)</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>TABLE A</U></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">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
regulations in Table A in the Schedule to the Companies Act (As Revised) do not apply to the Company.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>INTERPRETATION</U></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">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In these Articles, unless the context
otherwise requires, the words standing in the first column of the following table shall bear the meaning set opposite them respectively
in the second column.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>WORD</U></FONT></TD>
    <TD STYLE="width: 67%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>MEANING</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Act&rdquo;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Companies Act, Cap. 22 (As Revised) of the
    Cayman Islands.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Articles&rdquo;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">these Articles in their present form or as supplemented
    or amended or substituted from time to time.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Audit Committee&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the audit committee of the Company formed by the Board pursuant to Article 123 hereof, or any successor audit committee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Auditor&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the independent auditor of the Company which shall be an internationally recognized firm of independent accountants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Board&rdquo; or &ldquo;Directors&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the board of directors of the Company or the directors present at a meeting of directors of the Company at which a quorum is present.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;capital&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the share capital from time to time of the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;clear days&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;clearing house&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a clearing house recognised by the laws of the jurisdiction in which the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Company&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Davis Commodities Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;competent regulatory authority&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a competent regulatory authority in the territory where the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such territory.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Value: 1; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 33%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 67%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;debenture&rdquo; and &ldquo;debenture holder&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">include debenture stock and debenture stockholder respectively.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Designated Stock Exchange&rdquo;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the stock exchange in the United States of America
    on which any shares are listed for trading.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;dollars&rdquo;, &ldquo;$&rdquo; and &rdquo;US$&rdquo;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">dollars, the legal currency of the United States
    of America.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;electronic communication&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a communication sent, transmitted, conveyed and received by wire, by radio, by optical means or by other similar means in any form through any medium.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;electronic meeting&rdquo;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a general meeting held and conducted wholly and
    exclusively by virtual attendance and participation by Members and/or proxies by means of electronic facilities.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Exchange Act&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Securities Exchange Act of 1934, as amended.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;head office&rdquo;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">such office of the Company as the Directors may
    from time to time determine to be the principal office of the Company.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;hybrid meeting&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a general meeting convened for the (i) physical attendance by Members and/or proxies at the Principal Meeting Place and, where applicable, one or more Meeting Locations and (ii) virtual attendance and participation by Members and/or proxies by means of electronic facilities.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Meeting Location&rdquo;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">has the meaning given to it in Article 65A.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Independent Director&rdquo;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a director who is an independent director as defined
    in the applicable rules and regulations of the Designated Stock Exchange.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Member&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a duly registered holder from time to time of the shares in the capital of the Company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Memorandum of Association&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the memorandum of association of the Company, as amended from time to time.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;month&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a calendar month.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Notice&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">written notice unless otherwise specifically stated and as further defined in these Articles.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Office&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the registered office of the Company for the time being.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;ordinary resolution&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a resolution shall be an ordinary resolution when it has been passed by a simple majority of votes cast by such Members as, being entitled so to do, vote in person or, in the case of any Member being a corporation, by its duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which Notice has been duly given in accordance with Article 60;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;paid up&rdquo;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">paid up or credited as paid up.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;physical meeting&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a general meeting held and conducted by physical attendance and participation by Members and/or proxies at the Principal Meeting Place and/or where applicable, one or more Meeting Locations.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Principal Meeting Place&rdquo;</FONT></TD>
    <TD STYLE="width: 67%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">shall have the meaning given to it in Article
    60(2).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Register&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the principal register and where applicable, any branch register of Members of the Company to be maintained at such place within or outside the Cayman Islands as the Board shall determine from time to time.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Registration Office&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in respect of any class of share capital such place as the Board may from time to time determine to keep a branch register of Members in respect of that class of share capital and where (except in cases where the Board otherwise directs) the transfers or other documents of title for such class of share capital are to be lodged for registration and are to be registered.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;SEC&rdquo;&#9;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the United States Securities and Exchange Commission.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Securities Act&rdquo;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">mean the U.S. Securities Act 1933, as amended,
    or any</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">similar federal statute and the rules and regulations
    of the SEC thereunder, as the same shall be in effect from time to time.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Seal&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">common seal or any one or more duplicate seals of the Company (including a securities seal) for use in the Cayman Islands or in any place outside the Cayman Islands.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Secretary&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any person, firm or corporation appointed by the Board to perform any of the duties of secretary of the Company and includes any assistant, deputy, temporary or acting secretary.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;special resolution&rdquo;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a resolution shall be a special resolution when
    it has been passed by a majority of not less than two-thirds of votes cast by such Members as, being entitled so to do, vote in person
    or, in the case of such Members as are corporations, by their respective duly authorised representative or, where proxies are allowed,
    by proxy at a general meeting of which Notice has been duly given in accordance with Article 60;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a special resolution shall be effective for any purpose for which an ordinary resolution is expressed to be required under any provision of these Articles or the Statutes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Statutes&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Act and every other law of the Legislature of the Cayman Islands for the time being in force applying to or affecting the Company, its Memorandum of Association and/or these Articles.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;year&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a calendar year.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">In these Articles, unless there be something within the subject or context inconsistent with such construction:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">words importing the singular include the plural and vice versa;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">words importing a gender include both gender and the neuter;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">words importing persons include companies, associations and bodies of persons whether corporate or not;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the words:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">&ldquo;may&rdquo; shall be construed as permissive;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">&ldquo;shall&rdquo; or &ldquo;will&rdquo; shall be construed as imperative;</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>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">expressions referring to writing shall, unless the contrary intention appears, be construed as including
printing, lithography, email, facsimile, photography and other modes of representing or reproducing words or figures in a legible and
non-transitory form or, to the extent permitted by and in accordance with the Statutes and other applicable laws, rules and regulations,
any visible substitute for writing (including an electronic communication), or modes of representing or reproducing words partly in one
visible form and partly in another visible form, and including where the representation takes the form of electronic display, or represented
by any other substitute or format for storage or transmission for writing or partly one and partly another provided that both the mode
of service of the relevant document or Notice and the Member&rsquo;s election comply with all applicable Statutes, rules and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">any requirement as to delivery under the Articles include delivery in the form of an electronic record
(as defined in the Electronic Transactions Act of the Cayman Islands) or an electronic communication;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">references to any law, ordinance, statute or statutory provision shall be interpreted as relating to any
statutory modification or re-enactment thereof for the time being in force;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">save as aforesaid words and expressions defined in the Statutes shall bear the same meanings in these
Articles if not inconsistent with the subject in the context;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">references to a document (including, but without limitation, a resolution in writing) being signed or
executed include references to it being signed or executed under hand or under seal or by electronic signature or by electronic communication
or by any other method and references to a Notice or document include a Notice or document recorded or stored in any digital, electronic,
electrical, magnetic or other retrievable form or medium and information in visible form whether having physical substance or not;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">Sections 8 and 19 of the Electronic Transactions Act of the Cayman Islands, as amended from time to time,
shall not apply to these Articles to the extent they impose obligations or requirements in addition to those set out in these Articles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">the right of a Member to speak at an electronic meeting or a hybrid meeting shall include the right to
raise questions or make statements to the chairman of the meeting, verbally or in written form, by means of electronic facilities. Such
a right shall be deemed to have been duly exercised if the questions or statements may be heard or seen by all or only some of the persons
present at the meeting (or only by the chairman of the meeting) in which event the chairman of the meeting shall relay the questions raised
or the statements made verbatim to all persons present at the meeting,&nbsp;either orally or in writing&nbsp;using electronic facilities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">a reference to a meeting shall mean a meeting convened and held in any manner permitted by these Articles
and any Member or Director attending and participating at a meeting by means of electronic facilities shall be deemed to be present at
that meeting for all purposes of the Statutes and these Articles, and attend, participate, attending, participating, attendance and participation
shall be construed accordingly;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">references to a person&rsquo;s participation in the business of a general meeting include without limitation
and as relevant the right (including, in the case of a corporation, through a duly authorised representative) to speak or communicate,
vote, be represented by a proxy and have access in hard copy or electronic form to all documents which are required by the Statutes or
these Articles to be made available at the meeting, and participate and participating in the business of a general meeting shall be construed
accordingly;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">references to electronic facilities include, without limitation, website addresses, webinars, webcast,
video or any form of conference call systems (telephone, video, web or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">where a Member is a corporation, any reference in these Articles to a Member shall, where the context
requires, refer to a duly authorised representative of such Member; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">references to &ldquo;in the ordinary course of business&rdquo; and comparable expressions mean the ordinary
and usual course of business of the relevant party, consistent in all material respects (including nature and scope) with the prior practice
of such party.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SHARE CAPITAL</U></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">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The share capital of the Company
at the date on which these Articles come into effect shall be divided into shares of a par value of US$0.001 each.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the Act, the Company&rsquo;s Memorandum and Articles of Association and, where applicable, the rules and regulations of the Designated
Stock Exchange and/or any competent regulatory authority, the Company shall have the power to purchase or otherwise acquire its own shares
and such power shall be exercisable by the Board in such manner, upon such terms and subject to such conditions as it in its absolute
discretion thinks fit and any determination by the Board of the manner of purchase shall be deemed authorized by these Articles for purposes
of the Act. Subject to the Act, the Company is hereby authorized to make payments in respect of a redemption or purchase of its own shares
in any manner authorized by the Act, including out of its capital. The purchase of any share shall not oblige the Company to purchase
any other share other than as may be required pursuant to applicable law and any other contractual obligations of the Company.</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; text-indent: 0.5in">(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is authorised to hold treasury shares in accordance with the Act and may designate as treasury shares any of its shares that it
purchases or redeems, or any share surrendered to it subject to the rules and regulations of the Designated Stock Exchange and/or any
competent regulatory authority. Shares held by the Company as treasury shares shall continue to be classified as treasury shares until
such shares are either cancelled or transferred as the Board may determine on such terms and subject to such conditions as it in its absolute
discretion thinks fits in accordance with the Act subject to the rules and regulations of the Designated Stock Exchange and/or any competent
regulatory authority.</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; text-align: justify; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may accept the surrender for no consideration of any fully paid share unless, as a result of such surrender, there would no longer
be any issued shares of the Company other than shares held as treasury shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
share shall be issued to bearer.</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 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><U>ALTERATION OF CAPITAL</U></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">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may from time to time by ordinary
resolution in accordance with the Act alter the conditions of its Memorandum of Association to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">increase its capital by such sum, to be divided into shares of such amounts, as the resolution shall prescribe;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">consolidate and divide all or any of its capital into shares of larger amount than its existing shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">without prejudice to the powers of the Board under Article 13, divide its shares into several classes
and without prejudice to any special rights previously conferred on the holders of existing shares attach thereto respectively any preferential,
deferred, qualified or special rights, privileges, conditions or such restrictions which in the absence of any such determination by the
Company in general meeting, as the Directors may determine provided always that, for the avoidance of doubt, where a class of shares has
been authorized by the Company no resolution of the Company in general meeting is required for the issuance of shares of that class and
the Directors may issue shares of that class and determine such rights, privileges, conditions or restrictions attaching thereto as aforesaid,
and further provided that where the Company issues shares which do not carry voting rights, the words &ldquo;non-voting&rdquo; shall appear
in the designation of such shares and where the equity capital includes shares with different voting rights, the designation of each class
of shares, other than those with the most favourable voting rights, must include the words &ldquo;restricted voting&rdquo; or &ldquo;limited
voting&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">sub-divide its shares, or any of them, into shares of smaller amount than is fixed by the Memorandum of
Association (subject, nevertheless, to the Act), and may by such resolution determine that, as between the holders of the shares resulting
from such sub-division, one or more of the shares may have any such preferred, deferred or other rights or be subject to any such restrictions
as compared with the other or others as the Company has power to attach to unissued or new shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">cancel any shares which, at the date of the passing of the resolution, have not been taken, or agreed
to be taken, by any person, and diminish the amount of its capital by the amount of the shares so cancelled or, in the case of shares
without par value, diminish the number of shares into which its capital is divided.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may settle as it considers expedient
any difficulty which arises in relation to any consolidation and division under Article 4 and in particular but without prejudice to the
generality of the foregoing may issue certificates in respect of fractions of shares or arrange for the sale of the shares representing
fractions and the distribution of the net proceeds of sale (after deduction of the expenses of such sale) in due proportion amongst the
Members who would have been entitled to the fractions, and for this purpose the Board may authorise any person to transfer the shares
representing fractions to their purchaser or resolve that such net proceeds be paid to the Company for the Company&rsquo;s benefit. Such
purchaser will not be bound to see to the application of the purchase money nor will his title to the shares be affected by any irregularity
or invalidity in the proceedings relating to the sale.</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">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may from time to time by special
resolution, subject to any confirmation or consent required by the Act, reduce its share capital or any capital redemption reserve or
other undistributable reserve in any manner permitted by law.</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">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except so far as otherwise provided by the
conditions of issue, or by these Articles, any capital raised by the creation of new shares shall be treated as if it formed part of the
original capital of the Company, and such shares shall be subject to the provisions contained in these Articles with reference to the
payment of calls and instalments, transfer and transmission, forfeiture, lien, cancellation, surrender, voting and otherwise.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SHARE RIGHTS</U></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">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the Act, the
rules and regulations of the Designated Stock Exchange and the Memorandum and Articles of Association and to any special rights conferred
on the holders of any shares or class of shares, and without prejudice to Article 13 hereof, any share in the Company (whether forming
part of the present capital or not) may be issued with or have attached thereto such rights or restrictions whether in regard to dividend,
voting, return of capital or otherwise as the Board may determine, including without limitation on terms that they may be, or at the option
of the Company or the holder are, liable to be redeemed on such terms and in such manner, including out of capital, as the Board may deem
fit.</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">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the Act, the rules and regulations
of the Designated Stock Exchange and the Memorandum and Articles of Association, and to any special rights conferred on the holders of
any shares or attaching to any class of shares, shares may be issued on the terms that may be or at the option of the Company or the holder
are, liable to be redeemed on such terms and in such manner, including out of capital, as the Board may deem fit.</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; text-indent: 0in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Article 13(1), the Memorandum of Association and any resolution of the Members to the contrary and without prejudice to any
special rights conferred thereby on the holders of any other shares or class of shares, the share capital of the Company shall be divided
into shares of a single class the holders of which shall, subject to these Articles:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">be entitled to one vote per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">be entitled to such dividends as the Board may from time to time declare;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">in the event of a winding up or dissolution of the Company, whether voluntary or involuntary or for the
purpose of a reorganisation or otherwise or upon any distribution of capital, be entitled to the surplus assets of the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">generally, be entitled to enjoy all of the rights attaching to shares.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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"><U>VARIATION OF RIGHTS</U></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">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the Act and without prejudice
to Article 8, all or any of the special rights for the time being attached to the shares or any class of shares may, unless otherwise
provided by the terms of issue of the shares of that class, from time to time (whether or not the Company is being wound up) be varied,
modified or abrogated with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that
class. To every such separate general meeting all the provisions of these Articles relating to general meetings of the Company shall,
<I>mutatis mutandis</I>, apply, but so that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">notwithstanding Article 59 which shall not apply to this Article 11, separate general meetings of the
holders of a class or series of shares may be called only by (i) the Chairman of the Board, or (ii) a majority of the entire Board (unless
otherwise specifically provided by the terms of issue of the shares of such class or series). Nothing in this Article 11 shall be deemed
to give any Member or Members the right to call a class or series meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the necessary quorum (whether at a separate general meeting or at its adjourned meeting) shall be a person
or persons or (in the case of a Member being a corporation) its duly authorized representative together holding or representing by proxy
not less than one-third in nominal value or par value of the issued shares of that class (but so that if at any adjourned meeting of such
holders a quorum as above defined is not present, those Members who are present shall form a quorum (whatever the number of shares held
by them));</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">every holder of shares of the class shall be entitled on a poll to one vote for every such share held
by him; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">any holder of shares of the class present in person or by proxy or authorised representative may demand
a poll.</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">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The special rights conferred upon the holders
of any shares or class of shares shall not, unless otherwise expressly provided in the rights attaching to or the terms of issue of such
shares, be deemed to be varied, modified or abrogated by the creation or issue of further shares ranking <I>pari passu</I> therewith.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SHARES</U></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">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the Act, these Articles
and, where applicable, the rules and regulations of the Designated Stock Exchange and without prejudice to any special rights or restrictions
for the time being attached to any shares or any class of shares, the unissued shares of the Company (whether forming part of the original
or any increased capital) shall be at the disposal of the Board, which may offer, allot, grant options over or otherwise dispose of them
to such persons, at such times and for such consideration and upon such terms and conditions as the Board may in its absolute discretion
determine but so that no shares shall be issued at a discount to their nominal value. In particular and without prejudice to the generality
of the foregoing, the Board is hereby empowered to authorize by resolution or resolutions from time to time the issuance of one or more
classes or series of preferred shares and to fix the designations, powers, preferences and relative, participating, optional and other
rights, if any, and the qualifications, limitations and restrictions thereof, if any, including, without limitation, the number of shares
constituting each such class or series, dividend rights, conversion rights, redemption privileges, voting powers, full or limited or no
voting powers, and liquidation preferences, and to increase or decrease the size of any such class or series (but not below the number
of shares of any class or series of preferred shares then outstanding) to the extent permitted by the Act. Without limiting the generality
of the foregoing, the resolution or resolutions providing for the establishment of any class or series of preferred shares may, to the
extent permitted by law, provide that such class or series shall be superior to, rank equally with or be junior to the preferred shares
of any other class or series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor the Board shall be obliged, when making or granting any allotment of, offer of, option over or disposal of shares, to
make, or make available, any such allotment, offer, option or shares to Members or others with registered addresses in any particular
territory or territories being a territory or territories where, in the absence of a registration statement or other special formalities,
this would or might, in the opinion of the Board, be unlawful or impracticable. Members affected as a result of the foregoing sentence
shall not be, or be deemed to be, a separate class of members for any purpose whatsoever. Except as otherwise expressly provided in the
resolution or resolutions providing for the establishment of any class or series of preferred shares, no vote of the holders of preferred
shares or ordinary shares shall be a prerequisite to the issuance of any shares of any class or series of the preferred shares authorized
by and complying with the conditions of the Memorandum and Articles of Association.</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; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board may issue options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof
to subscribe for, purchase or receive any class of shares or securities in the capital of the Company on such terms as it may from time
to time determine.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may, in connection with the
issue of any shares, exercise all powers of paying commission and brokerage conferred or permitted by the Act. Subject to the Act, the
commission may be satisfied by the payment of cash or by the allotment of fully or partly paid shares or partly in one and partly in the
other.</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">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as required by law, no person shall
be recognised by the Company as holding any share upon any trust and the Company shall not be bound by or required in any way to recognise
(even when having notice thereof) any equitable, contingent, future or partial interest in any share or any fractional part of a share
or (except only as otherwise provided by these Articles or by law) any other rights in respect of any share except an absolute right to
the entirety thereof in the registered holder.</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">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the Act and these Articles,
the Board may at any time after the allotment of shares but before any person has been entered in the Register as the holder, recognise
a renunciation thereof by the allottee in favour of some other person and may accord to any allottee of a share a right to effect such
renunciation upon and subject to such terms and conditions as the Board considers fit to impose.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SHARE CERTIFICATES</U></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">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every share certificate shall be issued
under the Seal or a facsimile thereof or with the Seal printed thereon and shall specify the number and class and distinguishing numbers
(if any) of the shares to which it relates, and the amount paid up thereon and may otherwise be in such form as the Directors may from
time to time determine. No certificate shall be issued representing shares of more than one class. The Board may by resolution determine,
either generally or in any particular case or cases, that any signatures on any such certificates (or certificates in respect of other
securities) need not be autographic but may be affixed to such certificates by some mechanical means or may be printed thereon.</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">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a share held jointly
by several persons, the Company shall not be bound to issue more than one certificate therefor and delivery of a certificate to one of
several joint holders shall be sufficient delivery to all such holders.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where
a share stands in the names of two or more persons, the person first named in the Register shall as regards service of notices and, subject
to the provisions of these Articles, all or any other matters connected with the Company, except the transfer of the shares, be deemed
the sole holder thereof.</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">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is not obliged to issue a share
certificate to a Member unless the Member requests it in writing from the Company. Every person whose name is entered, upon an allotment
of shares, as a Member in the Register shall be entitled without payment, to receive one certificate for all such shares of any one class
or several certificates each for one or more of such shares of such class upon payment for every certificate after the first of such reasonable
out-of-pocket expenses as the Board from time to time determines.</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">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share certificates shall be issued within
the relevant time limit as prescribed by the Act or as the Designated Stock Exchange may from time to time determine, whichever is the
shorter, after allotment or, except in the case of a transfer which the Company is for the time being entitled to refuse to register and
does not register, after lodgment of a transfer with the Company. Every share certificate of the Company shall bear legends required under
the applicable laws, including the Securities Act.</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">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon every transfer of shares the
certificate held by the transferor shall be given up to be cancelled, and shall forthwith be cancelled accordingly, and a new certificate
shall be issued to the transferee in respect of the shares transferred to him at such fee as is provided in paragraph (2) of this Article
21. If any of the shares included in the certificate so given up shall be retained by the transferor a new certificate for the balance
shall be issued to him at the aforesaid fee payable by the transferor to the Company in respect thereof.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fee referred to in paragraph (1) above shall be an amount not exceeding the relevant maximum amount as the Designated Stock Exchange may
from time to time determine, provided that the Board may at any time determine a lower amount for such fee.</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">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a share certificate shall be damaged
or defaced or alleged to have been lost, stolen or destroyed a new certificate representing the same shares may be issued to the relevant
Member upon request and on payment of such fee as the Board may determine and, subject to compliance with such terms (if any) as to evidence
and indemnity and to payment of the costs and reasonable out-of-pocket expenses of the Company in investigating such evidence and preparing
such indemnity as the Board may think fit and, in case of damage or defacement, on delivery of the old certificate to the Company provided
always that where share warrants have been issued, no new share warrant shall be issued to replace one that has been lost unless the Board
has determined that the original has been destroyed.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>LIEN</U></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">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have a first and paramount
lien on every share (not being a fully paid share) for all moneys (whether presently payable or not) called or payable at a fixed time
in respect of that share. The Company shall also have a first and paramount lien on every share (not being a fully paid share) registered
in the name of a Member (whether or not jointly with other Members) for all amounts of money presently payable by such Member or his estate
to the Company whether the same shall have been incurred before or after notice to the Company of any equitable or other interest of any
person other than such member, and whether the period for the payment or discharge of the same shall have actually become due or not,
and notwithstanding that the same are joint debts or liabilities of such Member or his estate and any other person, whether a Member or
not. The Company&rsquo;s lien on a share shall extend to all dividends or other moneys payable thereon or in respect thereof. The Board
may at any time, generally or in any particular case, waive any lien that has arisen or declare any share exempt in whole or in part,
from the provisions of this Article 23.</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">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to these Articles, the Company
may sell in such manner as the Board determines any share on which the Company has a lien, but no sale shall be made unless some sum in
respect of which the lien exists is presently payable, or the liability or engagement in respect of which such lien exists is liable to
be presently fulfilled or discharged nor until the expiration of fourteen (14) clear days after a notice in writing, stating and demanding
payment of the sum presently payable, or specifying the liability or engagement and demanding fulfilment or discharge thereof and giving
notice of the intention to sell in default, has been served on the registered holder for the time being of the share or the person entitled
thereto by reason of his death or bankruptcy.</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">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net proceeds of the sale shall be received
by the Company and applied in or towards payment or discharge of the debt or liability in respect of which the lien exists, so far as
the same is presently payable, and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed
upon the share prior to the sale) be paid to the person entitled to the share at the time of the sale. To give effect to any such sale
the Board may authorise some person to transfer the shares sold to the purchaser thereof. The purchaser shall be registered as the holder
of the shares so transferred and he shall not be bound to see to the application of the purchase money, nor shall his title to the shares
be affected by any irregularity or invalidity in the proceedings relating to the sale.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>CALLS ON SHARES</U></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">26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to these Articles and to the terms
of allotment, the Board may from time to time make calls upon the Members in respect of any moneys unpaid on their shares (whether on
account of the nominal value of the shares or by way of premium), and each Member shall (subject to being given at least fourteen (14)
clear days&rsquo; Notice specifying the time and place of payment) pay to the Company as required by such notice the amount called on
his shares. A call may be extended, postponed or revoked in whole or in part as the Board determines, but no Member shall be entitled
to any such extension, postponement or revocation except as a matter of grace and favour.</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">27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A call shall be deemed to have been made
at the time when the resolution of the Board authorising the call was passed and may be made payable either in one lump sum or by instalments.</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">28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A person upon whom a call is made shall
remain liable for calls made upon him notwithstanding the subsequent transfer of the shares in respect of which the call was made. The
joint holders of a share shall be jointly and severally liable to pay all calls and instalments due in respect thereof or other moneys
due in respect thereof.</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">29. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a sum called in respect of a share is
not paid before or on the day appointed for payment thereof, the person from whom the sum is due shall pay interest on the amount
unpaid from the day appointed for payment thereof to the time of actual payment at such rate (not exceeding twenty per cent. (20%)
per annum) as the Board may determine, but the Board may in its absolute discretion waive payment of such interest in whole or in
part.</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">30.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Member shall be entitled to receive
any dividend or bonus or to be present and vote (save as proxy for another Member) at any general meeting either personally or by proxy,
or be reckoned in a quorum, or exercise any other privilege as a Member until all calls or instalments due by him to the Company, whether
alone or jointly with any other person, together with interest and expenses (if any) shall have been paid.</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">31.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the trial or hearing of any action or
other proceedings for the recovery of any money due for any call, it shall be sufficient to prove that the name of the Member sued is
entered in the Register as the holder, or one of the holders, of the shares in respect of which such debt accrued, that the resolution
making the call is duly recorded in the minute book, and that notice of such call was duly given to the Member sued, in pursuance of these
Articles; and it shall not be necessary to prove the appointment of the Directors who made such call, nor any other matters whatsoever,
but the proof of the matters aforesaid shall be conclusive evidence of the debt.</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">32.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any amount payable in respect of a share
upon allotment or at any fixed date, whether in respect of nominal value or premium or as an instalment of a call, shall be deemed to
be a call duly made and payable on the date fixed for payment and if it is not paid the provisions of these Articles shall apply as if
that amount had become due and payable by virtue of a call duly made and notified.</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">33.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the issue of shares the Board may differentiate
between the allottees or holders as to the amount of calls to be paid and the times of payment.</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">34.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may, if it thinks fit, receive
from any Member willing to advance the same, and either in money or money&rsquo;s worth, all or any part of the moneys uncalled and unpaid
or instalments payable upon any shares held by him and upon all or any of the moneys so advanced (until the same would, but for such advance,
become presently payable) pay interest at such rate (if any) as the Board may decide. The Board may at any time repay the amount so advanced
upon giving to such Member not less than one (1) month&rsquo;s Notice of its intention in that behalf, unless before the expiration of
such notice the amount so advanced shall have been called up on the shares in respect of which it was advanced. Such payment in advance
shall not entitle the holder of such share or shares to participate in respect thereof in a dividend subsequently declared.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORFEITURE OF SHARES</U></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">35.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a call remains unpaid after it
has become due and payable the Board may give to the person from whom it is due not less than fourteen (14) clear days&rsquo; Notice:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">requiring payment of the amount unpaid together with any interest which may have accrued and which may
still accrue up to the date of actual payment; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">stating that if the Notice is not complied with the shares on which the call was made will be liable to
be forfeited.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the requirements of any such Notice are not complied with, any share in respect of which such Notice has been given may at any time thereafter,
before payment of all calls and interest due in respect thereof has been made, be forfeited by a resolution of the Board to that effect,
and such forfeiture shall include all dividends and bonuses declared in respect of the forfeited share but not actually paid before the
forfeiture.</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">36.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When any share has been forfeited, notice
of the forfeiture shall be served upon the person who was before forfeiture the holder of the share. No forfeiture shall be invalidated
by any omission or neglect to give such Notice.</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">37.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may accept the surrender of any
share liable to be forfeited hereunder and, in such case, references in these Articles to forfeiture will include surrender.</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">38.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any share so forfeited shall be deemed
the property of the Company and may be sold, re-allotted or otherwise disposed of to such person, upon such terms and in such manner as
the Board determines, and at any time before a sale, re-allotment or disposition the forfeiture may be annulled by the Board on such terms
as the Board determines.</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">39.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A person whose shares have been forfeited
shall cease to be a Member in respect of the forfeited shares but nevertheless shall remain liable to pay the Company all moneys which
at the date of forfeiture were presently payable by him to the Company in respect of the shares, with (if the Board shall in its discretion
so requires) interest thereon from the date of forfeiture until payment at such rate (not exceeding twenty percent (20%) per annum) as
the Board shall determine. The Board may enforce payment thereof if it thinks fit, and without any deduction or allowance for the value
of the forfeited shares, at the date of forfeiture, but his liability shall cease if and when the Company shall have received payment
in full of all such moneys in respect of the shares. For the purposes of this Article 39 any sum which, by the terms of issue of a share,
is payable thereon at a fixed time which is subsequent to the date of forfeiture, whether on account of the nominal value of the share
or by way of premium, shall notwithstanding that time has not yet arrived be deemed to be payable at the date of forfeiture, and the same
shall become due and payable immediately upon the forfeiture, but interest thereon shall only be payable in respect of any period between
the said fixed time and the date of actual payment.</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">40.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A declaration by a Director or the Secretary
that a share has been forfeited on a specified date shall be conclusive evidence of the facts therein stated as against all persons claiming
to be entitled to the share, and such declaration shall (subject to the execution of an instrument of transfer by the Company if necessary)
constitute a good title to the share, and the person to whom the share is disposed of shall be registered as the holder of the share and
shall not be bound to see to the application of the consideration (if any), nor shall his title to the share be affected by any irregularity
in or invalidity of the proceedings in reference to the forfeiture, sale or disposal of the share. When any share shall have been forfeited,
notice of the declaration shall be given to the Member in whose name it stood immediately prior to the forfeiture, and an entry of the
forfeiture, with the date thereof, shall forthwith be made in the Register, but no forfeiture shall be in any manner invalidated by any
omission or neglect to give such notice or make any such entry.</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">41.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any such forfeiture as
aforesaid, the Board may at any time, before any shares so forfeited shall have been sold, re-allotted or otherwise disposed of, permit
the shares so forfeited to be bought back upon the terms of payment of all calls and interest due upon and expenses incurred in respect
of the share, and upon such further terms (if any) as it thinks fit.</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">42.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The forfeiture of a share shall not prejudice
the right of the Company to any call already made or instalment payable thereon.</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">43.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of these Articles as to
forfeiture shall apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable at a fixed time,
whether on account of the nominal value of the share or by way of premium, as if the same had been payable by virtue of a call duly made
and notified.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>REGISTER OF MEMBERS</U></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">44.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall keep in one or
more books a Register of its Members and shall enter therein the following particulars, that is to say:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the name and address of each Member, the number and class of shares held by him and the amount paid or
agreed to be considered as paid on such shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the date on which each person was entered in the Register; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the date on which any person ceased to be a Member.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may keep an overseas or local or other branch register of Members resident in any place, and the Board may make and vary such
regulations as it determines in respect of the keeping of any such register and maintaining a Registration Office in connection therewith.</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">45.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Register and branch register of Members,
as the case may be, shall be open to inspection for such times and on such days as the Board shall determine by Members without charge
or by any other person, upon a maximum payment of $2.50 or such other sum specified by the Board, at the Office or Registration Office
or such other place at which the Register is kept in accordance with the Act. The Register, including any overseas or local or other branch
register of Members may, after compliance with any notice requirements of the Designated Stock Exchange or by any electronic means in
such manner as may be accepted by the Designated Stock Exchange to that effect, be closed for inspection at such times or for such periods
not exceeding in the whole thirty (30) days in each year as the Board may determine and either generally or in respect of any class of
shares.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>RECORD DATES</U></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">46.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of determining the Members
entitled to notice of or to vote at any general meeting, or any adjournment thereof, or entitled to express consent to corporate action
in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled
to exercise any rights in respect of any change, conversion or exchange of shares or for the purpose of any other lawful action, the Board
may fix, in advance, a date as the record date for any such determination of Members.</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; text-indent: 1in">If the Board does not fix a
record date for any general meeting, the record date for determining the Members entitled to a notice of or to vote at such meeting shall
be at the close of business on the day next preceding the day on which notice is given, or, if in accordance with these Articles notice
is waived, at the close of business on the day next preceding the day on which the meeting is held. The record date for determining the
Members for any other purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.</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; text-indent: 1in">A determination of the Members
of record entitled to notice of or to vote at a meeting of the Members shall apply to any adjournment of the meeting; provided, however,
that the Board may fix a new record date for the adjourned meeting.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>TRANSFER OF SHARES</U></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">47.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to these Articles, any Member
may transfer all or any of his shares by an instrument of transfer in the usual or common form or in a form prescribed by the Designated
Stock Exchange or in any other form approved by the Board and may be under hand or, if the transferor or transferee is a clearing house
or a central depository house or its nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the
Board may approve from time to time.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of subparagraph (1) above, for so long as any shares are listed on the Designated Stock Exchange, titles to such listed
shares may be evidenced and transferred in accordance with the laws applicable to and the rules and regulations of the Designated Stock
Exchange that are or shall be applicable to such listed shares. The register of members of the Company in respect of its listed shares
(whether the Register or a branch register) may be kept by recording the particulars required by Section 40 of the Act in a form otherwise
than legible if such recording otherwise complies with the laws applicable to and the rules and regulations of the Designated Stock Exchange
that are or shall be applicable to such listed shares.</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">48.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The instrument of transfer shall be executed
by or on behalf of the transferor and the transferee provided that the Board may dispense with the execution of the instrument of transfer
by the transferee in any case which it thinks fit in its discretion to do so. Without prejudice to Article 47, the Board may also resolve,
either generally or in any particular case, upon request by either the transferor or transferee, to accept mechanically executed transfers.
The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered in the Register in respect
thereof. Nothing in these Articles shall preclude the Board from recognising a renunciation of the allotment or provisional allotment
of any share by the allottee in favour of some other person.</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">49.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may, in its absolute discretion,
and without giving any reason therefor, refuse to register a transfer of any share (not being a fully paid up share) to a person of whom
it does not approve, or any share issued under any share incentive scheme for employees upon which a restriction on transfer imposed thereby
still subsists, and it may also, without prejudice to the foregoing generality, refuse to register a transfer of any share to more than
four joint holders or a transfer of any share (not being a fully paid up share) on which the Company has a lien.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board in so far as permitted by any applicable law may, in its absolute discretion, at any time and from time to time transfer any share
upon the Register to any branch register or any share on any branch register to the Register or any other branch register. In the event
of any such transfer, the shareholder requesting such transfer shall bear the cost of effecting the transfer unless the Board otherwise
determines.</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; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
the Board otherwise agrees (which agreement may be on such terms and subject to such conditions as the Board in its absolute discretion
may from time to time determine, and which agreement the Board shall, without giving any reason therefor, be entitled in its absolute
discretion to give or withhold), no shares upon the Register shall be transferred to any branch register nor shall shares on any branch
register be transferred to the Register or any other branch register and all transfers and other documents of title shall be lodged for
registration, and registered, in the case of any shares on a branch register, at the relevant Registration Office, and, in the case of
any shares on the Register, at the Office or such other place at which the Register is kept in accordance with the Act.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">50.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of Article
49, the Board may decline to recognise any instrument of transfer unless:-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">a fee of such maximum sum as the Designated Stock Exchange may determine to be payable or such lesser
sum as the Board may from time to time require is paid to the Company in respect thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the instrument of transfer is in respect of only one class of share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the instrument of transfer is lodged at the Office or such other place at which the Register is kept in
accordance with the Act or the Registration Office (as the case may be) accompanied by the relevant share certificate(s) and such other
evidence as the Board may reasonably require to show the right of the transferor to make the transfer (and, if the instrument of transfer
is executed by some other person on his behalf, the authority of that person so to do); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">if applicable, the instrument of transfer is duly and properly stamped.</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">51.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Board refuses to register a transfer
of any share, it shall, within two months after the date on which the transfer was lodged with the Company, send to each of the transferor
and transferee notice of the refusal.</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">52.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registration of transfers of shares
or of any class of shares may, after compliance with any notice requirement of the Designated Stock Exchange, be suspended at such times
and for such periods (not exceeding in the whole thirty (30) days in any year) as the Board may determine. The period of thirty (30) days
may be extended for a further period or periods not exceeding thirty (30) days in respect of any year if approved by the Members by ordinary
resolution.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>TRANSMISSION OF SHARES</U></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">53.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Member dies, the survivor or survivors
where the deceased was a joint holder, and his legal personal representatives where he was a sole or only surviving holder, will be the
only persons recognised by the Company as having any title to his interest in the shares; but nothing in this Article will release the
estate of a deceased Member (whether sole or joint) from any liability in respect of any share which had been solely or jointly held by
him.</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">54.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any person becoming entitled to a share
in consequence of the death or bankruptcy or winding-up of a Member may, upon such evidence as to his title being produced as may be required
by the Board, elect either to become the holder of the share or to have some person nominated by him registered as the transferee thereof.
If he elects to become the holder he shall notify the Company in writing either at the Registration Office or the Office, as the case
may be, to that effect. If he elects to have another person registered, he shall execute a transfer of the share in favour of that person.
The provisions of these Articles relating to the transfer and registration of transfers of shares shall apply to such notice or transfer
as aforesaid as if the death or bankruptcy of the Member had not occurred and the notice or transfer were a transfer signed by such Member.</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">55.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A person becoming entitled to a share by
reason of the death or bankruptcy or winding-up of a Member shall be entitled to the same dividends and other advantages to which he would
be entitled if he were the registered holder of the share. However, the Board may, if it thinks fit, withhold the payment of any dividend
payable or other advantages in respect of such share until such person shall become the registered holder of the share or shall have effectually
transferred such share, but, subject to the requirements of Article 76(2) being met, such a person may vote at meetings.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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"><U>UNTRACEABLE MEMBERS</U></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">56&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without prejudice to the rights
of the Company under paragraph (2) of this Article 56, the Company may cease sending cheques for dividend entitlements or dividend warrants
by post if such cheques or warrants have been left uncashed on two consecutive occasions. However, the Company may exercise the power
to cease sending cheques for dividend entitlements or dividend warrants after the first occasion on which such a cheque or warrant is
returned undelivered.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have the power to sell, in such manner as the Board thinks fit, any shares of a Member who is untraceable, but no such sale
shall be made unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all cheques or warrants in respect of dividends of the shares in question, being not less than three in
total number, for any sum payable in cash to the holder of such shares in respect of them sent during the relevant period in the manner
authorised by the Articles have remained uncashed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">so far as it is aware at the end of the relevant period, the Company has not at any time during the relevant
period received any indication of the existence of the Member who is the holder of such shares or of a person entitled to such shares
by death, bankruptcy or operation of law; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the Company, if so required by the rules governing the listing of shares on the Designated Stock Exchange,
has given notice to, and caused advertisement in newspapers to be made in accordance with the requirements of, the Designated Stock Exchange
of its intention to sell such shares in the manner required by the Designated Stock Exchange, and a period of three (3) months or such
shorter period as may be allowed by the Designated Stock Exchange has elapsed since the date of such advertisement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">For the purpose of the foregoing,
the &ldquo;relevant period&rdquo; means the period commencing twelve (12) years before the date of publication of the advertisement referred
to in paragraph (c) of this Article and ending at the expiry of the period referred to in that paragraph.</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; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
give effect to any such sale the Board may authorise some person to transfer the said shares and an instrument of transfer signed or otherwise
executed by or on behalf of such person shall be as effective as if it had been executed by the registered holder or the person entitled
by transmission to such shares, and the purchaser shall not be bound to see to the application of the purchase money nor shall his title
to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale. The net proceeds of the sale will
belong to the Company and upon receipt by the Company of such net proceeds, it shall become indebted to the former Member for an amount
equal to such net proceeds. No trust shall be created in respect of such debt and no interest shall be payable in respect of it and the
Company shall not be required to account for any money earned from the net proceeds which may be employed in the business of the Company
or as it thinks fit. Any sale under this Article shall be valid and effective notwithstanding that the Member holding the shares sold
is dead, bankrupt or otherwise under any legal disability or incapacity.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>GENERAL MEETINGS</U></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">57.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall, if required by the Statutes,
in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. An
annual general meeting of the Company shall be held at such time and place as may be determined by the Board.</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">58.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each general meeting, other than an annual
general meeting, shall be called an extraordinary general meeting. All general meetings (including an annual general meeting, any adjourned
general meeting or postponed meeting) may be held as a physical meeting at such times and in any part of the world and at one or more
locations as provided in Article 65A, as a hybrid meeting or as an electronic meeting, as may be determined by the Board in its absolute
discretion.</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">59.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A majority of the Board or the Chairman
of the Board may call extraordinary general meetings, which extraordinary general meetings shall be held at such times and locations (as
permitted hereby) as such person or persons shall determine. Any one or more Members holding not less than one-third of all votes attaching
to the total issued and paid up share capital of the Company at the date of deposit of the requisition shall at all times have the right,
by written requisition to the Board or the Secretary of the Company, to require an extraordinary general meeting to be called by the Board
for the transaction of any business specified in such requisition; and such meeting shall be held within two (2) months after the deposit
of such requisition. If within twenty one (21) days of such deposit the Board fails to proceed to convene such meeting the requisitionist(s)
himself (themselves) may do so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure
of the Board shall be reimbursed to the requisitionist(s) by the Company.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>NOTICE OF GENERAL MEETINGS</U></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">60.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An annual general meeting and any
extraordinary general meeting may be called by not less than ten (10) clear days&rsquo; Notice, but a general meeting may be called by
shorter notice, subject to the Act, if it is so agreed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">in the case of a meeting called as an annual general meeting, by all the Members entitled to attend and
vote thereat; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in the case of any other meeting, by a majority in number of the Members having the right to attend and
vote at the meeting, being a majority together holding not less than ninety-five percent. (95%) in nominal value of the issued shares
giving that right.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notice shall specify (a) the time and date of the meeting, (b) save for an electronic meeting, the place of the meeting and if there is
more than one meeting location as determined by the Board pursuant to Article 65A, the principal place of the meeting (the &ldquo;<B>Principal
Meeting Place</B>&rdquo;), (c) if the general meeting is to be a hybrid meeting or an electronic meeting, the Notice shall include a statement
to that effect and with details of the electronic facilities for attendance and participation by electronic means at the meeting or where
such details will be made available by the Company prior to the meeting, and (d) in case of special business, the general nature of the
business. The notice convening an annual general meeting shall specify the meeting as such. Notice of every general meeting shall be given
to all Members other than to such Members as, under the provisions of these Articles or the terms of issue of the shares they hold, are
not entitled to receive such notices from the Company, to all persons entitled to a share in consequence of the death or bankruptcy or
winding-up of a Member and to each of the Directors.</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">61.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accidental omission to give Notice
of a meeting or (in cases where instruments of proxy are sent out with the Notice) to send such instrument of proxy to, or the non-receipt
of such Notice or such instrument of proxy by, any person entitled to receive such Notice shall not invalidate any resolution passed or
the proceedings at that meeting.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>PROCEEDINGS AT GENERAL MEETINGS</U></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">62.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All business shall be deemed special
that is transacted at an extraordinary general meeting, and also all business that is transacted at an annual general meeting, with the
exception of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the declaration and sanctioning of dividends;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">consideration and adoption of the accounts and balance sheet and the reports of the Directors and Auditors
and other documents required to be annexed to the balance sheet; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the election of Directors.</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
business other than the appointment of a chairman of a meeting shall be transacted at any general meeting unless a quorum is present at
the commencement of the business. At any general meeting of the Company, two (2) Members entitled to vote and present in person or by
proxy or (in the case of a Member being a corporation) by its duly authorised representative representing not less than one-third in nominal
value of the total issued voting shares in the Company throughout the meeting shall form a quorum for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">63.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If within thirty (30) minutes (or such
longer time not exceeding one hour as the chairman of the meeting may determine to wait) after the time appointed for the meeting a quorum
is not present, the meeting shall stand adjourned to the same day in the next week at the same time and (where applicable) same place(s)
or to such time and (where applicable) such place(s) and in such form and manner referred to in Article 58 as the Board may absolutely
determine. If at such adjourned meeting a quorum is not present within half an hour from the time appointed for holding the meeting, the
meeting shall be dissolved.</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">64.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chairman of the Board shall
preside as chairman at every general meeting. If at any meeting the chairman is not present within fifteen (15) minutes after the time
appointed for holding the meeting, or is not willing to act as chairman, the Directors present shall choose one of their number to act,
or if one Director only is present he shall preside as chairman if willing to act. If no Director is present, or if each of the Directors
present declines to take the chair, or if the chairman chosen shall retire from the chair, the Members present in person or by their duly
authorised representative or by proxy and entitled to vote shall elect one of their number to be chairman.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the chairman of a general meeting is participating in the general meeting using an electronic facility or facilities and becomes unable
to participate in the general meeting using such electronic facility or facilities, another person (determined in accordance with Article
64(1) above) shall preside as chairman of the meeting unless and until the original chairman of the meeting is able to participate in
the general meeting using the electronic facility or facilities</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">65.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chairman may adjourn the meeting from
time to time (or indefinitely) and/or from place to place(s) and/or from one form to another (a physical meeting, a hybrid meeting or
an electronic meeting), but no business shall be transacted at any adjourned meeting other than the business which might lawfully have
been transacted at the meeting had the adjournment not taken place. When a meeting is adjourned for fourteen (14) days or more, at least
seven (7) clear days&rsquo; notice of the adjourned meeting shall be given specifying the time and place of the adjourned meeting but
it shall not be necessary to specify in such notice the nature of the business to be transacted at the adjourned meeting and the general
nature of the business to be transacted. Save as aforesaid, it shall be unnecessary to give notice of an adjournment.</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">65A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may, at its absolute
discretion, arrange for persons entitled to attend a general meeting to do so by simultaneous attendance and participation by means of
electronic facilities at such location or locations (&ldquo;<B>Meeting Location(s)</B>&rdquo;) determined by the Board at its absolute
discretion. Any Member or any proxy attending and participating in such way or any Member or proxy attending and participating in an electronic
meeting or a hybrid meeting by means of electronic facilities is deemed to be present at and shall be counted in the quorum of the meeting.</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
general meetings are subject to the following and, where appropriate, all references to a &ldquo;Member&rdquo; or &ldquo;Members&rdquo;
in this sub-paragraph (2) shall include a proxy or proxies respectively:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">where a Member is attending a Meeting Location and/or in the case of a hybrid meeting, the meeting shall
be treated as having commenced if it has commenced at the Principal Meeting Place;&#9;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Members present in person or by proxy at a Meeting Location and/or Members attending and participating
in an electronic meeting or a hybrid meeting by means of electronic facilities shall be counted in the quorum for and entitled to vote
at the meeting in question, and that meeting shall be duly constituted and its proceedings valid provided that the chairman of the meeting
is satisfied that adequate electronic facilities are available throughout the meeting to ensure that Members at all Meeting Locations
and Members participating in an electronic meeting or a hybrid meeting by means of electronic facilities are able to participate in the
business for which the meeting has been convened;</TD></TR></TABLE>

<P STYLE="font: 10pt 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: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">where Members attend a meeting by being present at one of the Meeting Locations and/or where Members are
participating in an electronic meeting or a hybrid meeting by means of electronic facilities, a failure (for any reason) of the electronic
facilities or communication equipment, or any other failure in the arrangements for enabling those in a Meeting Location other than the
Principal Meeting Place to participate in the business for which the meeting has been convened or in the case of an electronic meeting
or a hybrid meeting, the inability of one or more Members or proxies to access, or continue to access, the electronic facilities despite
adequate electronic facilities having been made available by the Company, shall not affect the validity of the meeting or the resolutions
passed, or any business conducted there or any action taken pursuant to such business provided that there is a quorum present throughout
the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt 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: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">if any of the Meeting Locations is not in the same jurisdiction as the Principal Meeting Place and/or
in the case of a hybrid meeting, the provisions of these Articles concerning the service and giving of Notice for the meeting, and the
time for lodging proxies, shall apply by reference to the Principal Meeting Place; and in the case of an electronic meeting, the time
for lodging proxies shall be as stated in the Notice for the meeting.</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">65B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board and, at any general meeting,
the chairman of the meeting may from time to time make arrangements for managing attendance and/or participation and/or voting at the
Principal Meeting Place, any Meeting Location(s) and/or participation in an electronic meeting or a hybrid meeting by means of electronic
facilities (whether involving the issue of tickets or some other means of identification, passcode, seat reservation, electronic voting
or otherwise) as it shall in its absolute discretion consider appropriate, and may from time to time change any such arrangements, provided
that a Member who, pursuant to such arrangements, is not entitled to attend, in person or by proxy, at any Meeting Location shall be entitled
so to attend at one of the other Meeting Locations; and the entitlement of any Member so to attend the meeting or adjourned meeting or
postponed meeting at such Meeting Location or Meeting Locations shall be subject to any such arrangement as may be for the time being
in force and by the Notice of meeting or adjourned meeting or postponed meeting stated to apply to the meeting.</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">65C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If it appears to the chairman of the general
meeting that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the electronic facilities at the Principal Meeting Place or at such other Meeting Location(s) at which
the meeting may be attended have become inadequate for the purposes referred to in Article 65A(1) or are otherwise not sufficient to allow
the meeting to be conducted substantially in accordance with the provisions set out in the Notice of the meeting; or</TD></TR></TABLE>

<P STYLE="font: 10pt 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: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in the case of an electronic meeting or a hybrid meeting, electronic facilities being made available by
the Company have become inadequate; or</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">it is not possible to ascertain the view of those present or to give all persons entitled to do so a reasonable
opportunity to communicate and/or vote at the meeting; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">there is violence or the threat of violence, unruly behaviour or other disruption occurring at the meeting
or it is not possible to secure the proper and orderly conduct of the meeting;</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">then, without prejudice to any other power which
the chairman of the meeting may have under these Articles or at common law, the chairman may, at his/her absolute discretion, without
the consent of the meeting, and before or after the meeting has started and irrespective of whether a quorum is present, interrupt or
adjourn the meeting (including adjournment for indefinite period). All business conducted at the meeting up to the time of such adjournment
shall be valid.</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">65D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board and, at any general meeting,
the chairman of the meeting may make any arrangement and impose any requirement or restriction the Board or the chairman of the meeting,
as the case may be, considers appropriate to ensure the security and orderly conduct of a meeting (including, without limitation, requirements
for evidence of identity to be produced by those attending the meeting, the searching of their personal property and the restriction of
items that may be taken into the meeting place, determining the number and frequency of and the time allowed for questions that may be
raised at a meeting). Members shall also comply with all requirements or restrictions imposed by the owner of the premises at which the
meeting is held. Any decision made under this Article shall be final and conclusive and a person who refuses to comply with any such arrangements,
requirements or restrictions may be refused entry to the meeting or ejected (physically or electronically) from the meeting.</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">65E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, after the sending of Notice of a general
meeting but before the meeting is held, or after the adjournment of a meeting but before the adjourned meeting is held (whether or not
Notice of the adjourned meeting is required), the Directors, in their absolute discretion, consider that it is inappropriate, impracticable,
unreasonable or undesirable for any reason to hold the general meeting on the date or at the time or place or by means of electronic facilities
specified in the Notice calling the meeting, they may change or postpone the meeting to another date, time and/or place and/or change
the electronic facilities and/or change the form of the meeting (a physical meeting, an electronic meeting or a hybrid meeting) without
approval from the Members. Without prejudice to the generality of the foregoing, the Directors shall have the power to provide in every
Notice calling a general meeting the circumstances in which a postponement of the relevant general meeting may occur automatically without
further notice, including without limitation where a number 8 or higher typhoon signal, black rainstorm warning or other similar event
is in force at any time on the day of the meeting. This Article shall be subject to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">when a meeting is so postponed, the Company shall endeavour to post a Notice of such postponement on the
Company&rsquo;s website as soon as practicable (provided that failure to post such a Notice shall not affect the automatic postponement
of a meeting);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">when only the form of the meeting or electronic facilities specified in the Notice are changed, the Board
shall notify the Members of details of such change in such manner as the Board may determine;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">when a meeting is postponed or changed in accordance with this Article, subject to and without prejudice
to Article 65, unless already specified in the original Notice of the meeting, the Board shall fix the date, time, place (if applicable)
and electronic facilities (if applicable) for the postponed or changed meeting and shall notify the Members of such details in such manner
as the Board may determine; further all proxy forms shall be valid (unless revoked or replaced by a new proxy) if they are received as
required by these Articles not less than 48 hours before the time of the postponed meeting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Notice of the business to be transacted at the postponed or changed meeting shall not be required, nor
shall any accompanying documents be required to be recirculated, provided that the business to be transacted at the postponed or changed
meeting is the same as that set out in the original Notice of general meeting circulated to the Members.</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">65F. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All persons seeking to attend and participate
in an electronic meeting or a hybrid meeting shall be responsible for maintaining adequate facilities to enable them to do so. Subject
to Article 65C, any inability of a person or persons to attend or participate in a general meeting by way of electronic facilities shall
not invalidate the proceedings of and/or resolutions passed at that meeting.</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">65G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without prejudice to other provisions
in Article 65, a physical meeting may also be held by means of such telephone, electronic or other communication facilities as permit
all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such
a meeting shall constitute presence in person at such meeting</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">66.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an amendment is proposed to any resolution
under consideration but is in good faith ruled out of order by the chairman of the meeting, the proceedings on the substantive resolution
shall not be invalidated by any error in such ruling. In the case of a resolution duly proposed as a special resolution, no amendment
thereto (other than a mere clerical amendment to correct a patent error) may in any event be considered or voted upon.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>VOTING</U></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">67.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of shares have the right to receive
notice of, attend, speak and vote at general meetings of the Company. Subject to any special rights or restrictions as to voting for the
time being attached to any shares by or in accordance with these Articles, at any general meeting on a show of hands every Member present
in person (or being a corporation, is present by a duly authorised representative), or by proxy shall have one vote and on a poll every
Member present in person or by proxy or, in the case of a Member being a corporation, by its duly authorised representative shall have
one vote for every fully paid share of which he is the holder but so that no amount paid up or credited as paid up on a share in advance
of calls or instalments is treated for the foregoing purposes as paid up on the share. Notwithstanding anything contained in these Articles,
where more than one proxy is appointed by a Member which is a clearing house or a central depository house (or its nominee(s)), each such
proxy shall have one vote on a show of hands. A resolution put to the vote of a meeting shall be decided by way of a poll save that in
the case of a physical meeting, the chairman of the meeting may decide that a vote be on a show of hands unless voting by way of a poll
is required by the rules and regulations of the Designated Stock Exchange or (before or on the declaration of the result of the show of
hands or on the withdrawal of any other demand for a poll) a poll is demanded:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">by at least three Members present in person or (in the case of a Member being a corporation) by its duly
authorised representative or by proxy for the time being entitled to vote at the meeting; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">by a Member or Members present in person or (in the case of a Member being a corporation) by its duly
authorised representative or by proxy and representing not less than one-tenth of the total voting rights of all Members having the right
to vote at the meeting; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">by a Member or Members present in person or (in the case of a Member being a corporation) by its duly
authorised representative or by proxy and holding shares in the Company conferring a right to vote at the meeting being shares on which
an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all shares conferring that right.</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; text-indent: 1in">A demand by a person as proxy
for a Member or in the case of a Member being a corporation by its duly authorised representative shall be deemed to be the same as a
demand by a Member. Votes (whether on a show of hands or by way of poll) may be cast by such means, electronic or otherwise, as the Directors
or the chairman of the meeting may determine.</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">68.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless a poll is duly demanded and the
demand is not withdrawn, a declaration by the chairman that a resolution has been carried, or carried unanimously, or by a particular
majority, or not carried by a particular majority, or lost, and an entry to that effect made in the minute book of the Company, shall
be conclusive evidence of the facts without proof of the number or proportion of the votes recorded for or against the resolution.</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">69.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a poll is duly demanded the result of
the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. The Company shall only be required to disclose
the voting figures on a poll if such disclosure is required by the rules and regulations of the Designated Stock Exchange.</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">70.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A poll demanded on the election of a chairman,
or on a question of adjournment, shall be taken forthwith. A poll demanded on any other question shall be taken in such manner (including
the use of ballot or voting papers or tickets) and either forthwith or at such time (being not later than thirty (30) days after the date
of the demand) and place as the chairman directs. It shall not be necessary (unless the chairman otherwise directs) for notice to be given
of a poll not taken immediately.</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">71.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The demand for a poll shall not prevent
the continuance of a meeting or the transaction of any business other than the question on which the poll has been demanded, and, with
the consent of the chairman, it may be withdrawn at any time before the close of the meeting or the taking of the poll, whichever is the
earlier.</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">72.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a poll votes may be given either personally
or by proxy.</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">73.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A person entitled to more than one vote
on a poll need not use all his votes or cast all the votes he uses in the same way.</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">74.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All questions submitted to a meeting shall
be decided by a simple majority of votes except where a greater majority is required by these Articles, by the Act or the rules and regulations
of the Designated Stock Exchange. In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of such meeting
shall be entitled to a second or casting vote in addition to any other vote he may have.</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">75.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where there are joint holders of any share
any one of such joint holders may vote, either in person or by proxy, in respect of such share as if he were solely entitled thereto,
but if more than one of such joint holders be present at any meeting the vote of the senior holder who tenders a vote, whether in person
or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined
by the order in which the names stand in the Register in respect of the joint holding. Several executors or administrators of a deceased
Member in whose name any share stands shall for the purposes of this Article be deemed joint holders thereof.</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">76.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Member who is a patient for any
purpose relating to mental health or in respect of whom an order has been made by any court having jurisdiction for the protection or
management of the affairs of persons incapable of managing their own affairs may vote, whether on a show of hands or on a poll, by his
receiver, committee, <I>curator bonis</I> or other person in the nature of a receiver, committee or <I>curator bonis</I> appointed by
such court, and such receiver, committee, <I>curator bonis</I> or other person may vote on a poll by proxy, and may otherwise act and
be treated as if he were the registered holder of such shares for the purposes of general meetings, provided that such evidence as the
Board may require of the authority of the person claiming to vote shall have been deposited at the Office, head office or Registration
Office, as appropriate, not less than forty-eight (48) hours before the time appointed for holding the meeting, or adjourned meeting or
postponed meeting, or poll, as the case may be.</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; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
person entitled under Article 54 to be registered as the holder of any shares may vote at any general meeting in respect thereof in the
same manner as if he were the registered holder of such shares, provided that forty-eight (48) hours at least before the time of the holding
of the meeting or adjourned meeting or postponed meeting, as the case may be, at which he proposes to vote, he shall satisfy the Board
of his entitlement to such shares, or the Board shall have previously admitted his right to vote at such meeting in respect thereof.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">77.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Member shall, unless the Board otherwise
determines, be entitled to attend and vote and to be reckoned in a quorum at any general meeting unless he is duly registered and all
calls or other sums presently payable by him in respect of shares in the Company have been paid.</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">78.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any objection shall be raised to the qualification of any voter; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any votes have been counted which ought not to have been counted or which might have been rejected; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any votes are not counted which ought to have been counted;</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; text-indent: 1in">the objection or error shall
not vitiate the decision of the meeting or adjourned meeting on any resolution unless the same is raised or pointed out at the meeting
or, as the case may be, the adjourned meeting at which the vote objected to is given or tendered or at which the error occurs. Any objection
or error shall be referred to the chairman of the meeting and shall only vitiate the decision of the meeting on any resolution if the
chairman decides that the same may have affected the decision of the meeting. The decision of the chairman on such matters shall be final
and conclusive.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>PROXIES</U></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">79.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Member entitled to attend and vote
at a meeting of the Company shall be entitled to appoint another person as his proxy to attend and vote instead of him. A Member who is
the holder of two or more shares may appoint more than one proxy to represent him and vote on his behalf at a general meeting of the Company
or at a class meeting. A proxy need not be a Member. In addition, a proxy or proxies representing either a Member who is an individual
or a Member which is a corporation shall be entitled to exercise the same powers on behalf of the Member which he or they represent as
such Member could exercise.</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">80.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The instrument appointing a proxy shall
be in writing under the hand of the appointor or of his attorney duly authorised in writing or, if the appointor is a corporation, either
under its seal or under the hand of an officer, attorney or other person authorised to sign the same. In the case of an instrument of
proxy purporting to be signed on behalf of a corporation by an officer thereof it shall be assumed, unless the contrary appears, that
such officer was duly authorised to sign such instrument of proxy on behalf of the corporation without further evidence of the facts.</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">81.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may, at its absolute
discretion, provide an electronic address for the receipt of any document or information relating to proxies for a general meeting (including
any instrument of proxy or invitation to appoint a proxy, any document necessary to show the validity of, or otherwise relating to, an
appointment of proxy (whether or not required under these Articles) and notice of termination of the authority of a proxy). If such an
electronic address is provided, the Company shall be deemed to have agreed that any such document or information (relating to proxies
as aforesaid) may be sent by electronic means to that address, subject as hereafter provided and subject to any other limitations or conditions
specified by the Company when providing the address. Without limitation, the Company may from time to time determine that any such electronic
address may be used generally for such matters or specifically for particular meetings or purposes and, if so, the Company may provide
different electronic addresses for different purposes. The Company may also impose any conditions on the transmission of and its receipt
of such electronic communications including, for the avoidance of doubt, imposing any security or encryption arrangements as may be specified
by the Company. If any document or information required to be sent to the Company under this Article is sent to the Company by electronic
means, such document or information is not treated as validly delivered to or deposited with the Company if the same is not received by
the Company at its designated electronic address provided in accordance with this Article or if no electronic address is so designated
by the Company for the receipt of such document or information.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
instrument appointing a proxy and (if required by the Board) the power of attorney or other authority (if any) under which it is signed,
or a certified copy of such power or authority, shall be delivered to such place or one of such places (if any) as may be specified for
that purpose in or by way of note to or in any document accompanying the notice convening the meeting (or, if no place is so specified
at the Registration Office or the Office, as may be appropriate) , or if the Company has provided an electronic address in accordance
with the preceding paragraph, shall be received at the electronic address specified, not less than forty-eight (48) hours before the time
appointed for holding the meeting, the postponed meeting or adjourned meeting at which the person named in the instrument proposes to
vote or, in the case of a poll taken subsequently to the date of a meeting or adjourned meeting, not less than twenty-four (24) hours
before the time appointed for the taking of the poll and in default the instrument of proxy shall not be treated as valid. No instrument
appointing a proxy shall be valid after the expiration of twelve (12) months from the date named in it as the date of its execution, except
at an adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the meeting was originally held within
twelve (12) months from such date. Delivery of an instrument appointing a proxy shall not preclude a Member from attending and voting
at the meeting convened and in such event, the instrument appointing a proxy shall be deemed to be revoked.</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">82.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Instruments of proxy shall be in any common
form or in such other form as the Board may approve (provided that this shall not preclude the use of the two-way form) and the Board
may, if it thinks fit, send out with the notice of any meeting forms of instrument of proxy for use at the meeting. The instrument of
proxy shall be deemed to confer authority to demand or join in demanding a poll and to vote on any amendment of a resolution put to the
meeting for which it is given as the proxy thinks fit. The instrument of proxy shall, unless the contrary is stated therein, be valid
as well for any adjournment or postponement of the meeting as for the meeting to which it relates. The Board may decide, either generally
or in any particular case, to treat a proxy appointment as valid notwithstanding that the appointment or any of the information required
under these Articles has not been received in accordance with the requirements of these Articles. Subject to aforesaid, if the proxy appointment
and any of the information required under these Articles is not received in the manner set out in these Articles, the appointee shall
not be entitled to vote in respect of the shares in question.</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">83.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A vote given in accordance with the terms
of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal, or revocation of the instrument
of proxy or of the authority under which it was executed, provided that no intimation in writing of such death, insanity or revocation
shall have been received by the Company at the Office or the Registration Office (or such other place as may be specified for the delivery
of instruments of proxy in the notice convening the meeting or other document sent therewith) two (2) hours at least before the commencement
of the meeting, the postponed meeting or adjourned meeting, or the taking of the poll, at which the instrument of proxy is used.</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">84.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything which under these Articles a Member
may do by proxy he may likewise do by his duly appointed attorney and the provisions of these Articles relating to proxies and instruments
appointing proxies shall apply <I>mutatis mutandis</I> in relation to any such attorney and the instrument under which such attorney is
appointed.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>CORPORATIONS ACTING BY REPRESENTATIVES</U></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">85.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation which is a Member
may by resolution of its directors or other governing body authorise such person as it thinks fit to act as its representative at any
meeting of the Company or at any meeting of any class of Members. The person so authorised shall be entitled to exercise the same powers
on behalf of such corporation as the corporation could exercise if it were an individual Member and such corporation shall for the purposes
of these Articles be deemed to be present in person at any such meeting if a person so authorised is present thereat.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a clearing house (or its nominee(s)) or a central depository entity (or its nominee(s)), being a corporation, is a Member, it may authorise
such persons as it thinks fit to act as its representatives at any meeting of the Company or at any meeting of any class of Members, provided
that the authorisation shall specify the number and class of shares in respect of which each such representative is so authorised. Each
person so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the
facts and be entitled to exercise the same rights and powers on behalf of the clearing house or a central depository entity (or its nominee(s))
as if such person was the registered holder of the shares of the Company held by the clearing house or a central depository entity (or
its nominee(s)) including the right to vote individually on a show of hands.</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; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
reference in these Articles to a duly authorised representative of a Member being a corporation shall mean a representative authorised
under the provisions of this Article.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>NO ACTION BY WRITTEN RESOLUTIONS OF MEMBERS</U></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">86.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any action required or permitted to be
taken at any annual or extraordinary general meetings of the Company may be taken only upon the vote of the Members at an annual or extraordinary
general meeting duly noticed and convened in accordance with these Articles and the Act and may not be taken by written resolution of
Members without a meeting.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>BOARD OF DIRECTORS</U></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">87.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise determined by the
Company in general meeting, the number of Directors shall not be less than two (2). There shall be no maximum number of Directors unless
otherwise determined from time to time by the Board. For so long as the shares are listed on the Designated Stock Exchange, the Directors
shall include such number of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange require, unless
the Board resolves to follow any available exceptions or exemptions. The Directors shall be elected or appointed in accordance with Articles
87 and 88 and shall hold office until the expiration of his term or until their successors are elected or appointed.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the Articles and the Act, the Company may by ordinary resolution elect any person to be a Director either to fill a casual vacancy
or as an addition to the existing Board.</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; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Directors shall have the power from time to time and at any time to appoint any person as a Director to fill a casual vacancy on the Board
or as an addition to the existing Board subject to the Company&rsquo;s compliance with director nomination procedures required under the
rules and regulations of the Designated Stock Exchange as long as shares are listed on the Designated Stock Exchange, unless the Board
resolves to follow any available exceptions or exemptions.</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; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Director shall be required to hold any shares of the Company by way of qualification and a Director who is not a Member shall be entitled
to receive notice of and to attend and speak at any general meeting of the Company and of all classes of shares of the Company.</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; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to any provision to the contrary in these Articles, a Director may be removed by way of an ordinary resolution of the Members at any time
before the expiration of his period of office notwithstanding anything in these Articles or in any agreement between the Company and such
Director (but without prejudice to any claim for damages under any such agreement).</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; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
vacancy on the Board created by the removal of a Director under the provisions of subparagraph (5) above may be filled by the election
or appointment by ordinary resolution of the Members at the meeting at which such Director is removed or by the affirmative vote of a
simple majority of the remaining Directors present and voting at a Board meeting.</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; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may from time to time in general meeting by ordinary resolution increase or reduce the number of Directors but so that the number
of Directors shall never be less than two (2).</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">&nbsp;</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>

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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"><U>DISQUALIFICATION OF DIRECTORS</U></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">88.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The office of a Director shall be vacated
if the Director:</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; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;resigns
his office by notice in writing delivered to the Company at the Office or tendered at a meeting of the Board;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">becomes of unsound mind or dies;</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; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;without
special leave of absence from the Board, is absent from meetings of the Board for three consecutive meetings and the Board resolves that
his office be vacated;</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; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;becomes
bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">is prohibited by law from being a Director; or</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; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ceases
to be a Director by virtue of any provision of the Statutes or is removed from office pursuant to these Articles.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXECUTIVE DIRECTORS</U></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">89.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may from time to time appoint
any one or more of its body to be a managing director, joint managing director or deputy managing director or to hold any other employment
or executive office with the Company for such period (subject to their continuance as Directors) and upon such terms as the Board may
determine and the Board may revoke or terminate any of such appointments. Any such revocation or termination as aforesaid shall be without
prejudice to any claim for damages that such Director may have against the Company or the Company may have against such Director. A Director
appointed to an office under this Article 91 shall be subject to the same provisions as to removal as the other Directors of the Company,
and he shall (subject to the provisions of any contract between him and the Company) ipso facto and immediately cease to hold such office
if he shall cease to hold the office of Director for any cause.</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">90.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding Articles 95, 96, 97 and
98, an executive director appointed to an office under Article 89 hereof shall receive such remuneration (whether by way of salary, commission,
participation in profits or otherwise or by all or any of those modes) and such other benefits (including pension and/or gratuity and/or
other benefits on retirement) and allowances as the Board may from time to time determine, and either in addition to or in lieu of his
remuneration as a Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ALTERNATE DIRECTORS</U></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">91.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Director may at any time by Notice
delivered to the Office or head office or at a meeting of the Directors appoint any person (including another Director) to be his alternate
Director. Any person so appointed shall have all the rights and powers of the Director or Directors for whom such person is appointed
in the alternative provided that such person shall not be counted more than once in determining whether or not a quorum is present. An
alternate Director may be removed at any time by the body which appointed him and, subject thereto, the office of alternate Director shall
continue until the happening of any event which, if he were a Director, would cause him to vacate such office or if his appointer ceases
for any reason to be a Director. Any appointment or removal of an alternate Director shall be effected by Notice signed by the appointor
and delivered to the Office or head office or tendered at a meeting of the Board. An alternate Director may also be a Director in his
own right and may act as alternate to more than one Director. An alternate Director shall, if his appointor so requests, be entitled to
receive notices of meetings of the Board or of committees of the Board to the same extent as, but in lieu of, the Director appointing
him and shall be entitled to such extent to attend and vote as a Director at any such meeting at which the Director appointing him is
not personally present and generally at such meeting to exercise and discharge all the functions, powers and duties of his appointor as
a Director and for the purposes of the proceedings at such meeting the provisions of these Articles shall apply as if he were a Director
save that as an alternate for more than one Director his voting rights shall be cumulative.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">92.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An alternate Director shall only be a Director
for the purposes of the Act and shall only be subject to the provisions of the Act insofar as they relate to the duties and obligations
of a Director when performing the functions of the Director for whom he is appointed in the alternative and shall alone be responsible
to the Company for his acts and defaults and shall not be deemed to be the agent of or for the Director appointing him. An alternate Director
shall be entitled to contract and be interested in and benefit from contracts or arrangements or transactions and to be repaid expenses
and to be indemnified by the Company to the same extent <I>mutatis mutandis</I> as if he were a Director but he shall not be entitled
to receive from the Company any fee in his capacity as an alternate Director except only such part, if any, of the remuneration otherwise
payable to his appointor as such appointor may by Notice to the Company from time to time direct.</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">93.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every person acting as an alternate Director
shall have one vote for each Director for whom he acts as alternate (in addition to his own vote if he is also a Director). If his appointor
is for the time being absent from the People&rsquo;s Republic of China or otherwise not available or unable to act, the signature of an
alternate Director to any resolution in writing of the Board or a committee of the Board of which his appointor is a member shall, unless
the notice of his appointment provides to the contrary, be as effective as the signature of his appointor.</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">94.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An alternate Director shall ipso facto
cease to be an alternate Director if his appointor ceases for any reason to be a Director, however, such alternate Director or any other
person may be re-appointed by the Directors to serve as an alternate Director.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>DIRECTORS&rsquo; FEES AND EXPENSES</U></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">95.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Directors shall receive such remuneration
as the Board may from time to time determine. Each Director shall be entitled to be repaid or prepaid all traveling, hotel and incidental
expenses reasonably incurred or expected to be incurred by him in attending meetings of the Board or committees of the board or general
meetings or separate meetings of any class of shares or of debenture of the Company or otherwise in connection with the discharge of his
duties as a Director.</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">96.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Director shall be entitled to be repaid
or prepaid all travelling, hotel and incidental expenses reasonably incurred or expected to be incurred by him in attending meetings of
the Board or committees of the Board or general meetings or separate meetings of any class of shares or of debentures of the Company or
otherwise in connection with the discharge of his duties as a Director.</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">97.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Director who, by request, goes or resides
abroad for any purpose of the Company or who performs services which in the opinion of the Board go beyond the ordinary duties of a Director
may be paid such extra remuneration (whether by way of salary, commission, participation in profits or otherwise) as the Board may determine
and such extra remuneration shall be in addition to or in substitution for any ordinary remuneration provided for by or pursuant to any
other Article.</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"><FONT STYLE="font-weight: normal">98.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
shall determine any payment to any Director or past Director of the Company by way of compensation for loss of office, or as consideration
for or in connection with his retirement from office (not being payment to which the Director is contractually entitled).</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>DIRECTORS&rsquo; INTERESTS</U></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">99.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Director may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">hold any other office or place of profit with the Company (except that of Auditor) in conjunction with
his office of Director for such period and upon such terms as the Board may determine. Any remuneration (whether by way of salary, commission,
participation in profits or otherwise) paid to any Director in respect of any such other office or place of profit shall be in addition
to any remuneration provided for by or pursuant to any other Article;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">act by himself or his firm in a professional capacity for the Company (otherwise than as Auditor) and
he or his firm may be remunerated for professional services as if he were not a Director;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">continue to be or become a director, managing director, joint managing director, deputy managing director,
executive director, manager or other officer or member of any other company promoted by the Company or in which the Company may be interested
as a vendor, shareholder or otherwise and (unless otherwise agreed) no such Director shall be accountable for any remuneration, profits
or other benefits received by him as a director, managing director, joint managing director, deputy managing director, executive director,
manager or other officer or member of or from his interests in any such other company. Subject as otherwise provided by these Articles
the Directors may exercise or cause to be exercised the voting powers conferred by the shares in any other company held or owned by the
Company, or exercisable by them as Directors of such other company in such manner in all respects as they think fit (including the exercise
thereof in favour of any resolution appointing themselves or any of them directors, managing directors, joint managing directors, deputy
managing directors, executive directors, managers or other officers of such company) or voting or providing for the payment of remuneration
to the director, managing director, joint managing director, deputy managing director, executive director, manager or other officers of
such other company and any Director may vote in favour of the exercise of such voting rights in manner aforesaid notwithstanding that
he may be, or about to be, appointed a director, managing director, joint managing director, deputy managing director, executive director,
manager or other officer of such a company, and that as such he is or may become interested in the exercise of such voting rights in manner
aforesaid.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, no Independent
Director shall without the consent of the Audit Committee take any of the foregoing actions or any other action that would reasonably
be likely to affect such Director&rsquo;s status as an Independent Director.</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; text-align: justify">100.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the Act and to these Articles,
no Director or proposed or intending Director shall be disqualified by his office from contracting with the Company, either with regard
to his tenure of any office or place of profit or as vendor, purchaser or in any other manner whatsoever, nor shall any such contract
or any other contract or arrangement in which any Director is in any way interested be liable to be avoided, nor shall any Director so
contracting or being so interested be liable to account to the Company or the Members for any remuneration, profit or other benefits realised
by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relationship thereby established
provided that such Director shall disclose the nature of his interest in any contract or arrangement in which he is interested in accordance
with Article 101 herein. Any such transaction that would reasonably be likely to affect a Director&rsquo;s status as an Independent Director,
or that would constitute a &ldquo;related party transaction&rdquo; as defined by the rules and regulations of the Designated Stock Exchange
or under applicable laws, shall require the approval of the Audit Committee.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">101.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Director who to his knowledge is in
any way, whether directly or indirectly, interested in a contract or arrangement or proposed contract or arrangement with the Company
shall declare the nature of his interest at the meeting of the Board at which the question of entering into the contract or arrangement
is first considered, if he knows his interest then exists, or in any other case at the first meeting of the Board after he knows that
he is or has become so interested. For the purposes of this Article, a general Notice to the Board by a Director to the effect that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">he is a member or officer of a specified company or firm and is to be regarded as interested in any contract
or arrangement which may after the date of the Notice be made with that company or firm; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">he is to be regarded as interested in any contract or arrangement which may after the date of the Notice
be made with a specified person who is connected with him;</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; text-indent: 1in">shall be deemed to be a sufficient
declaration of interest under this Article in relation to any such contract or arrangement, provided that no such Notice shall be effective
unless either it is given at a meeting of the Board or the Director takes reasonable steps to secure that it is brought up and read at
the next Board meeting after it is given.</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">102.&#9;Following a declaration being made pursuant
to the last preceding two Articles, subject to any separate requirement for Audit Committee approval under applicable law or the rules
and regulations of the Designated Stock Exchange, and unless disqualified by the chairman of the relevant Board meeting, a Director may
vote in respect of any contract or proposed contract or arrangement in which such Director is interested and may be counted in the quorum
at such meeting.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>GENERAL POWERS OF THE DIRECTORS</U></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">103.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The business of the Company shall
be managed and conducted by the Board, which may pay all expenses incurred in forming and registering the Company and may exercise all
powers of the Company (whether relating to the management of the business of the Company or otherwise) which are not by the Statutes or
by these Articles required to be exercised by the Company in general meeting, subject nevertheless to the provisions of the Statutes and
of these Articles and to such regulations being not inconsistent with such provisions, as may be prescribed by the Company in general
meeting, but no regulations made by the Company in general meeting shall invalidate any prior act of the Board which would have been valid
if such regulations had not been made. The general powers given by this Article shall not be limited or restricted by any special authority
or power given to the Board by any other Article.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
person contracting or dealing with the Company in the ordinary course of business shall be entitled to rely on any written or oral contract
or agreement or deed, document or instrument entered into or executed as the case may be by any one Director on behalf of the Company
and the same shall be deemed to be validly entered into or executed by the Company as the case may be and shall, subject to any rule of
law, be binding on the Company.</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; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
prejudice to the general powers conferred by these Articles it is hereby expressly declared that the Board shall have the following powers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to give to any person the right or option of requiring at a future date that an allotment shall be made
to him of any share at par or at such premium as may be agreed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to give to any Directors, officers or employees of the Company an interest in any particular business
or transaction or participation in the profits thereof or in the general profits of the Company either in addition to or in substitution
for a salary or other remuneration; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">to resolve that the Company be deregistered in the Cayman Islands and continued in a named jurisdiction
outside the Cayman Islands subject to the provisions of the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">104.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may establish any regional or
local boards or agencies for managing any of the affairs of the Company in any place, and may appoint any persons to be members of such
local boards, or any managers or agents, and may fix their remuneration (either by way of salary or by commission or by conferring the
right to participation in the profits of the Company or by a combination of two or more of these modes) and pay the working expenses of
any staff employed by them upon the business of the Company. The Board may delegate to any regional or local board, manager or agent any
of the powers, authorities and discretions vested in or exercisable by the Board (other than its powers to make calls and forfeit shares),
with power to sub-delegate, and may authorise the members of any of them to fill any vacancies therein and to act notwithstanding vacancies.
Any such appointment or delegation may be made upon such terms and subject to such conditions as the Board may think fit, and the Board
may remove any person appointed as aforesaid, and may revoke or vary such delegation, but no person dealing in good faith and without
notice of any such revocation or variation shall be affected thereby.</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">105.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may by power of attorney appoint
any company, firm or person or any fluctuating body of persons, whether nominated directly or indirectly by the Board, to be the attorney
or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable
by the Board under these Articles) and for such period and subject to such conditions as it may think fit, and any such power of attorney
may contain such provisions for the protection and convenience of persons dealing with any such attorney as the Board may think fit, and
may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. Such attorney
or attorneys may, if so authorised under the Seal of the Company, execute any deed or instrument under their personal seal with the same
effect as the affixation of the Company&rsquo;s Seal.</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">106.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may entrust to and confer upon
a managing director, joint managing director, deputy managing director, an executive director or any Director any of the powers exercisable
by it upon such terms and conditions and with such restrictions as it thinks fit, and either collaterally with, or to the exclusion of,
its own powers, and may from time to time revoke or vary all or any of such powers but no person dealing in good faith and without notice
of such revocation or variation shall be affected thereby.</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">107.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All cheques, promissory notes, drafts,
bills of exchange and other instruments, whether negotiable or transferable or not, and all receipts for moneys paid to the Company shall
be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as the Board shall from time to time by
resolution determine. The Company&rsquo;s banking accounts shall be kept with such banker or bankers as the Board shall from time to time
determine.</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">108.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may establish or concur
or join with other companies (being subsidiary companies of the Company or companies with which it is associated in business) in establishing
and making contributions out of the Company&rsquo;s moneys to any schemes or funds for providing pensions, sickness or compassionate allowances,
life assurance or other benefits for employees (which expression as used in this and the following paragraph shall include any Director
or ex-Director who may hold or have held any executive office or any office of profit under the Company or any of its subsidiary companies)
and ex-employees of the Company and their dependants or any class or classes of such person.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board may pay, enter into agreements to pay or make grants of revocable or irrevocable pensions or other benefits to employees and ex-employees
and their dependants, or to any of such persons, including pensions or benefits additional to those, if any, to which such employees or
ex-employees or their dependants are or may become entitled under any such scheme or fund as mentioned in the last preceding paragraph.
Any such pension or benefit may, as the Board considers desirable, be granted to an employee either before and in anticipation of or upon
or at any time after his actual retirement, and may be subject or not subject to any terms or conditions as the Board may determine.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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"><U>BORROWING POWERS</U></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">109.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may exercise all the powers
of the Company to raise or borrow money and to mortgage or charge all or any part of the undertaking, property and assets (present and
future) and uncalled capital of the Company and, subject to the Act, to issue debentures, bonds and other securities, whether outright
or as collateral security for any debt, liability or obligation of the Company or of any third party.</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">110.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debentures, bonds and other securities
may be made assignable free from any equities between the Company and the person to whom the same may be issued.</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">111.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any debentures, bonds or other securities
may be issued at a discount (other than shares), premium or otherwise and with any special privileges as to redemption, surrender, drawings,
allotment of shares, attending and voting at general meetings of the Company, appointment of Directors and otherwise.</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">112.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where any uncalled capital of the
Company is charged, all persons taking any subsequent charge thereon shall take the same subject to such prior charge, and shall not be
entitled, by notice to the Members or otherwise, to obtain priority over such prior charge.</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; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board shall cause a proper register to be kept, in accordance with the provisions of the Act, of all charges specifically affecting the
property of the Company and of any series of debentures issued by the Company and shall duly comply with the requirements of the Act in
regard to the registration of charges and debentures therein specified and otherwise.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>PROCEEDINGS OF THE DIRECTORS</U></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">113.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may meet for the despatch of
business, adjourn and otherwise regulate its meetings as it considers appropriate. Questions arising at any meeting shall be determined
by a majority of votes. In the case of any equality of votes the chairman of the meeting shall have an additional or casting vote.</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">114.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A meeting of the Board may be convened
by the Secretary on request of a Director or by any Director. The Secretary shall convene a meeting of the Board of which notice may be
given in writing or by telephone or by electronic means to an electronic address from time to time notified to the Company by such Director
or (if the recipient consents to it being made available on a website) by making it available on a website or in such other manner as
the Board may from time to time determine whenever he shall be required so to do by the president or chairman, as the case may be, or
any Director.</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">115.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The quorum necessary for the transaction
of the business of the Board may be fixed by the Board and, unless so fixed at any other number, shall be two (2) of the Board. An alternate
Director shall be counted in a quorum in the case of the absence of a Director for whom he is the alternate provided that he shall not
be counted more than once for the purpose of determining whether or not a quorum is present.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
may participate in any meeting of the Board by means of a conference, telephone, electronic or other communications equipment through
which all persons participating in the meeting can communicate with each other simultaneously and instantaneously and, for the purpose
of counting a quorum, such participation shall constitute presence at a meeting as if those participating were present in person.</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; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Director who ceases to be a Director at a Board meeting may continue to be present and to act as a Director and be counted in the quorum
until the termination of such Board meeting if no other Director objects and if otherwise a quorum of Directors would not be present.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">116.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The continuing Directors or a sole continuing
Director may act notwithstanding any vacancy in the Board but, if and so long as the number of Directors is reduced below the minimum
number fixed by or in accordance with these Articles as the quorum, the continuing Directors or Director, notwithstanding that the number
of Directors is below the number fixed by or in accordance with these Articles as the quorum or that there is only one continuing Director,
may act for the purpose of filling vacancies in the Board or of summoning general meetings of the Company but not for any other purpose.</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">117.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chairman of the Board shall be the
chairman of all meetings of the Board. If the Chairman of the Board is not present at any meeting within five (5) minutes after the time
appointed for holding the same, the Directors present may choose one of their number to be chairman of the meeting.</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">118.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A meeting of the Board at which a quorum
is present shall be competent to exercise all the powers, authorities and discretions for the time being vested in or exercisable by the
Board.</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">119.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may delegate any of its
powers, authorities and discretions to committees (including, without limitation, the Audit Committee), consisting of such Director or
Directors and other persons as it thinks fit, and they may, from time to time, revoke such delegation or revoke the appointment of and
discharge any such committees either wholly or in part, and either as to persons or purposes. Any committee so formed shall, in the exercise
of the powers, authorities and discretions so delegated, conform to any regulations which may be imposed on it by the Board.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
acts done by any such committee in conformity with such regulations, and in fulfilment of the purposes for which it was appointed, but
not otherwise, shall have like force and effect as if done by the Board, and the Board (or if the Board delegates such power, the committee)
shall have power to remunerate the members of any such committee, and charge such remuneration to the current expenses of the Company.</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">120.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The meetings and proceedings of any committee
consisting of two or more members shall be governed by the provisions contained in these Articles for regulating the meetings and proceedings
of the Board so far as the same are applicable and are not superseded by any regulations imposed by the Board under the last preceding
Article, indicating, without limitation, any committee charter adopted by the Board for purposes or in respect of any such committee.</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">121.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A resolution in writing signed by all
the Directors except such as are temporarily unable to act through ill-health or disability shall (provided that such number is sufficient
to constitute a quorum and further provided that a copy of such resolution has been given or the contents thereof communicated to all
the Directors for the time being entitled to receive notices of Board meetings in the same manner as notices of meetings are required
to be given by these Articles) be as valid and effectual as if a resolution had been passed at a meeting of the Board duly convened and
held. A notification of consent to such resolution given by a Director in writing to the Board by any means (including by means of electronic
communication) shall be deemed to be his/her signature to such resolution in writing for the purpose of this Article. Such resolution
may be contained in one document or in several documents in like form each signed by one or more of the Directors and for this purpose
a facsimile signature of a Director shall be treated as valid.</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">122.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All acts bona fide done by the Board or
by any committee or by any person acting as a Director or members of a committee, shall, notwithstanding that it is afterwards discovered
that there was some defect in the appointment of any member of the Board or such committee or person acting as aforesaid or that they
or any of them were disqualified or had vacated office, be as valid as if every such person had been duly appointed and was qualified
and had continued to be a Director or member of such committee.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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"><U>AUDIT COMMITTEE</U></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">123.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without prejudice to the freedom of the
Directors to establish any other committees, for so long as the shares of the Company (or depositary receipts therefor) are listed or
quoted on the Designated Stock Exchange, the Board shall establish and maintain an Audit Committee as a committee of the Board, the composition
and responsibilities of which shall comply with the rules and regulations of the Designated Stock Exchange and the rules and regulations
of the SEC.</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">124.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board shall adopt a formal written
audit committee charter and review and assess the adequacy of the formal written charter on an annual basis.</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">125.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For so long as the shares of the Company
(or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, the Company shall conduct an appropriate review
of all related party transactions on an ongoing basis and shall utilize the Audit Committee for the review and approval of potential conflicts
of interest in accordance with the audit committee charter.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>OFFICERS</U></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">126.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The officers of the Company shall
consist of the Chairman of the Board, the Directors and Secretary and such additional officers (who may or may not be Directors) as the
Board may from time to time determine, all of whom shall be deemed to be officers for the purposes of the Act and these Articles. In addition
to the officers of the Company, the Board may also from time to time determine and appoint managers and delegate to the same such powers
and duties as are prescribed by the Board.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Directors shall, as soon as may be after each appointment or election of Directors, elect amongst the Directors a chairman, and if more
than one Director is proposed for this office, the election to such office shall take place in such manner as the Directors may determine.</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; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
officers shall receive such remuneration as the Directors may from time to time determine.</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">127.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Secretary and additional officers,
if any, shall be appointed by the Board and shall hold office on such terms and for such period as the Board may determine. If thought
fit, two or more persons may be appointed as joint Secretaries. The Board may also appoint from time to time on such terms as it thinks
fit one or more assistant or deputy Secretaries.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Secretary shall attend all meetings of the Members and shall keep correct minutes of such meetings and enter the same in the proper books
provided for the purpose. He shall perform such other duties as are prescribed by the Act or these Articles or as may be prescribed by
the Board.</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">128.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The officers of the Company shall have
such powers and perform such duties in the management, business and affairs of the Company as may be delegated to them by the Directors
from time to time.</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">129.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A provision of the Act or of these Articles
requiring or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the
same person acting both as Director and as or in place of the Secretary.</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">&nbsp;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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"><U>REGISTER OF DIRECTORS AND OFFICERS</U></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">130.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall cause to be kept in
one or more books at its Office a Register of Directors and Officers in which there shall be entered the full names and addresses of the
Directors and Officers and such other particulars as required by the Act or as the Directors may determine. The Company shall send to
the Registrar of Companies in the Cayman Islands a copy of such register, and shall from time to time notify to the said Registrar of
any change that takes place in relation to such Directors and Officers as required by the Act.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>MINUTES</U></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">131&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board shall cause minutes to
be duly entered in books provided for the purpose:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">of all elections and appointments of officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">of the names of the Directors present at each meeting of the Directors and of any committee of the Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">of all resolutions and proceedings of each general meeting of the Members, meetings of the Board and meetings
of committees of the Board and where there are managers, of all proceedings of meetings of the managers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Minutes shall be kept by the Secretary at the Office.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SEAL</U></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">132.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have one or more
Seals, as the Board may determine. For the purpose of sealing documents creating or evidencing securities issued by the Company, the Company
may have a securities seal which is a facsimile of the Seal of the Company with the addition of the word &ldquo;Securities&rdquo; on its
face or in such other form as the Board may approve. The Board shall provide for the custody of each Seal and no Seal shall be used without
the authority of the Board or of a committee of the Board authorised by the Board in that behalf. Subject as otherwise provided in these
Articles, any instrument to which a Seal is affixed shall be signed autographically by one Director or by such other person (including
a Director) or persons as the Board may appoint, either generally or in any particular case, save that as regards any certificates for
shares or debentures or other securities of the Company the Board may by resolution determine that such signatures or either of them shall
be dispensed with or affixed by some method or system of mechanical signature. Every instrument executed in manner provided by this Article
132 shall be deemed to be sealed and executed with the authority of the Board previously given.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where
the Company has a Seal for use abroad, the Board may by writing under the Seal appoint any agent or committee abroad to be the duly authorised
agent of the Company for the purpose of affixing and using such Seal and the Board may impose restrictions on the use thereof as may be
thought fit. Wherever in these Articles reference is made to the Seal, the reference shall, when and so far as may be applicable, be deemed
to include any such other Seal as aforesaid.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AUTHENTICATION OF DOCUMENTS</U></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">133.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Director or the Secretary or any person
appointed by the Board for the purpose may authenticate any documents affecting the constitution of the Company and any resolution passed
by the Company or the Board or any committee, and any books, records, documents and accounts relating to the business of the Company,
and to certify copies thereof or extracts therefrom as true copies or extracts, and if any books, records, documents or accounts are elsewhere
than at the Office or the head office the local manager or other officer of the Company having the custody thereof shall be deemed to
be a person so appointed by the Board. A document purporting to be a copy of a resolution, or an extract from the minutes of a meeting,
of the Company or of the Board or any committee which is so certified shall be conclusive evidence in favour of all persons dealing with
the Company upon the faith thereof that such resolution has been duly passed or, as the case may be, that such minutes or extract is a
true and accurate record of proceedings at a duly constituted meeting.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>DESTRUCTION OF DOCUMENTS</U></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">134.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall be entitled to
destroy the following documents at the following times:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any share certificate which has been cancelled at any time after the expiry of one (1) year from the date
of such cancellation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any dividend mandate or any variation or cancellation thereof or any notification of change of name or
address at any time after the expiry of two (2) years from the date such mandate variation cancellation or notification was recorded by
the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any instrument of transfer of shares which has been registered at any time after the expiry of seven (7)
years from the date of registration;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">any allotment letters after the expiry of seven (7) years from the date of issue thereof; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">copies of powers of attorney, grants of probate and letters of administration at any time after the expiry
of seven (7) years after the account to which the relevant power of attorney, grant of probate or letters of administration related has
been closed;</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; text-indent: 1in">and it shall conclusively be
presumed in favour of the Company that every entry in the Register purporting to be made on the basis of any such documents so destroyed
was duly and properly made and every share certificate so destroyed was a valid certificate duly and properly cancelled and that every
instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed
hereunder was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company.
Provided always that: (1) the foregoing provisions of this Article 134 shall apply only to the destruction of a document in good faith
and without express notice to the Company that the preservation of such document was relevant to a claim; (2) nothing contained in this
Article 134 shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than
as aforesaid or in any case where the conditions of proviso (1) above are not fulfilled; and (3) references in this Article 134 to the
destruction of any document include references to its disposal in any manner.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any provision contained in these Articles, the Directors may, if permitted by applicable law, authorise the destruction of documents set
out in sub-paragraphs (a) to (e) of paragraph (1) of this Article 134 and any other documents in relation to share registration which
have been microfilmed or electronically stored by the Company or by the share registrar on its behalf provided always that this Article
shall apply only to the destruction of a document in good faith and without express notice to the Company and its share registrar that
the preservation of such document was relevant to a claim.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>DIVIDENDS AND OTHER PAYMENTS</U></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">135.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the Act, the Board may from
time to time declare dividends in any currency to be paid to the Members.</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">136.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends may be declared and paid out
of the profits of the Company, realised or unrealised, or from any reserve set aside from profits which the Directors determine is no
longer needed. The Board may also declare and pay dividends out of share premium account or any other fund or account which can be authorised
for this purpose in accordance with the Act.</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">137.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except in so far as the rights attaching
to, or the terms of issue of, any share otherwise provide:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all dividends shall be declared and paid according to the amounts paid up on the shares in respect of
which the dividend is paid, but no amount paid up on a share in advance of calls shall be treated for the purposes of this Article as
paid up on the share; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">all dividends shall be apportioned and paid pro rata according to the amounts paid up on the shares during
any portion or portions of the period in respect of which the dividend is paid.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">138.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may from time to time pay to
the Members such interim dividends as appear to the Board to be justified by the profits of the Company and in particular (but without
prejudice to the generality of the foregoing) if at any time the share capital of the Company is divided into different classes, the Board
may pay such interim dividends in respect of those shares in the capital of the Company which confer on the holders thereof deferred or
non-preferential rights as well as in respect of those shares which confer on the holders thereof preferential rights with regard to dividend
and provided that the Board acts bona fide the Board shall not incur any responsibility to the holders of shares conferring any preference
for any damage that they may suffer by reason of the payment of an interim dividend on any shares having deferred or non-preferential
rights and may also pay any fixed dividend which is payable on any shares of the Company half-yearly or on any other dates, whenever such
profits, in the opinion of the Board, justifies such payment.</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">139.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may deduct from any dividend
or other moneys payable to a Member by the Company on or in respect of any shares all sums of money (if any) presently payable by him
to the Company on account of calls or otherwise.</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">140.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No dividend or other moneys payable by
the Company on or in respect of any share shall bear interest against the Company.</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">141.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any dividend, interest or other sum payable
in cash to the holder of shares may be paid by cheque or warrant sent through the post addressed to the holder at his registered address
or, in the case of joint holders, addressed to the holder whose name stands first in the Register in respect of the shares at his address
as appearing in the Register or addressed to such person and at such address as the holder or joint holders may in writing direct. Every
such cheque or warrant shall, unless the holder or joint holders otherwise direct, be made payable to the order of the holder or, in the
case of joint holders, to the order of the holder whose name stands first on the Register in respect of such shares, and shall be sent
at his or their risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute a good discharge to the Company
notwithstanding that it may subsequently appear that the same has been stolen or that any endorsement thereon has been forged. Any one
of two or more joint holders may give effectual receipts for any dividends or other moneys payable or property distributable in respect
of the shares held by such joint holders.</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">142.&#8239;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All dividends or bonuses unclaimed for
one (1) year after having been declared may be invested or otherwise made use of by the Board for the benefit of the Company until claimed.
Any dividend or bonuses unclaimed after a period of six (6) years from the date of declaration shall be forfeited and shall revert to
the Company. The payment by the Board of any unclaimed dividend or other sums payable on or in respect of a share into a separate account
shall not constitute the Company a trustee in respect thereof.</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">143.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Board has resolved that a
dividend be paid or declared, the Board may further resolve that such dividend be satisfied wholly or in part by the distribution of specific
assets of any kind and in particular of paid up shares, debentures or warrants to subscribe securities of the Company or any other company,
or in any one or more of such ways, and where any difficulty arises in regard to the distribution the Board may settle the same as it
thinks expedient, and in particular may issue certificates in respect of fractions of shares, disregard fractional entitlements or round
the same up or down, and may fix the value for distribution of such specific assets, or any part thereof, and may determine that cash
payments shall be made to any Members upon the basis of the value so fixed in order to adjust the rights of all parties, and may vest
any such specific assets in trustees as may seem expedient to the Board and may appoint any person to sign any requisite instruments of
transfer and other documents on behalf of the persons entitled to the dividend, and such appointment shall be effective and binding on
the Members. The Board may resolve that no such assets shall be made available to Members with registered addresses in any particular
territory or territories where, in the absence of a registration statement or other special formalities, such distribution of assets would
or might, in the opinion of the Board, be unlawful or impracticable and in such event the only entitlement of the Members aforesaid shall
be to receive cash payments as aforesaid. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate
class of Members for any purpose whatsoever.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">144.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Board has resolved
that a dividend be paid or declared on any class of the share capital of the Company, the Board may further resolve either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">that such dividend be satisfied wholly or in part in the form of an allotment of shares credited as fully
paid up, provided that the Members entitled thereto will be entitled to elect to receive such dividend (or part thereof if the Board so
determines) in cash in lieu of such allotment. In such case, the following provisions shall apply:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the basis of any such allotment shall be determined by the Board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the Board, after determining the basis of allotment, shall give not less than ten (10) days&rsquo; Notice
to the holders of the relevant shares of the right of election accorded to them and shall send with such notice forms of election and
specify the procedure to be followed and the place at which and the latest date and time by which duly completed forms of election must
be lodged in order to be effective;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the right of election may be exercised in respect of the whole or part of that portion of the dividend
in respect of which the right of election has been accorded; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the dividend (or that part of the dividend to be satisfied by the allotment of shares as aforesaid) shall
not be payable in cash on shares in respect whereof the cash election has not been duly exercised (&ldquo;<B>the non-elected shares</B>&rdquo;)
and in satisfaction thereof shares of the relevant class shall be allotted credited as fully paid up to the holders of the non-elected
shares on the basis of allotment determined as aforesaid and for such purpose the Board shall capitalise and apply out of any part of
the undivided profits of the Company (including profits carried and standing to the credit of any reserves or other special account, share
premium account, capital redemption reserve other than the Subscription Rights Reserve) as the Board may determine, such sum as may be
required to pay up in full the appropriate number of shares of the relevant class for allotment and distribution to and amongst the holders
of the non-elected shares on such basis; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">that the Members entitled to such dividend shall be entitled to elect to receive an allotment of shares
credited as fully paid up in lieu of the whole or such part of the dividend as the Board may think fit. In such case, the following provisions
shall apply:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the basis of any such allotment shall be determined by the Board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the Board, after determining the basis of allotment, shall give not less than ten (10) days&rsquo; Notice
to the holders of the relevant shares of the right of election accorded to them and shall send with such notice forms of election and
specify the procedure to be followed and the place at which and the latest date and time by which duly completed forms of election must
be lodged in order to be effective;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the right of election may be exercised in respect of the whole or part of that portion of the dividend
in respect of which the right of election has been accorded; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the dividend (or that part of the dividend in respect of which a right of election has been accorded)
shall not be payable in cash on shares in respect whereof the share election has been duly exercised (&ldquo;<B>the elected shares</B>&rdquo;)
and in lieu thereof shares of the relevant class shall be allotted credited as fully paid up to the holders of the elected shares on the
basis of allotment determined as aforesaid and for such purpose the Board shall capitalise and apply out of any part of the undivided
profits of the Company (including profits carried and standing to the credit of any reserves or other special account, share premium account,
capital redemption reserve other than the Subscription Rights Reserve) as the Board may determine, such sum as may be required to pay
up in full the appropriate number of shares of the relevant class for allotment and distribution to and amongst the holders of the elected
shares on such basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1in"></P>

<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">(a)&#9;The shares allotted pursuant to the provisions of paragraph (1) of this Article 144 shall rank
<I>pari passu</I> in all respects with shares of the same class (if any) then in issue save only as regards participation in the relevant
dividend or in any other distributions, bonuses or rights paid, made, declared or announced prior to or contemporaneously with the payment
or declaration of the relevant dividend unless, contemporaneously with the announcement by the Board of their proposal to apply the provisions
of sub-paragraph (a) or (b) of paragraph (2) of this Article 144 in relation to the relevant dividend or contemporaneously with their
announcement of the distribution, bonus or rights in question, the Board shall specify that the shares to be allotted pursuant to the
provisions of paragraph (1) of this Article shall rank for participation in such distribution, bonus or rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; 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: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Board may do all acts and things considered necessary or expedient to give effect to any capitalisation
pursuant to the provisions of paragraph (1) of this Article 144, with full power to the Board to make such provisions as it thinks fit
in the case of shares becoming distributable in fractions (including provisions whereby, in whole or in part, fractional entitlements
are aggregated and sold and the net proceeds distributed to those entitled, or are disregarded or rounded up or down or whereby the benefit
of fractional entitlements accrues to the Company rather than to the Members concerned). The Board may authorise any person to enter into
on behalf of all Members interested, an agreement with the Company providing for such capitalisation and matters incidental thereto and
any agreement made pursuant to such authority shall be effective and binding on all concerned.</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; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board may determine and resolve in respect of any one particular dividend of the Company that notwithstanding the provisions of paragraph
(1) of this Article 144, a dividend may be satisfied wholly in the form of an allotment of shares credited as fully paid up without offering
any right to shareholders to elect to receive such dividend in cash in lieu of such allotment.</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; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board may on any occasion determine that rights of election and the allotment of shares under paragraph (1) of this Article 144 shall
not be made available or made to any shareholders with registered addresses in any territory where, in the absence of a registration statement
or other special formalities, the circulation of an offer of such rights of election or the allotment of shares would or might, in the
opinion of the Board, be unlawful or impracticable, and in such event the provisions aforesaid shall be read and construed subject to
such determination. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members
for any purpose whatsoever.</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; text-align: justify; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
resolution declaring a dividend on shares of any class by the Board, may specify that the same shall be payable or distributable to the
persons registered as the holders of such shares at the close of business on a particular date, notwithstanding that it may be a date
prior to that on which the resolution is passed, and thereupon the dividend shall be payable or distributable to them in accordance with
their respective holdings so registered, but without prejudice to the rights inter se in respect of such dividend of transferors and transferees
of any such shares. The provisions of this Article shall <I>mutatis mutandis</I> apply to bonuses, capitalisation issues, distributions
of realised capital profits or offers or grants made by the Company to the Members.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>RESERVES</U></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">145.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board shall establish an account
to be called the share premium account and shall carry to the credit of such account from time to time a sum equal to the amount or value
of the premium paid on the issue of any share in the Company. Unless otherwise provided by the provisions of these Articles, the Board
may apply the share premium account in any manner permitted by the Act. The Company shall at all times comply with the provisions of the
Act in relation to the share premium account.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before
recommending any dividend, the Board may set aside out of the profits of the Company such sums as it determines as reserves which shall,
at the discretion of the Board, be applicable for any purpose to which the profits of the Company may be properly applied and pending
such application may, also at such discretion, either be employed in the business of the Company or be invested in such investments as
the Board may from time to time think fit and so that it shall not be necessary to keep any investments constituting the reserve or reserves
separate or distinct from any other investments of the Company. The Board may also without placing the same to reserve carry forward any
profits which it may think prudent not to distribute.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>CAPITALISATION</U></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">146.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may, upon the recommendation
of the Board, at any time and from time to time, pass an ordinary resolution to the effect that it is desirable to capitalise all or any
part of any amount for the time being standing to the credit of any reserve or fund (including a share premium account and capital redemption
reserve and the profit and loss account) whether or not the same is available for distribution and accordingly that such amount be set
free for distribution among the Members or any class of Members who would be entitled thereto if it were distributed by way of dividend
and in the same proportions, on the basis that the same is not paid in cash but is applied either in or towards paying up the amounts
for the time being unpaid on any shares in the Company held by such Members respectively or in paying up in full unissued shares, debentures
or other obligations of the Company, to be allotted and distributed credited as fully paid up among such Members, or partly in one way
and partly in the other, and the Board shall give effect to such resolution provided that, for the purposes of this Article 146(1), a
share premium account and any capital redemption reserve or fund representing unrealised profits, may be applied only in paying up in
full unissued shares of the Company to be allotted to such Members credited as fully paid.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any provisions in these Articles, the Board may resolve to capitalise all or any part of any amount for the time being standing to the
credit of any reserve or fund (including a share premium account and the profit and loss account) whether or not the same is available
for distribution by applying such sum in paying up unissued shares to be allotted to (i) employees (including directors) of the Company
and/or its affiliates (meaning any individual, corporation, partnership, association, joint-stock company, trust, unincorporated association
or other entity (other than the Company) that directly, or indirectly through one or more intermediaries, controls, is controlled by or
is under common control with, the Company) upon exercise or vesting of any options or awards granted under any share incentive scheme
or employee benefit scheme or other arrangement which relates to such persons that has been adopted or approved by the Members at a general
meeting, and/or (ii) any other persons or any trustee of any trust to whom shares are to be allotted and issued by the Company in connection
with the operation of any share incentive scheme or employee benefit scheme or other arrangement which relates to such persons that has
been adopted or approved by the Members at a general meeting.</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">147.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may settle, as it considers
appropriate, any difficulty arising in regard to any distribution and in particular may issue certificates in respect of fractions of
shares or authorise any person to sell and transfer any fractions or may resolve that the distribution should be as nearly as may be practicable
in the correct proportion but not exactly so or may ignore fractions altogether, and may determine that cash payments shall be made to
any Members in order to adjust the rights of all parties, as may seem expedient to the Board. The Board may appoint any person to sign
on behalf of the persons entitled to participate in the distribution any contract necessary or desirable for giving effect thereto and
such appointment shall be effective and binding upon the Members.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SUBSCRIPTION RIGHTS RESERVE</U></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">148.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following provisions shall have effect
to the extent that they are not prohibited by and are in compliance with the Act:</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; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
so long as any of the rights attached to any warrants issued by the Company to subscribe for shares of the Company shall remain exercisable,
the Company does any act or engages in any transaction which, as a result of any adjustments to the subscription price in accordance with
the provisions of the conditions of the warrants, would reduce the subscription price to below the par value of a share, then the following
provisions shall apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
from the date of such act or transaction the Company shall establish and thereafter (subject as provided in this Article 148) maintain
in accordance with the provisions of this Article 148 a reserve (the &ldquo;<B>Subscription Rights Reserve</B>&rdquo;) the amount of which
shall at no time be less than the sum which for the time being would be required to be capitalised and applied in paying up in full the
nominal amount of the additional shares required to be issued and allotted credited as fully paid pursuant to sub-paragraph (c) below
on the exercise in full of all the subscription rights outstanding and shall apply the Subscription Rights Reserve in paying up such additional
shares in full as and when the same are allotted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Subscription Rights Reserve shall not be used for any purpose other than that specified above unless
all other reserves of the Company (other than share premium account) have been extinguished and will then only be used to make good losses
of the Company if and so far as is required by law;</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">&nbsp;</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>

<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">upon the exercise of all or any of the subscription rights represented by any warrant, the relevant subscription
rights shall be exercisable in respect of a nominal amount of shares equal to the amount in cash which the holder of such warrant is required
to pay on exercise of the subscription rights represented thereby (or, as the case may be the relevant portion thereof in the event of
a partial exercise of the subscription rights) and, in addition, there shall be allotted in respect of such subscription rights to the
exercising warrantholder, credited as fully paid, such additional nominal amount of shares as is equal to the difference between:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the said amount in cash which the holder of such warrant is required to pay on exercise of the subscription
rights represented thereby (or, as the case may be, the relevant portion thereof in the event of a partial exercise of the subscription
rights); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; 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: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the nominal amount of shares in respect of which such subscription rights would have been exercisable
having regard to the provisions of the conditions of the warrants, had it been possible for such subscription rights to represent the
right to subscribe for shares at less than par and immediately upon such exercise so much of the sum standing to the credit of the Subscription
Rights Reserve as is required to pay up in full such additional nominal amount of shares shall be capitalised and applied in paying up
in full such additional nominal amount of shares which shall forthwith be allotted credited as fully paid to the exercising warrantholders;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">if, upon the exercise of the subscription rights represented by any warrant, the amount standing to the
credit of the Subscription Rights Reserve is not sufficient to pay up in full such additional nominal amount of shares equal to such difference
as aforesaid to which the exercising warrantholder is entitled, the Board shall apply any profits or reserves then or thereafter becoming
available (including, to the extent permitted by law, share premium account) for such purpose until such additional nominal amount of
shares is paid up and allotted as aforesaid and until then no dividend or other distribution shall be paid or made on the fully paid shares
of the Company then in issue. Pending such payment and allotment, the exercising warrantholder shall be issued by the Company with a certificate
evidencing his right to the allotment of such additional nominal amount of shares. The rights represented by any such certificate shall
be in registered form and shall be transferable in whole or in part in units of one share in the like manner as the shares for the time
being are transferable, and the Company shall make such arrangements in relation to the maintenance of a register therefor and other matters
in relation thereto as the Board may think fit and adequate particulars thereof shall be made known to each relevant exercising warrantholder
upon the issue of such certificate.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
allotted pursuant to the provisions of this Article shall rank <I>pari passu</I> in all respects with the other shares allotted on the
relevant exercise of the subscription rights represented by the warrant concerned. Notwithstanding anything contained in paragraph (1)
of this Article, no fraction of any share shall be allotted on exercise of the subscription rights.</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; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provision of this Article as to the establishment and maintenance of the Subscription Rights Reserve shall not be altered or added to
in any way which would vary or abrogate, or which would have the effect of varying or abrogating the provisions for the benefit of any
warrantholder or class of warrantholders under this Article without the sanction of a special resolution of such warrantholders or class
of warrantholders.</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; text-align: justify; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate or report by the auditors for the time being of the Company as to whether or not the Subscription Rights Reserve is required
to be established and maintained and if so the amount thereof so required to be established and maintained, as to the purposes for which
the Subscription Rights Reserve has been used, as to the extent to which it has been used to make good losses of the Company, as to the
additional nominal amount of shares required to be allotted to exercising warrantholders credited as fully paid, and as to any other matter
concerning the Subscription Rights Reserve shall (in the absence of manifest error) be conclusive and binding upon the Company and all
warrantholders and shareholders.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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"><U>ACCOUNTING RECORDS</U></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">149.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board shall cause true accounts to
be kept of the sums of money received and expended by the Company, and the matters in respect of which such receipt and expenditure take
place, and of the property, assets, credits and liabilities of the Company and of all other matters required by the Act or necessary to
give a true and fair view of the Company&rsquo;s affairs and to explain its transactions.</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">150.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accounting records shall be kept at
the Office or, at such other place or places as the Board decides and shall always be open to inspection by the Directors. No Member (other
than a Director) shall have any right of inspecting any accounting record or book or document of the Company except as conferred by law
or authorised by the Board or the Company in general meeting.</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">151.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Article 152, a printed copy
of the Directors&rsquo; report, accompanied by the balance sheet and profit and loss account, including every document required by law
to be annexed thereto, made up to the end of the applicable financial year and containing a summary of the assets and liabilities of the
Company under convenient heads and a statement of income and expenditure, together with a copy of the Auditors&rsquo; report, shall be
sent to each person entitled thereto at least ten (10) days before the date of the general meeting and laid before the Company at the
annual general meeting held in accordance with Article 57 provided that this Article shall not require a copy of those documents to be
sent to any person whose address the Company is not aware or to more than one of the joint holders of any shares or debentures.</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">152.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to due compliance with all
applicable Statutes, rules and regulations, including, without limitation, the rules and regulations of the Designated Stock Exchange,
and to obtaining all necessary consents, if any, required thereunder, the requirements of Article 151 shall be deemed satisfied in relation
to any person by sending to the person in any manner not prohibited by the Statutes, a summarised financial statements derived from the
Company&rsquo;s annual accounts and the directors&rsquo; report which shall be in the form and containing the information required by
applicable laws and regulations, provided that any person who is otherwise entitled to the annual financial statements of the Company
and the directors&rsquo; report thereon may, if he so requires by notice in writing served on the Company, demand that the Company sends
to him, in addition to a summarised financial statements, a complete printed copy of the Company&rsquo;s annual financial statement and
the directors&rsquo; report thereon.</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">153.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The requirement to send to a person
referred to in Article 151 the documents referred to in that article or a summary financial report in accordance with Article 152 shall
be deemed satisfied where, in accordance with all applicable Statutes, rules and regulations, including, without limitation, the rules
and regulations of the Designated Stock Exchange, the Company publishes copies of the documents referred to in Article 151 and, if applicable,
a summary financial report complying with Article 152, on the Company&rsquo;s computer network or website or in any other permitted manner
(including by sending any form of electronic communication), and that person has agreed or is deemed to have agreed to treat the publication
or receipt of such documents in such manner as discharging the Company&rsquo;s obligation to send to him a copy of such documents.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AUDIT</U></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">154.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to applicable law and rules and regulations of the Designated Stock Exchange, the Board shall appoint an Auditor to audit the accounts
of the Company and such auditor shall hold office until removed from office by a resolution of the Directors. Such auditor may be a Member
but no Director or officer or employee of the Company shall, during his continuance in office, be eligible to act as an Auditor.</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">155.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the Act the accounts of the
Company shall be audited at least once in every year.</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">156.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The remuneration of the Auditor shall
be determine by the Audit Committee or, in the absence of such Audit Committee, by the Board.</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">157.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may remove the Auditor at any
time before the expiration of his term of office and may by resolution appoint another Auditor in his stead.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">158.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Auditor shall at all reasonable times
have access to all books kept by the Company and to all accounts and vouchers relating thereto; and he may call on the Directors or officers
of the Company for any information in their possession relating to the books or affairs of the Company.</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">159.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The statement of income and expenditure
and the balance sheet provided for by these Articles shall be examined by the Auditor and compared by him with the books, accounts and
vouchers relating thereto; and he shall make a written report thereon stating whether such statement and balance sheet are drawn up so
as to present fairly the financial position of the Company and the results of its operations for the period under review and, in case
information shall have been called for from Directors or officers of the Company, whether the same has been furnished and has been satisfactory.
The financial statements of the Company shall be audited by the Auditor in accordance with generally accepted auditing standards. The
Auditor shall make a written report thereon in accordance with generally accepted auditing standards and the report of the Auditor shall
be submitted to the Audit Committee. The generally accepted auditing standards referred to herein may be those of a country or jurisdiction
other than the Cayman Islands. If so, the financial statements and the report of the Auditor should disclose this fact and name such country
or jurisdiction.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>NOTICES</U></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">160.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Notice or document, whether or not,
to be given or issued under these Articles from the Company to a Member shall be in writing or by cable, telex or facsimile transmission
message or other form of electronic transmission or electronic communication and any such Notice and document may be served or delivered
by the Company on or to any Member either personally or by sending it through the post in a prepaid envelope addressed to such Member
at his registered address as appearing in the Register or at any other address supplied by him to the Company for the purpose or, as the
case may be, by transmitting it to any such address or transmitting it to any telex or facsimile transmission number or electronic number
or electronic address or website supplied by him to the Company for the giving of Notice to him or which the person transmitting the notice
reasonably and bona fide believes at the relevant time will result in the Notice being duly received by the Member or may also be served
by advertisement in appropriate newspapers in accordance with the requirements of the Designated Stock Exchange or, to the extent permitted
by the applicable laws, by placing it on the Company&rsquo;s website and giving to the member a notice stating that the notice or other
document is available there (a &ldquo;<B>notice of availability</B>&rdquo;). The notice of availability may be given to the Member by
any of the means set out above other than by posting it on a website. In the case of joint holders of a share all notices shall be given
to that one of the joint holders whose name stands first in the Register and notice so given shall be deemed a sufficient service on or
delivery to all the joint holders.</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">161.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Notice or other document:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">if served or delivered by post, shall where appropriate be sent by airmail and shall be deemed to have
been served or delivered on the day following that on which the envelope containing the same, properly prepaid and addressed, is put into
the post; in proving such service or delivery it shall be sufficient to prove that the envelope or wrapper containing the notice or document
was properly addressed and put into the post and a certificate in writing signed by the Secretary or other officer of the Company or other
person appointed by the Board that the envelope or wrapper containing the Notice or other document was so addressed and put into the post
shall be conclusive evidence thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">if sent by electronic communication, shall be deemed to be given on the day on which it is transmitted
from the server of the Company or its agent. A Notice placed on the Company&rsquo;s website is deemed given by the Company to a Member
on the day following that on which a notice of availability is deemed served on the Member;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">if served or delivered in any other manner contemplated by these Articles, shall be deemed to have been
served or delivered at the time of personal service or delivery or, as the case may be, at the time of the relevant despatch or transmission
or publication; and in proving such service or delivery a certificate in writing signed by the Secretary or other officer of the Company
or other person appointed by the Board as to the act and time of such service, delivery, despatch or transmission or publication shall
be conclusive evidence thereof; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">may be given to a Member in the English language or such other language as may be approved by the Directors,
subject to due compliance with all applicable Statutes, rules and regulations.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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">162.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Notice or other document delivered
or sent by post to or left at the registered address of any Member in pursuance of these Articles shall, notwithstanding that such Member
is then dead or bankrupt or that any other event has occurred, and whether or not the Company has notice of the death or bankruptcy or
other event, be deemed to have been duly served or delivered in respect of any share registered in the name of such Member as sole or
joint holder unless his name shall, at the time of the service or delivery of the Notice or document, have been removed from the Register
as the holder of the share, and such service or delivery shall for all purposes be deemed a sufficient service or delivery of such Notice
or document on all persons interested (whether jointly with or as claiming through or under him) in the share.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Notice may be given by the Company to the person entitled to a share in consequence of the death, mental disorder or bankruptcy of a Member
by sending it through the post in a prepaid letter, envelope or wrapper addressed to him by name, or by the title of representative of
the deceased, or trustee of the bankrupt, or by any like description, at the address, if any, supplied for the purpose by the person claiming
to be so entitled, or (until such an address has been so supplied) by giving the notice in any manner in which the same might have been
given if the death, mental disorder or bankruptcy had not occurred.</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; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
person who by operation of law, transfer or other means whatsoever shall become entitled to any share shall be bound by every Notice in
respect of such share which prior to his name and address being entered on the Register shall have been duly given to the person from
whom he derives his title to such share.</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; text-align: justify; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
Member or a person who is entitled to receive notice from the Company under the provisions of the Statutes or these Articles may register
with the Company an electronic address to which notices can be served upon him.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNATURES</U></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">163.&#9;For the purposes of these Articles, a
cable or telex or facsimile or electronic transmission message purporting to come from a holder of shares or, as the case may be, a Director,
or, in the case of a corporation which is a holder of shares from a director or the secretary thereof or a duly appointed attorney or
duly authorised representative thereof for it and on its behalf, shall in the absence of express evidence to the contrary available to
the person relying thereon at the relevant time be deemed to be a document or instrument in writing signed by such holder or Director
in the terms in which it is received. The signature to any notice or document to be given by the Company may be written, printed or made
electronically.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>WINDING UP</U></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">164.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Article 164(2), the
Board shall have power in the name and on behalf of the Company to present a petition to the court for the Company to be wound up.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided by the Act, a resolution that the Company be wound up by the court or be wound up voluntarily shall be a special resolution.</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">165.&#9;(1)&#9;Subject to any special rights,
privileges or restrictions as to the distribution of available surplus assets on liquidation for the time being attached to any class
or classes of shares (i) if the Company shall be wound up and the assets available for distribution amongst the Members shall be more
than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed <I>pari
passu</I> amongst such members in proportion to the amount paid up on the shares held by them respectively and (ii) if the Company shall
be wound up and the assets available for distribution amongst the Members as such shall be insufficient to repay the whole of the paid-up
capital such assets shall be distributed so that, a nearly as may be, the losses shall be borne by the Members in proportion to the capital
paid up, or which ought to have been paid up, at the commencement of the winding up on the shares held by them respectively.</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall be wound up (whether the liquidation is voluntary or by the court) the liquidator may, with the authority of a special
resolution and any other sanction required by the Act, divide among the Members in specie or kind the whole or any part of the assets
of the Company and whether or not the assets shall consist of properties of one kind or shall consist of properties to be divided as aforesaid
of different kinds, and may for such purpose set such value as he deems fair upon any one or more class or classes of property and may
determine how such division shall be carried out as between the Members or different classes of Members. The liquidator may, with the
like authority, vest any part of the assets in trustees upon such trusts for the benefit of the Members as the liquidator with the like
authority shall think fit, and the liquidation of the Company may be closed and the Company dissolved, but so that no contributory shall
be compelled to accept any shares or other property in respect of which there is a liability.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>INDEMNITY</U></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">166.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every Director (including for the
purposes of this Article any alternate Director appointed pursuant to the provisions of these Articles), Secretary, or other officer for
the time being and from time to time of the Company (but not including the Auditor) and the personal representatives of the same (each
an &quot;<B>Indemnified Person</B>&quot;) shall be indemnified and secured harmless out of the assets and profits of the Company from
and against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified
Person, other than by reason of such Indemnified Person&rsquo;s own dishonesty, wilful default or fraud, in or about the conduct of the
Company&rsquo;s business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties,
powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities
incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings concerning the Company or its
affairs in any court whether in the Cayman Islands or elsewhere.</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; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Member agrees to waive any claim or right of action he might have, whether individually or by or in the right of the Company, against
any Director on account of any action taken by such Director, or the failure of such Director to take any action in the performance of
his duties with or for the Company; PROVIDED THAT such waiver shall not extend to any matter in respect of any fraud, willful default
or dishonesty which may attach to such Director.</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"><U>FINANCIAL YEAR</U></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">167.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise determined by the Directors,
the financial year of the Company shall end on 31st December in each year.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AMENDMENT TO MEMORANDUM AND ARTICLES OF ASSOCIATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AND NAME OF COMPANY</U></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">168&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Article shall be rescinded, altered
or amended and no new Article shall be made until the same has been approved by a special resolution of the Members. A special resolution
shall be required to alter the provisions of the Memorandum of Association or to change the name of the Company.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>INFORMATION</U></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">169.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Member shall be entitled to require
discovery of or any information respecting any detail of the Company&rsquo;s trading or any matter which is or may be in the nature of
a trade secret or secret process which may relate to the conduct of the business of the Company and which in the opinion of the Directors
it will be inexpedient in the interests of the members of the Company to communicate to the public.</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 46; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>davis_ex0401.htm
<DESCRIPTION>SPECIMEN CERTIFICATE FOR ORDINARY SHARES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 4.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 246.7pt 0pt 248.75pt; text-align: center"><B>Share Certificate</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; width: 33%">Certificate
Number</TD>
  <TD STYLE="width: 34%">&nbsp;</TD>
  <TD STYLE="text-align: center; width: 33%">Number of Shares</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center"><IMG SRC="image_066.jpg" ALT=""></TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center"><IMG SRC="image_066.jpg" ALT=""></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 10.7pt 0pt 14pt; text-align: center"><B>Davis Commodities Limited </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.7pt 0pt 14pt; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.7pt 0pt 14pt; text-align: center"><B>Incorporated in the Cayman Islands
under the Companies Act (As Revised)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.7pt 0pt 14pt; text-align: center"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.7pt 0pt 14pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.7pt 0pt 14pt; text-align: center"><B>Authorized Share Capital is US$100,000
divided into</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.7pt 0pt 50pt; text-align: center"><B>100,000,000 Ordinary Shares of
a nominal or par value of US$0.001 each;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.7pt 0pt 14pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.7pt 0pt 14pt; text-align: justify">This certifies that [Name] of [Address]
is the registered holder of [Number] Ordinary Shares fully paid and non-assessable, subject to the Amended and Restated Memorandum and
Articles of Association of 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 10.7pt 0pt 14pt; text-align: center"><B>GIVEN under the Common Seal of
the said Company this [date].</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.7pt 0pt 14pt; text-align: center">The Common Seal of the Company was
hereunto affixed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.7pt 0pt 14pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 33%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-indent: 20pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>davis_ex0501.htm
<DESCRIPTION>OPINION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_060.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9 March 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Matter No. 884012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Davis Commodities Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10 Bukit Batok Crescent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">#10-01 The Spire</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Singapore 658079</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sir/Madam,</P>

<P STYLE="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>Re: Davis Commodities Limited (the &ldquo;Company&rdquo;)</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 have acted as special Cayman Islands legal
counsel to the Company in connection with a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission
(the &ldquo;<B>Commission</B>&rdquo;) under the U.S. Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), on
or about the date hereof (the &ldquo;<B>Registration Statement</B>&rdquo;, which term does not include any other document or agreement
whether or not specifically referred to therein or attached as an exhibit or schedule thereto), relating to the offering by the Company
of ordinary shares of par value US$0.001 each of the Company (the &ldquo;<B>Ordinary Shares</B>&rdquo;) (including the Ordinary Shares
issuable upon the exercise by the underwriters of their over-allotment option), and the Company&rsquo;s preliminary prospectus included
in the Registration Statement (the &ldquo;<B>Prospectus</B>&rdquo;) relating to the offering of the Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>DOCUMENTS REVIEWED</B></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">For the purposes of giving this opinion, we have
examined and relied upon copies of the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">1.1</TD><TD STYLE="text-align: justify">the Registration Statement; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">a draft of the Prospectus contained in the Registration Statement which is in substantially final form.</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 0pt 0.9pt; text-align: justify; text-indent: 0in">We have also reviewed
copies of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify">the memorandum of association and articles of association of the Company adopted at the time of incorporation
of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify">the unanimous written resolutions of the directors of the Company dated 9 March 2023 and the unanimous
written resolutions of the members of the Company dated 9 March 2023 (collectively, the &ldquo;<B>Resolutions</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.5</TD><TD STYLE="text-align: justify">the amended and restated memorandum of association and amended and restated articles of association of
the Company adopted on 9 March 2023 (the &ldquo;<B>Listing M&amp;As</B>&rdquo;);</TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><P STYLE="margin-top: 0; margin-bottom: 0">1.6</P>
                                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD><TD STYLE="text-align: justify">a Certificate of Good Standing issued by the Registrar of Companies in relation to the Company on 9 March
2023 (the &ldquo;<B>Certificate Date</B>&rdquo;); and</TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.7</TD><TD STYLE="text-align: justify">such other documents, and we have made such enquiries as to questions of law, as we have deemed necessary
in order to render the opinion set forth below.</TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2</B></TD><TD><B>ASSUMPTIONS</B></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">We have assumed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether
or not certified) examined by us and the authenticity and completeness of the originals from which such copies were taken;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify">that where a document has been examined by us in draft form, it will be or has been executed and/or filed
in the form of that draft, and where a number of drafts of a document have been examined by us all changes thereto have been marked or
otherwise drawn to our attention;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify">the accuracy and completeness of all factual representations made in the Registration Statement, the Prospectus
and other documents reviewed by us;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify">that the Resolutions were passed at one or more duly convened, constituted and quorate meetings or by
unanimous written resolutions, will remain in full force and effect and will not be rescinded or amended;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify">that the Listing M&amp;As will be effective immediately prior to the closing of the Company&rsquo;s initial
public offering of Ordinary Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.6</TD><TD STYLE="text-align: justify">that the Listing M&amp;As will not be amended in any manner that would affect the opinions expressed herein;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.7</TD><TD STYLE="text-align: justify">that there is no provision of the law of any jurisdiction, other than the Cayman Islands, which would
have any implication in relation to the opinions expressed herein;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.8</TD><TD STYLE="text-align: justify">that upon the issue of any Ordinary Shares to be sold by the Company, the Company will receive consideration
for the full issue price thereof which shall be equal to at least the par value thereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.9</TD><TD STYLE="text-align: justify">the capacity, power and authority of all parties, other than the Company, to enter into and perform their
obligations under any and all documents entered into by such parties in connection with the issuance of the Ordinary Shares, and the due
execution and delivery thereof by each party thereto;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.10</TD><TD STYLE="text-align: justify">the validity and binding effect under the laws of the United States of America of the Registration Statement
and the Prospectus and that the Registration Statement will be duly filed with or declared effective by the Commission; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.11</TD><TD STYLE="text-align: justify">that the Prospectus, when published, will be in substantially the same form as that examined by us for
purposes of this opinion.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3</B></TD><TD><B>QUALIFICATIONS</B></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">We have made no investigation of and express no
opinion in relation to the laws of any jurisdiction other than the Cayman Islands.&nbsp;This opinion is to be governed by and construed
in accordance with the laws of the Cayman Islands and is limited to and is given on the basis of the current law and practice in the Cayman
Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4</B></TD><TD><B>OPINION</B></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">On the basis of and subject to the foregoing,
we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">The Company is duly incorporated and existing under the laws of the Cayman Islands and, based on the Certificate
of Good Standing, is in good standing as at the Certificate Date. Pursuant to the Companies Act (the &ldquo;<B>Act</B>&rdquo;), a company
is deemed to be in good standing if all fees and penalties under the Act have been paid and the Registrar of Companies has no knowledge
that the company is in default under the Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">When issued and paid for as contemplated by the Resolutions and the Registration Statement and registered
in the register of members of the Company, the Ordinary Shares will be validly issued, fully paid and non-assessable (which term when
used herein means that no further sums are required to be paid by the holders thereof in connection with the issue of such shares).</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify">The statements under the caption &ldquo;<B>Material Income Tax Consideration - Cayman Islands Taxation</B>&rdquo;
in the Prospectus forming part of the Registration Statement, to the extent that they constitute statements of Cayman Islands law, are
accurate in all material respects and that such statements constitute our opinion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We hereby consent to the filing
of this opinion as an exhibit to the Registration Statement and to the references to our firm under the captions &ldquo;Enforceability
of Civil Liabilities&rdquo; and &ldquo;Legal Matters&rdquo; in the Prospectus forming a part of the Registration Statement.&nbsp;In giving
this consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities
Act or the Rules and Regulations of the Commission promulgated thereunder.</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">Yours faithfully,</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">/s/ Conyers Dill &amp; Pearman Pte. Ltd.</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"><B>Conyers Dill &amp; Pearman Pte. Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>5
<FILENAME>davis_ex1001.htm
<DESCRIPTION>FORM OF EMPLOYMENT AGREEMENT BY AND BETWEEN EXECUTIVE OFFICERS AND THE REGISTRANT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt; background-color: white">This
EMPLOYMENT AGREEMENT (the &ldquo;<U>Agreement</U>&rdquo;), is entered into as of <FONT STYLE="color: #222222">[DATE],</FONT> by and between
Davis Commodities Limited, a company incorporated and existing under the laws of Cayman Islands (the &ldquo;<U>Company</U>&rdquo;), and
<FONT STYLE="color: #222222">[ ]</FONT>, an individual (the &ldquo;<U>Executive</U>&rdquo;). The term &ldquo;Company&rdquo; as used herein
with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its direct or indirect parent
companies, subsidiaries, affiliates, or subsidiaries or affiliates of its parent companies (collectively, the &ldquo;<U>Group</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt; background-color: white">The
Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined
below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 48.95pt; background-color: white">The
Executive desires to be employed by the Company during the term of Employment and upon the terms and conditions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt; background-color: white">The parties hereto agree
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>POSITION</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">The Executive hereby accepts a
position of [ ] of the Company (the &ldquo;<U>Employment</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>TERM</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; background-color: white">Subject to
the terms and conditions of this Agreement, the initial term of the Employment shall be 3 years, commencing on <FONT STYLE="color: #222222">[
] </FONT>(the &ldquo;<U>Effective Date</U>&rdquo;), unless terminated earlier pursuant to the terms of this Agreement. Upon expiration
of the 3-year term, the Employment shall be automatically extended for successive 1-year terms unless either party gives the other party
hereto a 1-month prior written notice to terminate the Employment prior to the expiration of the then current term or unless terminated
earlier pursuant to the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>PROBATION</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">There is no probationary period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>DUTIES AND RESPONSIBILITIES</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; background-color: white">The Executive&rsquo;s
duties at the Company will include all jobs assigned by the Company&rsquo;s board of directors (the &ldquo;<U>Board</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; background-color: white">The Executive
shall devote all of his working time, attention and skills to the performance of his/her duties at the Company and shall faithfully and
diligently serve the Company&nbsp;in accordance with this&nbsp;Agreement, the Memorandum and Articles of Association of the Company, as
may be amended from time to time, and the guidelines, policies and procedures of the Company approved from time to time by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>NO BREACH OF CONTRACT</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; background-color: white">The Executive
shall use his/her best efforts to perform his/her duties hereunder.&nbsp;The Executive shall not, without prior consent of the Board,
become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or
interested in any business or entity that directly or indirectly competes with the Group (any such business or entity, a &ldquo;<U>Competitor</U>&rdquo;),
provided that nothing in this clause shall preclude the Executive from holding shares or other securities of any Competitor that is listed
on any securities exchange or recognized securities market anywhere,&nbsp;<U>provided however,</U>&nbsp;that the Executive shall notify
the Company in writing prior to his/her obtaining a proposed interest in such shares or securities in a timely manner and with such details
and particulars as the Company may reasonably require.&nbsp;The Company shall have the right to require the Executive to resign from any
board or similar body which he/she may then serve if the Board reasonably determines, and notifies the Executive in writing, that the
Executive&rsquo;s service on such board or body interferes with the effective discharge of the Executive&rsquo;s duties and responsibilities
to the Company or that any business related to such service is then in competition with any business of the Company or any of its subsidiaries
or affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; background-color: white">The Executive
hereby represents to the Company that: (i)&nbsp;the execution and delivery of this Agreement by the Executive and the performance by the
Executive of the Executive&rsquo;s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other
agreement or policy to which the Executive is a party or otherwise bound, except for agreements that are required to be entered into by
and between the Executive and any member of the Group pursuant to applicable law of the jurisdiction where the Executive is based, if
any; (ii)&nbsp;the Executive has no information (including, without limitation, confidential information and trade secrets) relating to
any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his/her
duties hereunder; and (iii)&nbsp;the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this)
with any other person or entity except for other member(s)&nbsp;of the Group, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>LOCATION</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; background-color: white">The Executive
will be based in Singapore, until both parties hereto agree to change otherwise. The Executive acknowledges that he/she may be required
to travel from time to time in the course of performing his/her duties for the Company.</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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>COMPENSATION AND BENEFITS</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Compensation</U>.&nbsp;The Executive&rsquo;s cash compensation (inclusive of any statutory social welfare reserves that the Company may be required to set aside for the Executive under applicable law) shall be provided by the Company in a separate schedule attached hereto as <U>Schedule A</U> or as specified in a separate agreement between the Executive and the Company&rsquo;s designated subsidiary or affiliated entity, subject to annual review and adjustment by the Company or the compensation committee of the Board.&nbsp;The cash compensation&nbsp;may be paid by the Company, a subsidiary or affiliated entity or a combination thereof, as designated by the Company from time to time.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Equity Incentives</U>.&nbsp;To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Benefits</U>.&nbsp;The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>TERMINATION OF THE AGREEMENT</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><U>By the Company</U>.&nbsp;The Company may terminate the Employment for cause, at any time, without notice or remuneration, if the Executive (1)&nbsp;commits any serious or persistent breach or non-observance of the terms and conditions of the Employment; (2)&nbsp;is convicted of a criminal offence other than one which, in the opinion of the Board, does not affect the Executive&rsquo;s position as an employee of the Company, bearing in mind the nature of the Executive&rsquo;s duties and the capacity in which the Executive is employed; (3)&nbsp;willfully disobeys a lawful and reasonable order; (4)&nbsp;misconducts himself/herself and such conduct is inconsistent with the due and faithful discharge of the Executive&rsquo;s material duties hereunder; (5)&nbsp;is guilty of fraud or dishonesty; or (6)&nbsp;is habitually neglectful in his/her duties. The Company may terminate the Employment without cause at any time with a 1-month prior written notice to the Executive or by payment of 1 month&rsquo;s salary in lieu of notice.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><U>By the Executive</U>.&nbsp;The Executive may terminate the Employment at any time with a 1-month prior written notice to the Company or by payment of 1 month&rsquo;s salary in lieu of notice.&nbsp;In addition, the Executive may resign prior to the expiration of the Agreement if such resignation or an alternative arrangement with respect to the Employment is approved by the Board.</FONT></TD></TR>
  </TABLE>
<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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Notice of Termination.</U>&nbsp;Any termination of the Executive&rsquo;s Employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party in accordance with the provisions of Section 20 below.&nbsp;The notice of termination shall indicate the specific provision(s)&nbsp;of this Agreement relied upon in effecting the termination.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>9.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>CONFIDENTIALITY AND NONDISCLOSURE</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Confidentiality and Non-disclosure.</U>&nbsp;The Executive hereby agrees at all times during the term of his/her Employment and after termination of the Executive&rsquo;s Employment under this Agreement, to hold in the strictest confidence, and not to use, except for the benefit of the Group, or to disclose to any person, corporation or other entity without written consent of the Company, any Confidential Information. The Executive understands that &ldquo;<U>Confidential Information</U>&rdquo; means any proprietary or confidential information of the Group, its affiliates, their clients, customers or partners, and the Group&rsquo;s licensors, including, without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and customers (including, but not limited to, customers of the Group on whom the Executive called or with whom the Executive became acquainted during the term of his/her Employment), supplier lists and suppliers, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, personnel information, marketing, finances, information about the suppliers, joint ventures, licensors, licensees, distributors, and other persons with whom the Group does business, information regarding the skills and compensation of other employees of the Group or other business information disclosed to the Executive by or obtained by the Executive from the Group, its affiliates, or their clients, customers, or partners, either directly or indirectly, in writing, orally or by drawings or observation of parts or equipment, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available and known to the public through no fault of the Executive.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Company Property</U>.&nbsp;The Executive understands that all documents (including computer records, facsimile and&nbsp;e-mail)&nbsp;and materials created, received or transmitted in connection with his/her work or using the facilities of the Group are property of the Group and subject to inspection by the Group, at any time. Upon termination of the Executive&rsquo;s Employment with the Company (or at any other time when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining to his/her work with the Company and will provide prompt written certification of his compliance with this Agreement. Under no circumstances will the Executive have, following his/her termination, in his/her possession any property of the Group, or any documents or materials or copies thereof containing any Confidential Information.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Former Employer Information</U>.&nbsp;The Executive agrees that he/she has not and will not, during the term of his/her employment, (i)&nbsp;improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep in confidence, or (ii)&nbsp;bring into any premises of the Group any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity.&nbsp;The Executive will indemnify the Group and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys&rsquo; fees and costs of suit, arising out of or in connection with any violation of the foregoing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Third Party Information</U>.&nbsp;The Executive recognizes that the Group may have received, and in the future may receive, from third parties confidential or proprietary information subject to a duty on the Group&rsquo;s part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Group and such third parties, during the Executive&rsquo;s Employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Group&rsquo;s agreement with such third party.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">This Section&nbsp;9
shall survive the termination of this Agreement for any reason.&nbsp;In the event the Executive breaches this Section&nbsp;9, the Company
shall have right to seek remedies permissible under applicable law.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>10.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>WITHHOLDING TAXES</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; background-color: white">Notwithstanding
anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise
due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as
may be required to be withheld pursuant to any applicable law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>11.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>NOTIFICATION OF NEW EMPLOYER</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; background-color: white">In the event
that the Executive leaves the employ of the Company, the Executive hereby grants consent to notification by the Company to his/her new
employer about his/her rights and obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>12.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>ASSIGNMENT</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; background-color: white">This Agreement
is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement
or any rights or obligations hereunder;&nbsp;<U>provided, however</U>, that (i)&nbsp;the Company may assign or transfer this Agreement
or any rights or obligations hereunder to any member of the Group without such consent, and (ii)&nbsp;in the event of a merger, consolidation,
or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s)&nbsp;or entity, this Agreement
shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge
and perform all the promises, covenants, duties, and obligations of the Company hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>13.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>SEVERABILITY</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; background-color: white">If any provision
of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this
Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are
declared to be severable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>14.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>ENTIRE AGREEMENT</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; background-color: white">This Agreement
constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes
all prior or contemporaneous oral or written agreements concerning such subject matter, other than any such agreement under any employment
agreement entered into with a subsidiary of the Company at the request of the Company to the extent such agreement does not conflict with
any of the provisions herein.&nbsp;The Executive acknowledges that he/she has not entered into this&nbsp;Agreement in reliance upon any
representation, warranty or undertaking which is not set forth in this Agreement.</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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>15.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>REPRESENTATIONS</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; background-color: white">The Executive
hereby agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. The Executive
hereby represents that the Executive&rsquo;s performance of all the terms of this Agreement will not breach any agreement to keep in confidence
proprietary information acquired by the Executive in confidence or in trust prior to his/her Employment by the Company. The Executive
has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement in conflict with this Section&nbsp;15.
The Executive represents that the Executive will consult his/her own consultants for tax advice and is not relying on the Company for
any tax advice with respect to this Agreement or any provisions hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>16.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>GOVERNING LAW</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; background-color: white">This Agreement
shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflict of laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>17.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>ARBITRATION</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; background-color: white">Any dispute
arising out of, in connection with or relating to, this Agreement shall be resolved through arbitration pursuant to this Section&nbsp;17.
The arbitration shall be conducted in New York in accordance with the rules of the Commercial Arbitration Rules of the American Arbitration
Association in effect at the time of the arbitration. The award of the arbitration tribunal shall be final and binding upon the disputing
parties, and any party may apply to a court of competent jurisdiction for enforcement of such award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>18.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>AMENDMENT</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; background-color: white">This Agreement
may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to
this Agreement, which agreement is executed by both of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>19.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>WAIVER</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; background-color: white">Neither the
failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise
of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to
any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.&nbsp;No waiver
shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>20.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>NOTICES</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; background-color: white">All notices,
requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have
been duly given and made if (i) sent by facsimile or email (provided confirmation of transmission is mechanically or electronically generated
and kept on file by the sending party), (ii)&nbsp;delivered by hand, (iii)&nbsp;otherwise delivered against receipt therefor, or (iv)&nbsp;sent
by a recognized courier with next-day or second-day delivery to the last known address of the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>21.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>COUNTERPARTS</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; background-color: white">This Agreement
may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears
thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more
counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.&nbsp;Photographic
copies of such signed counterparts may be used in lieu of the originals for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt"><B>22.</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>NO INTERPRETATION AGAINST DRAFTER</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify; background-color: white">Each party
recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with
legal counsel of choice.&nbsp;In any construction of the terms of this Agreement, the same shall not be construed against either party
on the basis of that party being the drafter of such terms.&nbsp;The Executive agrees and acknowledges that he/she has read and understands
this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement
and has had ample opportunity to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 86.3pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><I>[Remainder of this
page has been intentionally left blank.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;<BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">IN WITNESS WHEREOF, this Agreement has been
executed as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Davis Commodities Limited</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 35%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; width: 59%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Li Peng Leck</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Chairwoman</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and Executive Director</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Executive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">Signature:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 35%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; width: 59%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><I>[Signature Page&nbsp;to
Employment Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><I>&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule A</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">Annual compensation is US$ [ ].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>6
<FILENAME>davis_ex1002.htm
<DESCRIPTION>FORM OF INDEMNIFICATION AGREEMENT WITH THE REGISTRANT'S DIRECTORS AND OFFICERS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 10.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>INDEMNIFICATION AGREEMENT</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: 0.35in">This Indemnification Agreement
(this &ldquo;<U>Agreement</U>&rdquo;) is entered into as of <FONT STYLE="color: #222222">[DATE]</FONT> by and between Davis Commodities
Limited, an exempted company incorporated in the Cayman Islands (the &ldquo;<U>Company</U>&rdquo;), and the undersigned, a director and/or
an officer of the Company (&ldquo;<U>Indemnitee</U>&rdquo;), as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>RECITALS</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; text-align: justify; text-indent: 0.35in">The Board of
Directors of the Company (the &ldquo;<U>Board of Directors</U>&rdquo;) has determined that the inability to attract and retain highly
competent persons to serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable
and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them arising
out of their services to the 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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AGREEMENT</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; text-align: justify; text-indent: 0.35in">In consideration
of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:</P>

<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: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">A. DEFINITIONS</P>

<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: 0pt; margin-bottom: 0pt; text-align: left">The following terms shall have the meanings defined 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; text-align: justify; text-indent: 0.35in"><B><I>Expenses</I></B>
shall include, without limitation, damages, judgments, fines, penalties, settlements and costs, attorneys&rsquo; fees and disbursements
and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating, defending,
being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"><B><I>Indemnifiable Event</I></B>
means any event or occurrence that takes place either before or after the execution of this Agreement, related to the fact that Indemnitee
is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director or officer of another
corporation, partnership, joint venture or other entity, or related to anything done or not done by Indemnitee in any such capacity, including,
but not limited to neglect, breach of duty, error, misstatement, misleading statement or omission, other than by reason of any dishonesty,
willful default or fraud which may attach to such director or officer.</P>

<P STYLE="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; text-align: justify; text-indent: 0.35in"><B><I>Participant</I></B> means a person
who is a party to, or witness or participant (including on appeal) in, a Proceeding (as defined below).</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; text-align: justify; text-indent: 0.35in"><B><I>Proceeding</I></B>
means any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or investigation, whether
civil, criminal, administrative, investigative or other, including appeal, in which Indemnitee may be or may have been involved as a party
or otherwise by reason of an Indemnifiable Event.</P>

<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: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">B. AGREEMENT TO INDEMNIFY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">1. <U>General Agreement</U>.
In the event Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant in, a Proceeding, the Company
shall indemnify the Indemnitee from and against any and all Expenses which Indemnitee incurs or becomes obligated to incur in connection
with such Proceeding, to the fullest extent permitted by applicable law and the articles of association of the Company (the &ldquo;Articles&rdquo;).</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; text-align: justify; text-indent: 0.35in">2. <U>Indemnification
of Expenses of Successful Party</U>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful
on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding, the Company shall indemnify
Indemnitee against all Expenses incurred in connection with such Proceeding or such claim, issue or matter, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin: 0pt; text-align: justify; text-indent: 0.35in">3. <U>Partial
Indemnification</U>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of
Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion of such Expenses to which
Indemnitee is entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 23.75pt 0pt 14pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">4. <U>No Employment
Rights</U>. Nothing in this Agreement is intended to create in Indemnitee any right to continued employment with the Company.</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; text-align: justify; text-indent: 0.35in">5. <U>Contribution</U>.
If the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee for any reason other than those set
forth in Section B.4, then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably incurred
and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on
the one hand and by the Indemnitee on the other hand from the transaction or events from which such Proceeding arose, and (ii) the relative
fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events which resulted in such Expenses,
as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnitee on the
other hand shall be determined by reference to, among other things, the parties&rsquo; relative intent, knowledge, access to information
and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or settlement amounts. The Company
agrees that it would not be just and equitable if contribution pursuant to this Section B.5 were determined by pro rata allocation or
any other method of allocation which does not take account of the foregoing equitable considerations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">C. INDEMNIFICATION PROCESS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">1. <U>Notice
and Cooperation by Indemnitee</U>. Indemnitee shall, as a condition precedent to his/her right to be indemnified under this Agreement,
give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could
be sought under this Agreement, provided that the delay of Indemnitee to give notice hereunder shall not prejudice any of Indemnitee&rsquo;s
rights hereunder, unless such delay results in the Company&rsquo;s forfeiture of substantive rights or defenses. Notice to the Company
shall be given in accordance with Section F.7 below. If, at the time of receipt of such notice, the Company has directors&rsquo; and officers&rsquo;
liability insurance policies in effect, the Company shall give prompt notice to its insurers of the Proceeding relating to the notice.
The Company shall thereafter take all necessary and desirable actions to cause such insurers to pay, on behalf of Indemnitee, all Expenses
payable as a result of such Proceeding. In addition, Indemnitee shall give the Company such information and cooperation as the Company
may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">2. <U>Indemnification Payment.</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 0pt 0pt 40pt; text-align: justify; text-indent: 0.35in">(a) <I>Advancement
of Expenses</I>. Indemnitee may submit a written request with reasonable particulars to the Company requesting that the Company advance
to Indemnitee all Expenses that may be reasonably incurred in advance by Indemnitee in connection with a Proceeding. The Company shall,
within 10 business days of receiving such a written request by Indemnitee, advance all requested Expenses to Indemnitee. Any excess of
the advanced Expenses over the actual Expenses will be repaid to the Company.</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 0pt 0pt 40pt; text-align: justify; text-indent: 0.35in">(b) <I>Reimbursement
of Expenses</I>. To the extent Indemnitee has not requested any advanced payment of Expenses from the Company, Indemnitee shall be entitled
to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company immediately after Indemnitee makes
a written request to the Company for reimbursement unless the Company refers the indemnification request to the Reviewing Party in compliance
with Section C.2(c) below.</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 0pt 0pt 40pt; text-align: justify; text-indent: 0.35in">(c) <I>Determination
by the Reviewing Party</I>. If the Company reasonably believes that it is not obligated under this Agreement to indemnify the Indemnitee,
the Company shall, within 10 days after the Indemnitee&rsquo;s written request for an advancement or reimbursement of Expenses, notify
the Indemnitee that the request for advancement of Expenses or reimbursement of Expenses will be submitted to the Reviewing Party (as
hereinafter defined). The Reviewing Party shall make a determination on the request within 30 days after the Indemnitee&rsquo;s written
request for an advancement or reimbursement of Expenses. Notwithstanding anything foregoing to the contrary, in the event the Reviewing
Party informs the Company that Indemnitee is not entitled to indemnification in connection with a Proceeding under this Agreement or
applicable law or the Articles, the Company shall be entitled to be reimbursed by Indemnitee for all the Expenses previously advanced
or otherwise paid to Indemnitee in connection with such Proceeding; p<U>rovided</U>, <U>however</U>, that Indemnitee may bring a suit
to enforce his/her indemnification right in accordance with Section C.3 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin: 0pt; text-align: justify; text-indent: 0.35in">3. <U>Suit
to Enforce Rights</U>. Regardless of any action by the Reviewing Party, if Indemnitee has not received full indemnification within 30
days after making a written demand in accordance with Section C.2 above or 50 days if the Company submits a request for advancement or
reimbursement to the Reviewing Party under Section C.2(c) above, Indemnitee shall have the right to enforce its indemnification rights
under this Agreement by commencing litigation in any court of competent jurisdiction seeking a determination by the court or challenging
any determination by the Reviewing Party or any aspect of this Agreement. Any determination by the Reviewing Party not challenged by Indemnitee
and any judgment entered by the court shall be binding on the Company and Indemnitee.</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; text-align: justify; text-indent: 0.35in">4. <U>Assumption
of Defense</U>. In the event the Company is obligated under this Agreement to advance or bear any Expenses for any Proceeding against
Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee, upon delivery
to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the
retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently
incurred by Indemnitee with respect to the same Proceeding, unless (i) the employment of counsel by Indemnitee has been previously authorized
by the Company, (ii) Indemnitee shall have reasonably concluded, based on written advice of counsel, that there may be a conflict of interest
of such counsel retained by the Company between the Company and Indemnitee in the conduct of any such defense, or (iii) the Company ceases
or terminates the employment of such counsel with respect to the defense of such Proceeding, in any of which events the fees and expenses
of Indemnitee&rsquo;s counsel shall be at the expense of the Company. At all times, Indemnitee shall have the right to employ counsel
in any Proceeding at Indemnitee&rsquo;s expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">5. <U>Defense to
Indemnification, Burden of Proof and Presumptions</U>. It shall be a defense to any action brought by Indemnitee against the Company
to enforce this Agreement that it is not permissible under this Agreement or applicable law or the Articles for the Company to indemnify the Indemnitee for the amount claimed. In connection with any such action or any determination by the
Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified under this Agreement, the burden of proving such
a defense or determination shall be on 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; text-align: justify; text-indent: 0.35in">6. <U>No Settlement
without Consent</U>. Neither party to this Agreement shall settle any Proceeding in any manner that would impose any damage, loss, penalty
or limitation on Indemnitee without the other party&rsquo;s written consent. Neither the Company nor Indemnitee shall unreasonably withhold
its consent to any proposed settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">7. <U>Company
Participation</U>. Subject to Section B.5, the Company shall not be liable to indemnify the Indemnitee under this Agreement with regard
to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense,
conduct and/or settlement of such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">8. <U>Reviewing Party.</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 0pt 0pt 40pt; text-align: justify; text-indent: 0.35in">(a) For purposes
of this Agreement, the Reviewing Party with respect to each indemnification request of Indemnitee that is referred by the Company pursuant
to Section C.2(c) above shall be (A) the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter
defined), or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable,
said Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be
delivered to Indemnitee. If the Reviewing Party determines that Indemnitee is entitled to indemnification, payment to Indemnitee shall
be made within 10 days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination
with respect to Indemnitee&rsquo;s entitlement to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel or member of the Board of Directors shall
act reasonably and in good faith in making a determination under this Agreement of the Indemnitee&rsquo;s entitlement to indemnification.
Any reasonable costs or expenses (including reasonable attorneys&rsquo; fees and disbursements) incurred by Indemnitee in so cooperating
with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee&rsquo;s
entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. &ldquo;<U>Disinterested</U>
Director&rdquo; means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is
sought by Indemnitee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin: 0pt 0pt 0pt 40pt; text-align: justify; text-indent: 0.35in">(b) If the
determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected as provided
in this Section C.8(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be
made by the Board of Directors, in which event the proceeding sentence shall apply), and Indemnitee shall give written notice to the Company
advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may,
within 10 days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may
be, a written objection to such selection; <I>provided</I>, <I>however</I>, that such objection may be asserted only on the ground that
the Independent Counsel so selected does not meet the requirements of &ldquo;<U>Independent Counsel</U>&rdquo; as defined in Section C.8(d)
of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely
objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent
Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such
objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification, no Independent
Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction
for resolution of any objection which shall have been made by the Company or Indemnitee to the other&rsquo;s selection of Independent
Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall
designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel.
The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection
with acting under this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section
C.8(b), regardless of the manner in which such Independent Counsel was selected or appointed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 40pt; text-align: justify; text-indent: 0.35in">(c) In making
a determination with respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that Indemnitee is entitled
to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with this Agreement, and
the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity
of any determination contrary to that presumption. The termination of any Proceeding or of any claim, issue or matter therein, by judgment,
order, settlement (with or without court approval), conviction, or upon a plea of <I>nolo contendere</I> or its equivalent, shall not
(except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create
a presumption that Indemnitee did not act in good faith and in a manner which he/she reasonably believed to be in or not opposed to the
best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his/her
conduct was unlawful. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee&rsquo;s
action is based on the records or books of account of the Company and any other corporation, partnership, joint venture or other entity
of which Indemnitee is or was serving at the written request of the Company as a director, officer, employee, agent or fiduciary, including
financial statements, or on information supplied to Indemnitee by the officers and directors of the Company or such other corporation,
partnership, joint venture or other entity in the course of their duties, or on the advice of legal counsel for the Company or such other
corporation, partnership, joint venture or other entity or on information or records given or reports made to the Company or such other
corporation, partnership, joint venture or other entity by an independent certified public accountant or by an appraiser or other expert
selected with reasonable care by the Company or such other corporation, partnership, joint venture or other entity. In addition, the knowledge
and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership,
joint venture or other entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
The provisions of this Section C.8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the
Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 40pt; text-align: justify; text-indent: 0.35in">(d) &ldquo;<U>Independent
Counsel</U>&rdquo; means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party
(other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing,
the term &ldquo;Independent Counsel&rdquo; shall not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee&rsquo;s
rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify
such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">D. DIRECTOR AND OFFICER LIABILITY INSURANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">1. <U>Good Faith
Determination</U>. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company
to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the
Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company&rsquo;s performance
of its indemnification obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">2. <U>Coverage
of Indemnitee</U>. To the extent the Company maintains an insurance policy or policies providing directors&rsquo; and officers&rsquo;
liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent
of the coverage available for any of the Company&rsquo;s directors or officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">3. <U>No Obligation</U>.
Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain any director and officer insurance policy if
the Company determines in good faith that such insurance is not reasonably available in the case that (i) premium costs for such insurance
are disproportionate to the amount of coverage provided, or (ii) the coverage provided by such insurance is limited by exclusions so as
to provide an insufficient benefit.</P>

<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: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">E. NON-EXCLUSIVITY; U.S. FEDERAL PREEMPTION; TERM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">1. <U>Non-Exclusivity</U>.
The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the
Company&rsquo;s current memorandum and articles of association, as may be amended from time to time, applicable law or any written agreement
between Indemnitee and the Company (including its subsidiaries and affiliates). The indemnification provided under this Agreement shall
continue to be available to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though he/she may
have ceased to serve in any such capacity at the time of any Proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">2. <U>U.S. Federal
Preemption</U>. Notwithstanding the foregoing, both the Company and Indemnitee acknowledge that in certain instances, U.S. federal law
or public policy may override applicable law and prohibit the Company from indemnifying its directors and officers under this Agreement
or otherwise. Such instances include, but are not limited to, the prohibition by the U.S. Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;)
on indemnification for liabilities arising under certain U.S. federal securities laws. Indemnitee understands and acknowledges that the
Company has undertaken or may be required in the future to undertake with the SEC an obligation to submit the question of indemnification
to a court in certain circumstances for a determination of the Company&rsquo;s right under public policy to indemnify Indemnitee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">3. <U>Duration
of Agreement</U>. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer
and/or a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject
to any Proceeding by reason of his/her former or current capacity at the Company, whether or not he/she is acting or serving in any such
capacity at the time any Expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall continue
in effect regardless of whether Indemnitee continues to serve as an officer and/or a director of the Company or any other enterprise at
the Company&rsquo;s request.</P>

<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: 453.7pt; margin-bottom: 0pt; text-align: left">F. MISCELLANEOUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">1. <U>Amendment
of this Agreement</U>. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by the
parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not
similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in this Agreement, no failure to exercise
or any delay in exercising any right or remedy shall constitute a waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin: 0pt; text-align: justify; text-indent: 0.35in">2. <U>Subrogation</U>.
In the event of payment to Indemnitee by the Company under this Agreement, the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to
secure such rights, including the execution of such documents necessary to enable the Company to bring suit to enforce such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">3. <U>Assignment;
Binding Effect</U>. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party hereto without
the prior written consent of the other party; except that the Company may, without such consent, assign all such rights and obligations
to a successor in interest to the Company which assumes all obligations of the Company under this Agreement. Notwithstanding the foregoing,
this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company&rsquo;s
successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of
the business and/or assets of the Company) and assigns, as well as Indemnitee&rsquo;s spouses, heirs, and personal and legal representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">4. <U>Severability
and Construction</U>. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to
do any act in violation of applicable law. The Company&rsquo;s inability, pursuant to a court order, to perform its obligations under
this Agreement shall not constitute a breach of this Agreement. In addition, if any portion of this Agreement shall be held by a court
of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest
extent permitted by applicable law. The parties hereto acknowledge that they each have opportunities to have their respective counsels
review this Agreement. Accordingly, this Agreement shall be deemed to be the product of both of the parties hereto, and no ambiguity shall
be construed in favor of or against either of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">5. <U>Counterparts</U>.
This Agreement may be executed in two counterparts, both of which taken together shall constitute one instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">6. <U>Governing
Law</U>. This agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed,
construed and interpreted in accordance with the laws of the State of New York, without giving effect to conflicts of law provisions thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.35in">7. <U>Notices</U>.
All notices, demands, and other communications required or permitted under this Agreement shall be made in writing and shall be deemed
to have been duly given if delivered by hand, against receipt, or mailed via postage prepaid, certified or registered mail, return receipt
requested, and addressed to the Company at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 100.3pt">Davis Commodities Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 100.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 100.3pt">10 Bukit Batok Crescent, #10-01, The Spire</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 100.3pt">Singapore 658079</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 100.3pt">+65 6896 5333</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 100.3pt">Attention: Executive Chairwoman and Executive Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 295.1pt; margin-bottom: 0pt; text-align: left">and to Indemnitee at his/her address
last known to 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; text-align: justify; text-indent: 0.35in">8. <U>Entire
Agreement</U>. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and
oral, between the parties with respect to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Signature page follows)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">IN WITNESS WHEREOF, the parties hereto execute this Agreement
as of the date first written above.</P>

<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: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Davis Commodities Limited</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; text-align: left; margin-top: 0pt; margin-right: 526.65pt; margin-bottom: 0pt">By:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 526.65pt; margin-bottom: 0pt">Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 526.65pt; margin-bottom: 0pt">Title:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Indemnitee</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; text-align: left; margin-top: 0pt; margin-right: 512.2pt; margin-bottom: 0pt">Signature:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 512.2pt; margin-bottom: 0pt">Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to Indemnification
Agreement]</P>

<!-- Field: Page; Sequence: 7; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>7
<FILENAME>davis_ex1003.htm
<DESCRIPTION>EXCLUSIVE DISTRIBUTION AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 10.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="image_058.jpg" ALT="" STYLE="height: 91px; width: 225px">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">AGENCY AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 136.3pt 0pt 135.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Is made this 11<FONT STYLE="font-size: 10pt"><SUP>th
</SUP></FONT>day of January 2021</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; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Between</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">THAI ROONG RUANG SUGAR
GROUP</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">238, TRR Tower,Naradhiwas Road, Chong Nonsi,</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Yannawa, Bangkok 10120</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Tel: (+66)-294 5588 Ext.1558 Fax.(+66)-294 5588 Ext.1583</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">And</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">LP GRACE PTE. LTD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">10 Bukit Batok Crescent #10-01
The Spire, Singapore 658079</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Tel: (+65) 6896 5333/Fax: +65
6896 5335</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Thai Roong Ruang Sugar Group
</B>hereby grants <B>LP Grace Pte Ltd </B>the Sole right to sell and distribute Thai Roong Ruang Sugar Group products of LIN Brand in
the Primary Trade Area as stated in the Period of Agreement.</P>

<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: left; margin-top: 0pt; margin-bottom: 0pt"><B>Product</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">All range of sugar Brand: &ldquo;LIN&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Primary Trade Area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">SINGAPORE</P>

<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: left; margin-top: 0pt; margin-bottom: 0pt"><B>Period of Agency Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">For duration of 3 year, with effect
from 1<SUP>st</SUP> February 2021 to 31<SUP>st</SUP> January 2024 (subject to renewal)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_058.jpg" ALT="" STYLE="height: 91px; width: 225px"></P>

<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: left; margin-top: 0pt; margin-bottom: 0pt"><B>Payment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">To be agreed upon each sale confirmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">A)</TD><TD STYLE="width: 94%">Obligation of LP Grace Pte Ltd (hereinafter referred to as &ldquo;LPG&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">1.</TD><TD STYLE="text-align: left; width: 94%"><B>LPG</B> can only sell the above mentioned product in the stated Primary Trade Area</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">2.</TD><TD STYLE="text-align: justify; width: 94%"><B>LPG </B>will do their best to sell, distribute, and promote the product, which
also include their participation together with Thai Roong Ruang Sugar Group in preparing the annual sales and marketing budgets/plans
for the market.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">3.</TD><TD STYLE="text-align: justify; width: 94%"><B>LPG </B>shall provide forecasts of product requirements, market data and information
on competition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">4.</TD><TD STYLE="text-align: left; width: 94%"><B>LPG</B> agrees to hold sufficient stock of products in order to keep the market supplied.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">5.</TD><TD STYLE="text-align: left; width: 94%"><B>LPG</B> will pay for all products ordered and received.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">6.</TD><TD STYLE="text-align: left; width: 94%"><B>LPG</B> will share the report of marketing activities every 6 months.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">7.</TD><TD STYLE="text-align: left; width: 94%"><B>LPG</B> will conclude cost of marketing and promotion and send invoice every 6 months.</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">B)</TD><TD STYLE="width: 94%">Obligations of Thai Roong Ruang Sugar Group (hereinafter referred to as &ldquo;TRR&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">1.</TD><TD STYLE="text-align: justify; padding-right: 7.9pt; width: 94%"><B>TRR</B> will sell to LP Grace Pte. Ltd. on the product, at prices agreed by FOB
basic, prior to the orders.</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">C)</TD><TD STYLE="width: 94%">Other conditions</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">1.</TD><TD STYLE="text-align: justify; width: 94%"><B>TRR</B> shall prepare material according to target agreement between <B>TRR</B> and <B>LGP</B>
                             by <B>LPG</B> shall bear all cost of material in case <B>LPG</B>
cannot meet the target.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">2.</TD><TD STYLE="text-align: justify; padding-right: 7.85pt; width: 94%"><B>LPG </B>shall extend to his customers only the product warranties that was extended
to him by <B>TRR</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">3.</TD><TD STYLE="text-align: justify; width: 94%">The terms of this agreement supersede the terms of all other purchase orders, agreements,
between <B>LPG </B>and <B>TRR </B>except for agreements made in writing for the purpose of modifying this agreement.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_058.jpg" ALT="" STYLE="height: 91px; width: 225px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">4.</TD><TD STYLE="text-align: justify; width: 94%">In case of any discipline relating to or arising from the interpretation or execution
or whatever agreement or deed in execution of this agreement, each party will use its best efforts to settle such dispute in a friendly
manner.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">D)</TD><TD STYLE="text-align: justify; width: 94%">Termination of Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">1.</TD><TD STYLE="text-align: justify; width: 94%">This agreement can be cancelled or not extended on expiry of agreement date by written
(180 days in advance) notice by either party, without further right, liability or obligation to one another.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">2.</TD><TD STYLE="text-align: justify; padding-right: 7.8pt; width: 94%">Should this agreement not be cancelled as stated above than it will be subjected
to renewal upon further discussion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">3.</TD><TD STYLE="text-align: justify; width: 94%">Should one party not adhere to the terms and conditions/obligations as stated in
this agreement, the other party has the right to terminate this agreement given one month notice in advance, even before this agreement
expires. Similarly, there would be no further right, liability or obligation to one another.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">4.</TD><TD STYLE="text-align: justify; width: 94%">All disputes arising out of or in connection with this contract shall be referred
to arbitration in Thailand in accordance with the Rules of the Thailand International Arbitration Centre.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; width: 35%">For and on behalf of</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 35%">For and on behalf of</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ </FONT><I>Norathep
Keereerat</I></TD>
    <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ <I>Davis C.K. Tan</I></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left">Seller</TD>
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left">Buyer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left">Thai Roong Ruang Sugar Group</TD>
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left">LP Grace Pte Ltd</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left">Representative:</TD>
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left">Representative:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left">Mr. Norathep Keereerat</TD>
    <TD>&nbsp;</TD>
  <TD STYLE="text-align: left">Mr. Davis C.K. Tan</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.45pt"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.45pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>8
<FILENAME>davis_ex1004.htm
<DESCRIPTION>EXCLUSIVE DISTRIBUTION AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 10.4</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0.05pt 0pt 0; text-align: center">EXCLUSIVE DISTRIBUTION AGREEMENT</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.05pt 0pt 0; text-align: center; text-indent: 0in">BETWEEN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MAXWILL FOODLINK PTE. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">TONG SENG PRODUCE PTE. LTD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated this 5<SUP>th</SUP> day of September 2022</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo; Options: Hidden -->&nbsp;<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.65pt 0pt 0; text-align: center; text-indent: 0in">EXCLUSIVE DISTRIBUTION
AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.65pt 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"><B>THIS AGREEMENT</B> is entered into this 5<SUP>th</SUP>
day of September 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">BETWEEN:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>(1)</B></TD><TD STYLE="text-align: justify;"><B>MAXWILL FOODLINK PTE. LTD. </B>(Company Registration Number: 200400590Z), a company
incorporated in Singapore and having its registered office at 10 Bukit Batok Crescent, #10-01, The Spire, Singapore 658079 (&quot;<B>Maxwill</B>&quot;);
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>(2)</B></TD><TD STYLE="text-align: justify; padding-right: 5.85pt"><B>TONG SENG PRODUCE PTE LTD </B>(Company Registration Number: 199003133W), a company
incorporated in Singapore and having its registered office at 33 Senoko South Road, Singapore 758085 (the &quot;<B>Distributor</B>&quot;),</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify; padding-right: 5.85pt">&nbsp;</TD></TR>
                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify; padding-right: 5.85pt">(each a &quot;<B>Party</B>&quot; and collectively, the &quot;<B>Parties</B>&quot;).</TD></TR>
                                                                                                                                                    </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0in">WHEREAS<FONT STYLE="font-weight: normal">:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>(A)</B></TD><TD STYLE="text-align: justify; padding-right: 6.05pt">Maxwill is engaged in the business of distributing and marketing sugar products
in several markets. The Distributor is engaged in the business of distributing rice, oil, sugar, flour and fibre products in Singapore.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>(B)</B></TD><TD STYLE="text-align: justify">Maxwill and the Distributor have agreed to enter into the arrangements for the exclusive
distribution of the Products (as defined herein) by the Distributor in the Territory (as defined herein), as set out in this Agreement
and on the terms and subject to the conditions contained in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0in">NOW IT IS AGREED AS FOLLOWS<FONT STYLE="font-weight: normal">:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>1.</B></TD><TD><B>INTERPRETATION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">1.1</FONT></TD><TD><B>Definitions</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>In this Agreement and the Schedules, unless the context
otherwise requires: </TD></TR>
                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&quot;<B>Appointed Sub-Distributors</B>&quot; has the meaning ascribed to it in Clause 2.2(a).</TD></TR>
                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&quot;<B>Business Day</B>&quot; means a day (other than a
Saturday or Sunday) on which commercial banks are open for business in Singapore.</TD></TR>
                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&quot;<B>Confidential Information</B>&quot;
means any and all trade secrets, intellectual property, and other confidential or proprietary information relating to the business, products,
services or technologies of a Party or a company belonging to the same group of companies as such Party, including but not limited to:</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
                                                                                                     <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
<TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">methods, processes, know-how, formulas, designs, research, ideas, inventions, discoveries, technologies, drawings, reports, summaries,
models, test results, product samples, technical materials and equipment, sketches, apparatus, operating instructions, computer programs,
patents pending, works of authorship, databases, testing data;</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>&nbsp;</TD>
<TD>(b)</TD><TD STYLE="text-align: justify">information regarding such Party's business, business relationships, programs, research and development efforts and projects, any business/financial
research and development, and marketing and sales plans related thereto;</TD></TR>
                                                                                                     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.1pt 0pt 42pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin: 0pt 0pt 0pt 78pt; text-align: justify; text-indent: -35.3pt">
</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 36pt">(c)</TD>
    <TD STYLE="text-align: justify">names and addresses of such Party's past and present customers, pricing data, sales data, sources of supply, internal procedures, quality
control programs, systems, forms, manuals, instructions, financial data, market surveys and plans, customer service information, and sales
and related information; and</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>&nbsp;</TD>
    <TD>(d)</TD>
    <TD STYLE="text-align: justify">all other such information relating to such Party, its business, projects, programs, products and services that is not generally known
to the public.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 78pt; text-align: justify; text-indent: -35.3pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-indent: -35.3pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD>&quot;<B>Disclosing Party</B>&quot; has the meaning ascribed to it in Clause 6.1(a).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD> &quot;<B>Effective Date</B>&quot; means 1 January 2020.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&quot;<B>Initial Term</B>&quot; has the meaning ascribed
to it in Clause 4.1.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&quot;<B>Force Majeure</B>&quot; has the meaning ascribed
to it in Clause 9.2.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&quot;<B>Maxwill Group</B>&quot;
means Maxwill and its related corporations (as defined under the Companies Act 1967 of Singapore), which includes but is not limited to,
Maxwill Pte. Ltd., Maxwill (Asia) Pte. Ltd. and LP Grace Pte. Ltd..</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&quot;<B>Products</B>&quot; means the
sugar products distributed by the Maxwill Group and which are marketed and sold under the <I>Taffy</I> brand, which are mutually agreed
in writing between the Parties to be exclusively distributed by the Distributor on the terms and subject to the conditions contained in
this Agreement from time to time.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&quot;<B>Recipient Party</B>&quot; has the meaning ascribed
to it in Clause 6.1.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&quot;<B>SIAC</B>&quot; has the meaning ascribed to
it in Clause 10.13.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&quot;<B>Term</B>&quot; means the Initial
Term of this Agreement and any renewed term hereunder.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&quot;<B>Territory</B>&quot; means
Singapore and such other countries as may be mutually agreed in writing between the Parties from time to time.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&quot;<B>Trademark</B>&quot; means the
<I>Taffy</I> trademark owned by Maxwill in relation to the Products.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">1.2</FONT></TD><TD><B>Modification of Statutes</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Any references, express or implied,
to statutes or statutory provisions shall be construed as references to those statutes or provisions as respectively amended or re-enacted
or as their application is modified from time to time by other provisions (whether before or after the date hereof) and shall include
any statutes or provisions of which they are re-enactments (whether with or without modification) and any orders, regulations, instruments
or other subordinate legislation under the relevant statute or statutory provision.</TD></TR>
                                                                                                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">1.3</FONT></TD><TD><B>Miscellaneous</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">The headings in this Agreement are
inserted for convenience only and shall be ignored in construing this Agreement. Unless the context otherwise requires, words (including
words defined in this Agreement) denoting the singular number only shall include the plural and <I>vice versa</I>. The words &quot;written&quot;
and &quot;in writing&quot; include any means of visible reproduction. Words importing a specific gender shall include the other genders
(male, female or neuter).</TD></TR>
                                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>References to the &quot;Clauses&quot; and &quot;Recitals&quot;
are to the relevant clauses of, and recitals of and this Agreement.</TD></TR>
                                                                                                       </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">2.</TD><TD>GRANT OF EXCLUSIVE DISTRIBUTION RIGHTS FOR THE PRODUCTS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">2.1</TD><TD STYLE="text-align: justify">Maxwill hereby grants to the Distributor the exclusive right to market, sell and
distribute the Products in the Territory during the Term, and the Distributor hereby accepts the said right. The Distributor is only entitled
to purchase the Products directly from Maxwill or the Maxwill Group. All enquiries received by the Distributor from third parties outside
the Territory shall be referred to Maxwill.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">2.2</TD><TD>During the Term, the Distributor shall:</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 36pt">(a)</TD>
    <TD STYLE="text-align: justify">sell and distribute the Products directly to its customers, or through its distributors and/or wholesalers or other persons appointed
by the Distributor from time to time and approved in writing by Maxwill (the &quot;<B>Appointed Sub-Distributors</B>&quot;);</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>&nbsp;</TD>
    <TD>(b)</TD>
    <TD STYLE="text-align: justify">be entitled to determine the credit terms and timeframe for its sale and distribution of the Products to the Appointed Sub-Distributors;</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>&nbsp;</TD>
    <TD>(c)</TD>
    <TD STYLE="text-align: justify">undertake solely for its own account, and be solely responsible, for payment of all relevant taxes and charges applicable to the transport,
storage, sale and distribution of the Products, and the collection of the price payable for the purchase of the Products in the Territory
(including cash collections and bad debts);</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>&nbsp;</TD>
    <TD>(d)</TD>
    <TD STYLE="text-align: justify">ensure that all necessary taxes, charges and other levies required by the relevant government entities and other authorities and agencies
in respect of its sale and distribution of the Products are duly paid;</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>&nbsp;</TD>
    <TD>(e)</TD>
    <TD STYLE="text-align: justify">ensure that it adheres to all local regulations of the Territory, including but not limited to industrial, personnel, environment protection,
intellectual property and commercial regulations;</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>&nbsp;</TD>
    <TD>(f)</TD>
    <TD STYLE="text-align: justify">use its best endeavours to promote the sale and distribution of the Products throughout the Territory. The Distributor accepts full responsibility
for its sales, marketing and promotional activities for the Products in the Territory and for compliance with all applicable laws and
regulations, including but not lmited to, laws and regulations regarding health and safety, marketing and sales practices. All costs of
distribution, sales, promotional and advertising activities in the Territory are for the Distributor's own account; and</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>&nbsp;</TD>
    <TD>(g)</TD>
    <TD STYLE="text-align: justify">not, without the written consent of the Distributor, obtain the Products for resale from any person, firm or company.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">2.3</TD><TD STYLE="text-align: justify">The Products shall be delivered in Maxwill's packaging and with Maxwill's design.
Any usage by the Distributor of the Trademark and/or other trademarks owned or held by the Maxwill Group requires prior written approval
from Maxwill. The Distributor warrants that it will not over-label or make any other changes to the Products (including the packaging
material) without the prior written approval from Maxwill.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">2.4</TD><TD STYLE="text-align: justify">Maxwill may at its sole disretion implement changes in product formulation, composition,
appearance, packaging and design, in order to improve the quality of the Products or to meet any changes in the applicable laws and regulations,
raw material shortgage or customer demand or in order to unify the Products or the packaging with the other products distributed and sold
by the Maxwill Group in different territories.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">3.</TD><TD>PLACING OF ORDERS, PRICING AND TERMS OF SALE</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">3.1</TD><TD STYLE="text-align: justify; padding-right: 6.25pt">The Distributor undertakes at all times to maintain adequate stock of the Products
to satisfy the demand of customers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">3.2</TD><TD STYLE="text-align: justify">The Distributor shall place orders in writing to Maxwill or the Maxwill Group and
all orders require acceptance in the form of an order confirmation. Upon receipt and confirmation of each order, Maxwill shall, or shall
procure that the Maxwill Group shall, as soon as is practicable, inform the Distributor of the estimated delivery date for the consignment
and shall use all commercially reasonable endeavours to meet the delivery date, but time of delivery shall not be of the essence and accordingly,
Maxwill shall have no liability to the Distributor if, notwithstanding such endeavours, there is any delay in delivery. Each order for
the Products shall constitute a separate contract, and any default by Maxwill in relation to any one (1) order shall not entitle the Distributor
to treat this Agreement as terminated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">3.3</TD><TD STYLE="text-align: justify">The sale prices for the Products shall be as mutually agreed in writing by the Parties
from time to time. Invoicing and payment for the Products shall take place in Singapore dollars, and the payment terms (including, if
applicable, the credit term, payment due date, conditions of payment and applicable interest rate) shall be as set out in the relevant
invoice issued by Maxwill to the Distributor or as otherwise agreed in writing between the Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">3.4</TD><TD STYLE="text-align: justify">The Distributor shall be responsible for obtaining any necessary import licences,
certificates of origin or other requisite documents, and paying all applicable customs, duties and taxes in respect of the importation
of the Products into the Territory and their resale in the Territory in accordance with this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">3.5</TD><TD STYLE="text-align: justify">The Distributor shall inspect the Products for defects promptly upon receipt thereof,
and all costs incurred in the process of such inspection shall be at the expense of the Distributor. The Products which are not rejected
in writing within three (3) Business Days of receipt by the Distributor shall be deemed to be in good condition on receipt. Maxwill shall
substitute at its own expense any defective Products by delivery of the Products free from defects and this replacement constitutes the
only liability of Maxwill in relation to any such defective Products.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">3.6</TD><TD STYLE="text-align: justify">The title to any consignment of the Products shall not pass to the Distributor until
Maxwill has received payment in full of the price therefore. Risk of loss or damage to any consignment of the Products shall pass to the
Distributor from the time Maxwill notifies the Distributor that the Products are available for collection or from the time of delivery
to the carrier at the Distributor's premises, whichever is earlier.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">4.</TD><TD>TERM AND TERMINATION</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">4.1</TD><TD STYLE="text-align: justify">The Agreement shall take effect from the Effective Date and the initial term of
this Agreement shall be the period of one (1) year from the Effective Date (&quot;<B>Initial Term</B>&quot;) and shall thereafter be automatically
extended annually, unless terminated pursuant to Clause 4.2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">4.2</TD><TD STYLE="text-align: justify">Any Party may terminate this Agreement by giving at least three (3) months' prior
written notice to the other Party. Notwithstanding the foregoing, if either Party materially breaches the Agreement, becomes insolvent
or is subject to a change of control, the other Party shall be entitled to terminate the Agreement with immediate effect by giving notice
in writing to the first- mentioned Party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">4.3</TD><TD STYLE="text-align: justify">Termination of this Agreement shall be without prejudice to the rights and obligations
of either Party against the Party in the default incurred prior to the date of termination and accounts between the Parties shall be promptly
settled.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">4.4</TD><TD STYLE="text-align: justify">On termination of this Agreement, whenever and however such termination may occur,
the Distributor shall cease to use the Trademark in any manner or way whatsoever and all Products bearing the Trademark shall be delivered
to Maxwill within 30 days of the date of termination. The Distributor shall furnish Maxwill with an inventory of the Products and Maxwill
shall purchase the Products from the Distributor at the lowest price that the Products would have been sold to its customers or the Appointed
Sub-Distributors had the Agreement not been terminated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">5.</TD><TD>TRADEMARK</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">5.1</TD><TD STYLE="text-align: justify">Maxwill hereby grants the Distributor the exclusive royalty free right to use the
Trademark exclusively in connection with the marketing and sale of the Products in the Territory in accordance with the terms and conditons
of this Agreement. Upon expiry or termination for whatever reason of this Agreement, the Distributor shall not in any form make use of,
or in anyway refer to, the Trademark.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">5.2</TD><TD>The Distributor acknowledges that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="padding-right: 6.4pt">it does not have any right, title or interest in the Trademark or any updates or improvements to it;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">any goodwill (and any other rights) which result from the use by the Parties of the Trademark and the
sale and distribution of the Products shall be vested in Maxwill.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">5.3</TD><TD STYLE="text-align: justify">If the Distributor learns of any threatened or actual infringement of the Trademark
by a third party, or of any circumstance which suggests that the use of the Trademark may infringe the intellectual property of a third
party, it shall immediately inform Maxwill, giving all details that Maxwill requests.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">5.4</TD><TD STYLE="text-align: justify">Maxwill shall have conduct of any proceedings relating to the Trademark and may
take whatever action it, in its sole discretion, decides in respect of any infringement or alleged infringement of it, or arising from
its use. The Distributor shall co-operate with Maxwill in taking this action and Maxwill shall meet any reasonable expenses of the Distributor
in doing so.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">5.5</TD><TD>The Distributor shall:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">not apply for registration of any of the Trademark (or any intellectual property that is confusingly
similar to the Trademark) in its own name, in any part of the world;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="padding-right: 5.85pt">comply with all requests by Maxwill as to the use of the Trademark and the &trade; symbol in relation
to the Trademark;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">not license (or purport to license) any other person to use any of the Trademark, except with the prior
written approval of Maxwill;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD>not use the Trademark other than as specifically permitted by this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD>not use any intellectual property that is confusingly similar to the Trademark;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(f)</TD><TD STYLE="padding-right: 5.9pt">not do anything that may adversely affect the Trademark or Maxwill&rsquo;s right or title to it; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(g)</TD><TD STYLE="padding-right: 5.85pt">immediately stop using any advertising or promotional material or packaging on receipt of a request
by Maxwill to do so.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">6.</TD><TD>CONFIDENTIALITY</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">6.1</TD><TD>Each Party (the &quot;<B>Recipient Party</B>&quot;) agrees:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">to hold the Confidential Information of the other Party (the &quot;<B>Disclosing
Party</B>&quot;) in confidence and to take all precautions to protect such Confidential Information as the Recipient Party employs with
respect to its own Confidential Information, but in no case shall the Recipient Party be entitled to employ less than reasonable precautions
to protect such Confidential Information;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">except to the extent permitted by this Agreement or expressly authorised in writing
by the Disclosing Party, not to disclose any such Confidential Information or any information derived therefrom to any third party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">not to make any use whatsoever at any time of such Confidential Information, except
for the sole purpose of using such Confidential Information internally to evaluate the sale and distribution of the Products, and any
other matters contemplated in this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">not to copy or reverse engineer, or attempt to derive the composition or underlying
information, structure or ideas of contained in such Confidential Information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD STYLE="text-align: justify">not to produce copies of such Confidential Information other than to the extent
required for evaluation of the sale and distribution of the Products and any other matters contemplated in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">6.2</TD><TD>The Recipient Party may disclose Confidential Information:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">to the employees, officers, representatives or advisers of the Recipient Party
who need to know that information for the purposes of carrying out its obligations under this Agreement. The Recipient Party shall ensure
that the employees, officers, representatives or advisers to whom the Confidential Information is disclosed comply with this Clause 6;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD>as may be required by law, court order or any governmental or regulatory authority.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">6.3</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Agreement, &quot;<B>Confidential
Information</B>&quot; shall not include information where:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">such information can be proved by documentary evidence to have already been in the
public domain, other than through an unauthorised disclosure of any third party, prior to the time it was disclosed or communicated by
the Disclosing Party, or comes into the public domain following such communication other than by a breach of this Agreement by the Recipient
Party, or a company belonging to the same group of companies as the Recipient Party or any of their representatives;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">such information was, as shown by the prior written records of the Recipient Party,
(i) already in the lawful possession of the Recipient Party free of any obligation of confidentiality at the time it was communicated
to the Recipient Party by the Disclosing Party; (ii) already lawfully received by the Recipient Party free of any obligation of confidentiality
from a third party who is not known to be subject to any obligation of confidentiality with the Disclosing Party; or (iii) developed by
the Recipient Party independently of and without use or reference to any Confidential Information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">6.4</TD><TD STYLE="text-align: justify">A Party shall, prior to the disclosure of the Confidential Information of the Disclosing
Party which is not expressly permitted under this Agreement, obtain the Disclosing Party's written consent to such disclosure.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">6.5</TD><TD STYLE="text-align: justify">A Party shall, upon the Disclosing Party's request, return to the Disclosing Party or destroy all of the Confidential Information
which has been disclosed or submitted by the Disclosing Party in writing or in any other tangible form or media which can be returned,
including any notes, reports or documents prepared with such Confidential Information, including any Confidential Information which was
submitted to employees, officers, representatives or advisers of such Party pursuant to Clause 6.2. If Confidential Information has been
provided or stored in electronic, digital or other similar form, it shall be destroyed by such Party immediately upon request by the Disclosing
Party. Any destruction of Confidential Information shall, at the Disclosing Party&rsquo;s request, be certified in writing by an authorised
officer of the Disclosing Party supervising it.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">7.</TD><TD>WARRANTIES AND LIABILITIES</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">7.1</TD><TD>Subject as herein provided, Maxwill warrants to the Distributor that:</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 36pt">(a)</TD>
    <TD STYLE="text-align: justify">all the Products supplied hereunder will be of merchantable quality and will comply with the specifications agreed for them;</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>&nbsp;</TD>
    <TD>(b)</TD>
    <TD STYLE="text-align: justify">the Trademark is registered in the name of Maxwill in relation to the Products as at the date of this Agreement; and</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>&nbsp;</TD>
    <TD>(c)</TD>
    <TD STYLE="text-align: justify">it is not aware of any rights of any third party in the Territory which would or might render the sale of the Products, or use of the
Trademark on or in relation to the Products, unlawful.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">7.2</TD><TD STYLE="text-align: justify">In the event of any breach of Maxwill's warranty in Clause 7.1(a), whether by reason
of defective product or otherwise, Maxwill's liability shall be limited to replacement of the Products in question.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">7.3</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Agreement, Maxwill shall not, except
in respect of death or personal injury caused by the negligence of Maxwill, be liable to the Distributor by reason of any representation
or implied warranty, condition or other term or any duty at common law, or under the express terms of this Agreement, for any consequential
loss or damage (whether for loss of profit or otherwise and whether occasioned by the negligence of Maxwill or its employees or agents
or otherwise) arising out of or in connection with any act or omission of Maxwill relating to the manufacture and supply of the Products,
their sale and distribution by the Distributor or the Appointed Sub-Distributors or their use or consumption by any customer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">8.</TD><TD>NO PARTNERSHIP</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Parties to this Agreement are
not in partnership with each other and there is no relationship of principal and agent between them. No Party shall have or be deemed
to have assumed any fiduciary or other analogous obligations or duties to the other Party.</P>

</TD></TR>
                                                              </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">9.</TD><TD>FORCE MAJEURE</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">9.1</TD><TD STYLE="text-align: justify">If either Party is temporarily rendered unable, wholly or in part, by Force Majeure
to perform its duties or accept performance by the other party under this Agreement, it is agreed that the affected Party gives written
notice to the other Party within five (5) Business Days after the occurrence of the Force Majeure. Upon giving full particulars in writing
of such Force Majeure, this Agreement shall, with the approval of the other Party, be suspended during the continuance of the inability
so caused, but for no longer period, and such cause shall as far as possible be removed with all reasonable effort by the affected Party.
Neither Party shall be responsible for delay, damage or loss caused by Force Majeure.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">The term &quot;Force Majeure&quot; as
employed herein shall mean act of God, restraint of government, strikes, lockouts, industrial disturbances, explosions, fire, floods,
earthquakes, storms, lighting and any other causes similar to the kind herein enumerated which are beyond the control of either Party
and in spite of the exercise of due care and diligence either Party is unable to overcome.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">10.</TD><TD>MISCELLANEOUS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">10.1</FONT></TD><TD><B>Entire Agreement</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">This Agreement (together with any
documents referred to herein or executed contemporaneously by the Parties in connection herewith) embodies all the terms and conditions
agreed upon between the Parties as to the subject matter of this Agreement and supersedes and cancels in all respects all previous agreements
and undertakings, if any, between the Parties with respect to the subject matter hereof, whether such be written or oral.</TD></TR>
                                                                                                           </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">10.2</FONT></TD><TD><B>Release</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                  <TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">Any liability to any Party under
this Agreement may in whole or in part be released, compounded or compromised, or time or indulgence given, by it in its absolute discretion
as regards the other Party under such liability without in any way prejudicing or affecting its rights against such other Party.</TD></TR>
                                                                                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">10.3</FONT></TD><TD><B>Indulgence, Waiver, Etc.</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">No failure on the part of either
Party to exercise and no delay on the part of such Party in exercising any right hereunder will operate as a release or waiver thereof,
nor will any single or partial exercise of any right under this Agreement preclude any other or further exercise of it or any other right
or remedy.</TD></TR>
                                                                                                                   </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">10.4</FONT></TD><TD>Successors and Assigns</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">This Agreement shall be binding on and shall enure for the benefit of each of the
Parties' successors and assigns. Any reference in this Agreement to any of the Parties shall be construed accordingly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">The Distributor shall not assign, transfer, mortgage, delegate or otherwise dispose
of any rights or obligations hereunder without the prior written consent of Maxwill. Maxwill shall be entitled to assign its rights and
obligations hereunder in full or in part, provided that the assignee assumes all of Maxwill's obligations towards the Distributor according
to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">10.5</FONT></TD><TD><B>Time of Essence</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Any time, date or period mentioned
in any provision of this Agreement may be extended by mutual agreement between the Parties in accordance with this Agreement or by agreement
in writing but as regards any time, date or period originally fixed or any time, date or period so extended as aforesaid, time shall be
of the essence.</TD></TR>
                                                                                                          </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">10.6</FONT></TD><TD><B>Further Assurance</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">At
any time after the date of this Agreement, each Party shall, and shall use its best endeavours to procure that any necessary third-party
shall, execute such documents and do such acts and things as the other Party may reasonably require for the purpose of giving to such
other Party the full benefit of all the provisions of this Agreement.</TD></TR>
                                                                                                            </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 5.9pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">10.7</FONT></TD><TD><B>Remedies</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">No remedy conferred by any of the
provisions of this Agreement is intended to be exclusive of any other remedy which is otherwise available at law, in equity, by statute
or otherwise, and each and every other remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now
or hereafter existing at law, in equity, by statute or otherwise. The election of any one or more of such remedies by any Party shall
not constitute a waiver by such Party of the right to pursue any other available remedies.</TD></TR>
                                                                                                   </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">10.8</FONT></TD><TD><B>Costs and Expenses</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">Each Party shall bear its own legal,
professional and other costs and expenses incurred by it in connection with the negotiation, preparation or execution of this Agreement.</TD></TR>
                                                                                                             </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">10.9</FONT></TD><TD><B>Severability of Provisions</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">If any provision of this Agreement
is held to be illegal, invalid or unenforceable in whole or in part in any jurisdiction, this Agreement shall, as to such jurisdiction,
continue to be valid as to its other provisions and the remainder of the affected provision, and the legality, validity and enforceability
of such provision in any other jurisdiction shall be unaffected.</TD></TR>
                                                                                                                     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">10.10</TD>
<TD><B>Communications</B></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
                                   <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 36pt">(a)</TD>
<TD STYLE="text-align: justify">All notices, demands or other communications required or permitted to be given or made hereunder shall be in writing and delivered personally
or sent by prepaid registered post with recorded delivery, or by electronic mail transmission addressed to the intended recipient thereof
at its address or at its email address, and marked for the attention of such person (if any), designated by it to the other Party for
the purposes of this Agreement or to such other address or email address, and marked for the attention of such person, as a Party may
from time to time duly notify the other in writing.</TD></TR>
                                   <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
                                   <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
<TD STYLE="text-align: justify">The addresses and email addresses of the Parties for the purpose of this Agreement are specified below:</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
                                   <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72pt">&nbsp;</TD>
    <TD STYLE="width: 72pt"><U>Maxwill</U></TD>
<TD STYLE="text-align: justify">&nbsp;</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>&nbsp;</TD>
    <TD>Address</TD>
<TD STYLE="text-align: justify"> : 10 Bukit Batok Crescent #10-01 The Spire Singapore
658079</TD></TR>
                                   <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD> Attention</TD>
<TD STYLE="text-align: justify">: Ms Jessie Ng</TD></TR>
                                   <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Email Address</TD>
<TD STYLE="text-align: justify">: jessie@maxwill.com.sg</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>&nbsp;</TD>
    <TD> <U>Distributor</U></TD>
<TD STYLE="text-align: justify">&nbsp;</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>&nbsp;</TD>
    <TD>Address</TD>
<TD STYLE="text-align: justify">: 33 Senoko South Road, Singapore 758085</TD></TR>
                                   <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Attention</TD>
<TD STYLE="text-align: justify">: Mr. Jerry Ng</TD></TR>
                                   <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Email Address</TD>
<TD STYLE="text-align: justify">:  jerryng@tspsonghe.com.sg</TD></TR>
                                   </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 36pt">(c)</TD>
    <TD STYLE="text-align: justify">Any notice, demand or communication so served by hand, email or post shall be deemed to have been duly given:</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-indent: -35.3pt"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD>in the case of delivery by hand, when delivered;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD>in the case of email, at the time of transmission; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">in the case of post, on the second Business Day after the date of posting (if sent
by local mail) and on the seventh Business Day after the date of posting (if sent by air mail),</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>&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify">provided that in each case where
delivery by hand occurs after 6:00 p.m. (Singapore time) on a Business Day or on a day which is not a Business Day, service shall be deemed
to occur at 9:00 a.m. (Singapore time) on the next following Business Day.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">10.11</FONT></TD><TD>Counterparts</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">This Agreement may be signed in any
number of counterparts, all of which taken together shall constitute one (1) and the same instrument. Any Party may enter into this Agreement
by signing any such counterpart (which may include counterparts delivered by electronic transmission, with originals to follow) and each
counterpart shall be as valid and effectual as if executed as an original. For the avoidance of doubt, Parties agree that any Party may
enter into this Agreement by manually signing any such counterpart transmitted electronically or by signing via electronic signatures
(such as DocuSign).</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">10.12</FONT></TD><TD><B>Contracts (Rights of Third Parties) Act</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">A person who is not a Party to this
Agreement shall have no right under the Contracts (Rights of Third Parties) Act 2001 of Singapore to enforce any of the terms of this
Agreement.</TD></TR>
                                                                                                                                       </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-weight: normal">10.13</FONT></TD><TD>Governing Law and Jurisdiction</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">All disputes, differences or questions
arising out of this Agreement including the interpretation of the terms herein or with regard to the obligations, failure or breach of
any terms thereof by any of the Parties and/or compensation or damages payable under this Agreement or of any matter whatsoever arising
under this Agreement, which have not been settled amicably within 30 days from the commencement of informal negotiation, shall be referred
by either Party to the Singapore International Arbitration Centre (the &quot;<B>SIAC</B>&quot;) in accordance with its commercial arbitration
rules. The arbitration shall be held in
Singapore and conducted in English. The sole arbitrator shall be selected by SIAC.</TD></TR>
                                                                                                                       </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><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; margin: 0pt 0 0pt 0pt"><B>IN WITNESS WHEREOF</B> this Agreement has been entered into
on the date stated at the beginning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"><B><U>Maxwill</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="width: 32%">
    Signed by Leck Li Peng<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 33%">&nbsp;)</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR>
    <TD>for and on behalf of</TD>
    <TD>&nbsp;)</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><B>MAXWILL FOODLINK PTE. LTD.</B></TD>
    <TD>&nbsp;)</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR>
    <TD>in the presence of:</TD>
    <TD>&nbsp;)</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Leck Li Peng</I></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Designation: Director</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><I>/s/ Abbie Jillia Lee</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>Name of Witness: Abbie Jillia Lee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"><B><U>Distributor</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="width: 32%">Signed by Jerry Ng</TD>
    <TD STYLE="width: 33%">&nbsp;)</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR>
    <TD>for and on behalf of</TD>
    <TD>&nbsp;)</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><B>TONG SENG PRODUCE PTE LTD</B></TD>
    <TD>&nbsp;)</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR>
    <TD>in the presence of</TD>
    <TD>&nbsp;)</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-weight: normal"><I>/s/
Jerry Ng</I></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Designation: Director</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><I>/s/ Jack Kong</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>Name of Witness: Jack Kong </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 12; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>9
<FILENAME>davis_ex2101.htm
<DESCRIPTION>SUBSIDIARIES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><B><BR>
Exhibit 21.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Davis Commodities Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Subsidiaries of the
Registrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>Subsidiary</B></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Place of Incorporation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxwill Pte. Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxwill (Asia) Pte. Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LP Grace Pte. Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maxwill Foodlink Pte. Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>10
<FILENAME>davis_ex2301.htm
<DESCRIPTION>CONSENT OF ONESTOP ASSURANCE PAC
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="vertical-align: middle; text-align: center; width: 50%"><IMG SRC="image_059.jpg" ALT="" STYLE="height: 48.15pt; width: 176.45pt"></TD>
  <TD STYLE="width: 50%">&nbsp;<P STYLE="margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Onestop Assurance PAC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>10 Anson Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>#13-09 International Plaza</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Singapore 079903 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Tel: 9644 9531</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Email:<FONT STYLE="color: blue">audit@onestop-ca.com</FONT></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Website:</B> <FONT STYLE="color: blue"><B>www.onestop-ca.com&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: right; text-indent: 0.5in"></P>


</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B></B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
<P STYLE="margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Consent of Independent Registered Public
Accounting Firm</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the incorporation of our
report dated October 21, 2022 in the Registration Statement on Form F-1, under the Securities Act of 1933, as amended, with respect to
the consolidated balance sheets of Davis Commodities Limited and its subsidiaries (collectively referred to as the &ldquo;Company&rdquo;)
as of December 31, 2021 and 2020, the related consolidated statements of operations and comprehensive income, changes in shareholder&rsquo;s
equity and cash flows for each of the years in the two-year period ended December 31, 2021 and the related notes. We also consent to the
reference to our firm under the heading &ldquo;Experts&rdquo; in such Registration Statement.</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">&nbsp;</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">/s/ <I>Onestop Assurance PAC</I></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">Singapore</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">March 9, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>11
<FILENAME>davis_ex2303.htm
<DESCRIPTION>CONSENT OF RAJAH & TANN SINGAPORE LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 23.3</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"><B></B></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">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Davis Commodities Limited</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10 Bukit Batok Crescent</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">#10-01</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Spire</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Singapore 658079</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">
    <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">March 9, 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"><B>LETTER OF CONSENT </B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs,</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: 4%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Introduction</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">We are engaged as Singapore legal counsel
to Davis Commodities Limited (the &ldquo;<B>Company&rdquo;</B>), a company incorporated under the laws of the Cayman Islands, and its
subsidiaries established in Singapore in connection with the Company&rsquo;s registration statement on Form F-1 filed with the United
States Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;), including all amendments or supplements thereto (the &ldquo;<B>Registration
Statement</B>&rdquo;), under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), relating to the public
offering by the Company of its ordinary shares.</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">&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: 3%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Consent</U></B></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 0pt 21.3pt; text-align: justify">We hereby consent to the references
to our name in such Registration Statement. Further, we hereby consent to the filing with the SEC of this consent letter as an exhibit
to the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent
is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yours faithfully</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ RAJAH &amp; TANN SINGAPORE LLP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RAJAH &amp; TANN SINGAPORE LLP </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="margin: 0"><B>&nbsp;</B></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>12
<FILENAME>davis_ex9901.htm
<DESCRIPTION>CODE OF BUSINESS CONDUCT AND ETHICS OF THE REGISTRANT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CODE OF BUSINESS CONDUCT AND ETHICS OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAVIS COMMODITIES LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INTRODUCTION</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>Purpose</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">This Code of Business Conduct
and Ethics (this &ldquo;Code&rdquo;) contains general guidelines for the conduct of business of Davis Commodities Limited, a Cayman Islands
company (the &ldquo;<U>Company</U>&rdquo;), consistent with the highest standards of business ethics. To the extent where this Code requires
a higher standard than required by commercial practice or applicable laws, rules or regulations, we shall adhere to these higher standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">This Code applies to all
the directors, officers, and employees of the Company and its subsidiaries (which, unless the context otherwise requires, are collectively
referred to as the &ldquo;Company&rdquo; in this Code). We refer to all persons covered by this Code as &ldquo;<U>Company employees</U>&rdquo;
or simply &ldquo;<U>employees</U>.&rdquo; We also refer to our executive chairwoman ad executive director (principal executive officer)
and our group financial controller (principal accounting and financial officer) as our &ldquo;<U>principal financial officers</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Seeking Help and Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">This Code is not intended
to be a comprehensive rulebook and cannot address every situation that you may face. If you feel uncomfortable about a situation or if
you have any doubts whether it is consistent with the Company&rsquo;s ethical standards, do seek help. We encourage you to first contact
your supervisor for help. If your supervisor cannot answer your question or resolve your problem, or if you do not feel comfortable contacting
your supervisor, you may contact the Compliance Officer of the Company, who shall be a person appointed by the Board of Directors of the
Company. Ms. Abbie Jillia Lee has been appointed by the Board of Directors of the Company as the Compliance Officer of the Company. The
Company will notify you if there is a change in the appointment of the Compliance Officer. You may remain anonymous and will not be required
to reveal your identity in your communication to the Company.</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"><B>Reporting Violations of the Code</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; text-indent: 24.5pt">All employees have a duty
to report any known or suspected violation of this Code, including any violation of the laws, rules, regulations or policies that apply
to the Company. If you know of or suspect a violation of this Code, immediately report the conduct to your supervisor. Your supervisor
will contact the Compliance Officer, who will work with you and your supervisor to investigate the matter. If you do not feel comfortable
reporting the matter to your supervisor or you do not get a satisfactory response, you may contact the Compliance Officer directly. Employees
making a report need not leave their name or other personal information and reasonable efforts will be used to conduct the investigation
that follows from the report in a manner that protects the confidentiality and anonymity of the employee submitting the report. All reports
of known or suspected violations of the law or this Code will be handled sensitively and with discretion. Your supervisor, the Compliance
Officer and the Company will protect your confidentiality to the extent possible, consistent with law and the Company&rsquo;s need to
investigate your report.</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; text-indent: 24.5pt">It is the Company&rsquo;s
policy that any employee who violates this Code will be subject to appropriate discipline, which may include termination of employment.
This determination will be based upon the facts and circumstances of each situation. An employee accused of violating this Code will be
given an opportunity to present his or her version of the events at issue prior to any determination of appropriate discipline. Employees
who violate the law or this Code may expose themselves to substantial civil damages, criminal fines and prison terms. The Company may
also face substantial fines and penalties, and many incur damage to its reputation and standing in the community. Your conduct as a representative
of the Company, if it does not comply with the law or with this Code, can result in serious consequences for both you and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Policy Against Retaliation</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; text-indent: 24.5pt">The Company prohibits retaliation
against an employee who, in good faith, seeks help or reports known or suspected violations. Any reprisal or retaliation against an employee
because such employee, in good faith, sought help or filed a report will be subject to disciplinary action, including potential termination
of employment.</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"><B>Waivers of the Code</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; text-indent: 24.5pt">Waivers of this Code for
employees may be granted only by an executive officer of the Company. Any waiver of this Code for our directors, executive officers or
other principal financial officers may be granted only by our Board of Directors or the appropriate committee of our Board of Directors
and will be disclosed to the public as required by law or the rules of [Nasdaq/NYSE American].</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"><B>CONFLICTS OF INTEREST</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"><B>Identifying Potential Conflicts of Interest</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; text-indent: 24.5pt">A conflict of interest may
occur when an employee&rsquo;s private interest interferes, or appears to interfere, with the interests of the Company as a whole. You
should avoid any private interest that influences your ability to act in the interests of the Company or that makes it difficult to perform
your work objectively and effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Identifying potential conflicts
of interest may not always be clear-cut. The following situations are examples of conflicts of interest:</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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Outside Employment</U>. No employee should be employed by, serve as a director of, or provide any services not in his or her capacity as a Company&rsquo;s employee to a company that is a material customer, supplier, or competitor of the Company.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Improper Personal Benefits</U>. No employee should obtain any material (as to him or her) personal benefits or favors because of his or her position in the Company. Please see &ldquo;Gifts and Entertainment&rdquo; below for additional guidelines in this area.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Financial Interests</U>. No employee should have a significant financial interest (ownership or otherwise) in any company that is a material customer, supplier or competitor of the Company. A &ldquo;significant financial interest&rdquo; means (i)&nbsp;ownership of greater than 1% of the equity of a material customer, supplier or competitor or (ii)&nbsp;an investment in a material customer, supplier or competitor that represents more than 5% of the total assets of the employee.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Loans or Other Financial Transactions</U>. No employee should obtain loans or guarantees of personal obligations from, or enter into any other personal financial transaction with, any company that is a material customer, supplier or competitor of the Company. This guideline does not prohibit arms-length transactions with banks, brokerage firms or other financial institutions.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Service on Boards and Committees</U>. No employee should serve on a board of directors or trustees or on a committee of any entity (whether profit or not-for-profit) whose interests would reasonably be expected to be in conflict with those of the Company.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Actions of Family Members</U>. The actions of family members outside the workplace may also give rise to the conflicts of interest described above because they may influence an employee&rsquo;s objectivity in the making of decisions on behalf of the Company. For the purposes of this Code, &ldquo;<U>family members</U>&rdquo; include your spouse or life-partner, brothers, sisters and parents, in-laws and children, whether such relationships are by blood or adoption.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">For the purposes of this
Code, a company is considered to be a &ldquo;material&rdquo; customer if that company has made payments to the Company in the past year
in excess of US$100,000 or 10% of the customer&rsquo;s gross revenues, whichever is greater. A company is considered to be a &ldquo;material&rdquo;
supplier if that company has received payments from the Company in the past year in excess of US$100,000 or 10% of the supplier&rsquo;s
gross revenues, whichever is greater. A company is considered to be a &ldquo;material&rdquo; competitor if that company competes in the
Company&rsquo;s line of business and has annual gross revenues from such line of business in excess of US$500,000. If you are uncertain
whether a particular company is a material customer, supplier or competitor, please contact the Compliance Officer for assistance.</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"><B>Disclosure of Conflicts of Interest</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; text-indent: 24.5pt">The Company requires employees
to disclose any situations that would reasonably be expected to give rise to a conflict of interest. If you suspect that you have a conflict
of interest, or something that others could reasonably perceive as a conflict of interest, you must report it to your supervisor or the
Compliance Officer. Your supervisor and the Compliance Officer will work with you to determine whether you have a conflict of interest
and, if so, how best to address it. Although conflicts of interest are not automatically prohibited, they are not desirable and may only
be waived as described in &ldquo;Waivers of the Code&rdquo; above.</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"><B>CORPORATE OPPORTUNITIES</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; text-indent: 24.5pt">As an employee of the Company,
you have an obligation to advance the Company&rsquo;s interests when the opportunity to do so arises. If you discover or are presented
with a business opportunity through the use of corporate property, information, or because of your position in the Company, you should
first present the business opportunity to the Company before pursuing the opportunity in your individual capacity. No employee may use
corporate property, information, or his or her position in the Company for personal gain or in a manner that may compete with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">You should disclose to your
supervisor the terms and conditions of each business opportunity covered under this Code that you wish to pursue. Your supervisor will
contact the Compliance Officer and the appropriate management personnel to determine whether the Company wishes to pursue the business
opportunity. If the Company waives its right to pursue the business opportunity, you may pursue the business opportunity on the same terms
and conditions as originally proposed and consistent with the other ethical guidelines set forth in this Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Confidential Information and Company&rsquo;s
Property</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; text-indent: 24.5pt">Employees have access to
a variety of confidential information while being employed at the Company. Confidential information includes all non-public information
that might be of use to competitors, or, if disclosed, harmful to the Company or its customers. Each employee has a duty to respect and
safeguard the confidentiality of the Company&rsquo;s information and the information of our suppliers and customers, except when disclosure
is authorized or legally mandated. In addition, you must refrain from using any confidential information from any previous employment
if, in doing so, you could reasonably be expected to breach your duty of confidentiality to your former employers. An employee&rsquo;s
obligation to protect confidential information continues after he or she leaves the Company. Unauthorized disclosure of confidential information
could cause competitive harm to the Company and/or its customers and could result in legal liability to you and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Employees also have a duty
to protect the Company&rsquo;s intellectual property and other business assets. The intellectual property, business systems and the security
of the Company are critical to the Company&rsquo;s business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Any questions or concerns
on whether the disclosure of Company information is legally mandated should be promptly referred to the Compliance Officer.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B>Safeguarding Confidential Information and Company&rsquo;s
Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Care must be taken to safeguard
and protect confidential information and the Company&rsquo;s property. Accordingly, the following measures should be adhered to:</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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&rsquo;s employees should conduct their business and social activities so as not to risk inadvertent disclosure of confidential information. For example, when not in use, confidential information should be securely stored. Besides, review of confidential documents or discussion of confidential subjects in public places (e.g., airplanes, trains, taxis, buses, etc.) should not be conducted so as to prevent being overheard or accessed by unauthorized persons.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When in the Company&rsquo;s offices, confidential matters should not be discussed within hearing range of visitors or others not working on such matters.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential matters should not be discussed with other employees not working on such matters or with friends or relatives, including those living in the same household as a Company employee.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&rsquo;s employees are only to access, use, and disclose confidential information that is necessary for them to perform their duties. They are not to disclose confidential information to other employees or contractors at the Company unless it is necessary for those employees or contractors to have such confidential information in the course of their duties.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&rsquo;s files, personal computers, networks, software, internet access, internet browser programs, emails, voice mails, and other business equipment (e.g., desks and cabinets) and resources are provided for business use, and they are the exclusive property of the Company. Misuse of such Company property is not tolerable.</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"><B>COMPETITION AND FAIR DEALING</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; text-indent: 24.5pt">All employees are obligated
to deal fairly with fellow employees and with the Company&rsquo;s customers, suppliers and competitors. Employees should not take unfair
advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other
unfair-dealing practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Relationships with Customers</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; text-indent: 24.5pt">Our business success depends
upon our ability to foster lasting customer relationships. The Company is committed to dealing with customers fairly, honestly, and with
integrity. Specifically, you should keep the following guidelines in mind when dealing with customers:</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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information we supply to customers should be accurate and complete to the best of our knowledge. Employees should not deliberately misrepresent information to customers.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees should not refuse to sell, service, or maintain products the Company has produced simply because a customer is buying products from another supplier.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer entertainment should not exceed the reasonable and customary business practice of the Company. Employees should not provide entertainment or other benefits that could be viewed as an inducement to or a reward for customer&rsquo;s purchase decisions. Please see &ldquo;Gifts and Entertainment&rdquo; below for additional guidelines in this area.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B>Relationships with Suppliers</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; text-indent: 24.5pt">The Company deals fairly
and honestly with its suppliers. This means that our relationships with suppliers are based on price, quality, service, and reputation,
among other factors. Employees dealing with suppliers should carefully guard their objectivity. Specifically, no employee should accept
or solicit any personal benefit from a supplier or potential supplier that might compromise, or appear to compromise, their objective
assessment of the supplier&rsquo;s products and prices. Employees can give or accept promotional items of nominal value or moderately
scaled entertainment within the limits of reasonable and customary business practice of the Company. Please see &ldquo;Gifts and Entertainment&rdquo;
below for additional guidelines in this area.</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"><B>Relationships with Competitors</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; text-indent: 24.5pt">The Company is committed
to free and open competition in the marketplace. Employees should avoid actions that would be contrary to laws governing competitive practices
in the marketplace, including antitrust laws. Such actions include misappropriation and/or misuse of a competitor&rsquo;s confidential
information or making false statements about the competitor&rsquo;s business and business practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PROTECTION AND USE OF COMPANY&rsquo;S ASSETS</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; text-indent: 24.5pt">Employees should protect
the Company&rsquo;s assets and ensure their efficient use for legitimate business purposes only. Theft, carelessness and waste have a
direct impact on the Company&rsquo;s profitability. The use of Company funds or assets, whether or not for personal gain, for any unlawful
or improper purpose is prohibited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">To ensure the protection
and proper use of the Company&rsquo;s assets, each employee should:</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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise reasonable care to prevent theft, damage or misuse of the Company&rsquo;s property;</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">report the actual or suspected theft, damage or misuse of the Company&rsquo;s property to a supervisor;</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">use the Company&rsquo;s telephone system, other electronic communication services, written materials and other property primarily for business-related purposes;</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">safeguard all electronic programs, data, communications and written materials from inadvertent access by others; and</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">use the Company&rsquo;s property only for legitimate business purposes, as authorized in connection with your job responsibilities.</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; text-indent: 24.5pt">Employees should be aware
that the Company&rsquo;s property includes all data and communications transmitted or received to or by, or contained in, the Company&rsquo;s
electronic or telephonic systems, as well as all written communications. Employees and other users of the Company&rsquo;s property should
have no expectation of privacy with respect to these communications and data. To the extent permitted by law, the Company has the ability,
and reserves the right, to monitor all electronic and telephonic communication. These communications may also be subject to disclosure
to law enforcement or government officials.</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"><B>GIFTS AND ENTERTAINMENT</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; text-indent: 24.5pt">The act of giving and receiving
of gifts is a common business practice. Appropriate business gifts and entertainment are welcome courtesies designed to build relationships
and understanding among business partners. However, gifts and entertainment should not compromise, or appear to compromise, your ability
to make objective and fair business decisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">It is your responsibility
to use good judgment in this area. As a general rule, you may give or receive gifts or entertainment to or from customers or suppliers
only if the gift or entertainment would not be viewed as an inducement to or reward for any particular business decision. All gifts and
entertainment expenses should be properly accounted for on expense reports. The following specific examples may be helpful:</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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Meals and Entertainment</U>. You may occasionally accept or give meals, refreshments or other entertainment, if:</FONT></TD></TR>
  </TABLE>
<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="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the items are of reasonable value;</FONT></TD></TR>
  </TABLE>
<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="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the purpose of the meeting or attendance at the event is business related; and</FONT></TD></TR>
  </TABLE>
<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="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the expenses would be paid by the Company as a reasonable business expense if not paid for by another party.</FONT></TD></TR>
  </TABLE>
<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; text-align: justify; text-indent: 0.5in">Entertainment of reasonable
value may include food and tickets for sporting and cultural events if they are generally offered to other customers, suppliers or vendors.</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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Advertising and Promotional Materials</U>. You may occasionally accept or give advertising or promotional materials of nominal value.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Personal Gifts</U>. You may accept or give personal gifts of reasonable value that are related to recognized special occasions, such as a graduation, promotion, new job, wedding, retirement or a holiday. A gift is also acceptable if it is based on a family or personal relationship and unrelated to the business involved between the individuals.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Gifts Rewarding Service or Accomplishment</U>. You may accept a gift from a civic, charitable or religious organization specifically related to your service or accomplishment.</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; text-indent: 24.5pt">You must be particularly
careful that gifts and entertainment are not construed as bribes, kickbacks, or other improper payments. See &ldquo;The Foreign Corrupt
Practices Act&rdquo; below for a more detailed discussion of our policies on giving or receiving gifts related to business transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">You should make every effort
to refuse or return a gift that is beyond these permissible guidelines. If it would be inappropriate to refuse a gift or you are unable
to return a gift, you should promptly report the gift to your supervisor. Your supervisor will bring the gift to the attention of the
Compliance Officer, who may require you to donate the gift to an appropriate community organization. If you have any questions on whether
it is permissible to accept a gift or something else of value, contact your supervisor or the Compliance Officer for additional guidance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COMPANY RECORDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Accurate and reliable records
are crucial to our business. Our records are the basis of our earnings statements, financial reports and other disclosures to the public
and guide our business decision-making and strategic planning. Company records include booking information, payroll, timecards, travel
and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other
records maintained in the ordinary course of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">All Company records must
be complete, accurate and reliable in all material respects. Undisclosed or unrecorded funds, payments or receipts are inconsistent with
our business practices and are prohibited. You are responsible for understanding and complying with our record-keeping policy. Ask your
supervisor if you have any questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ACCURACY OF FINANCIAL REPORTS AND OTHER PUBLIC
COMMUNICATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">As a public company we are
subject to various securities laws, regulations and reporting obligations. These laws, regulations and obligations and our policies require
the disclosure of accurate and complete information regarding the Company&rsquo;s business, financial condition and results of operations.
Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company&rsquo;s reputation and integrity,
and result in legal liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">It is essential that the
Company&rsquo;s financial records, including all filings with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) be accurate
and timely. Accordingly, in addition to adhering to the conflict of interest policy and other policies and guidelines under this Code,
the principal financial officers and other senior financial officers must take special care to exhibit integrity at all times and to instill
this value within their organizations. In particular, these senior officers must ensure their conduct is honest and ethical that they
abide by all public disclosure requirements by providing full, fair, accurate, timely and understandable disclosures, and that they comply
with all other applicable laws and regulations. These financial officers must also understand and strictly comply with generally accepted
accounting principles in the U.S. and all standards, laws and regulations for accounting and financial reporting of transactions, estimates
and forecasts.</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; text-indent: 24.5pt">In addition, U.S. federal
securities law requires the Company to maintain proper internal books and records and to devise and maintain an adequate system of internal
accounting controls. The SEC has supplemented the statutory requirements by adopting rules that prohibit (1)&nbsp;any person from falsifying
records or accounts subject to the above requirements and (2)&nbsp;officers or directors from making any materially false, misleading,
or incomplete statement to an accountant in connection with an audit or any filing with the SEC. These provisions reflect the SEC&rsquo;s
intent to discourage officers, directors, and other persons with access to the Company&rsquo;s books and records from taking action that
might result in the communication of materially misleading financial information to the investing public.</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"><B>COMPLIANCE WITH LAWS AND REGULATIONS</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; text-indent: 24.5pt">Each employee has an obligation
to comply with all laws, rules and regulations applicable to the Company&rsquo;s operations. These include, without limitation, laws covering
bribery and kickbacks, copyrights, trademarks and trade secrets, information privacy, insider trading, illegal political contributions,
antitrust prohibitions, foreign corrupt practices, offering or receiving gratuities, environmental hazards, employment discrimination
or harassment, occupational health and safety, false or misleading financial information or misuse of corporate assets. You are expected
to understand and comply with all laws, rules and regulations that apply to your job position. If any doubt exists about whether a course
of action is lawful, you should seek advice from your supervisor or the Compliance Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COMPLIANCE WITH INSIDER TRADING LAWS</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; text-indent: 24.5pt">The Company has an insider
trading policy, which may be obtained from the Compliance Officer. The following is a summary of some of the general principles relevant
to insider trading, and should be read in conjunction with the aforementioned specific policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Company employees are prohibited
from trading in shares or other securities of the Company while in possession of material, non-public information about the Company. In
addition, Company employees are prohibited from recommending, &ldquo;tipping&rdquo; or suggesting that anyone else buy or sell shares
or other securities of the Company on the basis of material, non-public information. Company employees who obtain material non-public
information about another company in the course of their employments are prohibited from trading in shares or securities of the other
company while in possession of such information or &ldquo;tipping&rdquo; others to trade on the basis of such information. Violation of
insider trading laws can result in severe fines and criminal penalties, as well as disciplinary action by the Company, up to and including
termination of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Information is &ldquo;non-public&rdquo;
if it has not been made generally available to the public by means of a press release or other means of widespread distribution. Information
is &ldquo;material&rdquo; if a reasonable investor would consider it important in a decision to buy, hold or sell stock or other securities.
As a rule of thumb, any information that would affect the value of stock or other securities should be considered material. Examples of
information that is generally considered &ldquo;material&rdquo; include:</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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial results or forecasts, or any information that indicates the Company&rsquo;s financial results may exceed or fall short of forecasts or expectations;</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">important new products or services;</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pending or contemplated acquisitions or dispositions, including mergers, tender offers or joint venture proposals;</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">possible management changes or changes of control;</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pending or contemplated public or private sales of debt or equity securities;</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">acquisition or loss of a significant customer or contract;</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant write-offs;</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">initiation or settlement of significant litigation; and</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the Company&rsquo;s auditors or a notification from its auditors that the Company may no longer rely on the auditor&rsquo;s report.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The laws against insider
trading are specific and complex. Any questions about information you may possess or about any dealings you have had in the Company&rsquo;s
securities should be promptly brought to the attention of the Compliance Officer.</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"><B>PUBLIC COMMUNICATIONS AND PREVENTION OF SELECTIVE
DISCLOSURE</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"><B>Public Communications Generally</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; text-indent: 24.5pt">The Company places a high
value on its credibility and reputation in the community. What is written or said about the Company in the news media and investment community
directly impacts our reputation, positively or negatively. Our policy is to provide timely, accurate and complete information in response
to public requests (media, analysts, etc.), consistent with our obligations to maintain the confidentiality of competitive and proprietary
information and to prevent selective disclosure of market-sensitive financial data. To ensure compliance with this policy, all news media
or other public requests for information regarding the Company should be directed to the Company&rsquo;s Investor Relations Department.
The Investor Relations Department will work with you and the appropriate personnel to evaluate and coordinate a response to the request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Prevention of Selective Disclosure</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; text-indent: 24.5pt">Preventing selective disclosure
is necessary to comply with United States securities laws and to preserve the reputation and integrity of the Company as well as that
of all persons affiliated with it. &ldquo;Selective disclosure&rdquo; occurs when any person provides potentially market-moving information
to selected persons before the news is available to the investing public generally. Selective disclosure is a crime under United States
law and the penalties for violating the law are severe.</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">&nbsp;</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>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-indent: 24.5pt">The following guidelines
have been established to avoid improper selective disclosure. Every employee is required to follow these procedures:</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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All contact by the Company with investment analysts, the press and/or members of the media shall be made through the chief executive officer, chief financial officer or persons designated by them (collectively, the &ldquo;Media Contacts&rdquo;).</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other than the Media Contacts, no officer, director or employee shall provide any information regarding the Company or its business to any investment analyst or member of the press or media.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All inquiries from third parties, such as industry analysts or members of the media, about the Company or its business should be directed to a Media Contact. All presentations to the investment community regarding the Company will be made by us under the direction of a Media Contact.</FONT></TD></TR>
  </TABLE>
<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="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other than the Media Contacts, any employee who is asked a question regarding the Company or its business by a member of the press or media shall respond with &ldquo;No comment&rdquo; and forward the inquiry to a Media Contact.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">These procedures do not apply
to the routine process of making previously released information regarding the Company available upon inquiries made by investors, investment
analysts and members of the media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Please contact the Compliance
Officer if you have any questions about the scope or application of the Company&rsquo;s policies regarding selective disclosure.</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"><B>THE FOREIGN CORRUPT PRACTICES ACT</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"><B>Foreign Corrupt Practices Act</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; text-indent: 24.5pt">The Foreign Corrupt Practices
Act of 1977 (the &ldquo;FCPA&rdquo;) prohibits the Company and its employees and agents from offering or giving money or any other item
of value to win or retain business or to influence any act or decision of any governmental official, political party, candidate for political
office or official of a public international organization. Stated more concisely, the FCPA prohibits the payment of bribes, kickbacks
or other inducements to foreign officials. This prohibition also extends to payments to a sales representative or agent if there is a
reason to believe that the payment will be used indirectly for a prohibited payment to foreign officials. Violation of the FCPA is a crime
that can result in severe fines and criminal penalties, as well as disciplinary action by the Company, up to and including termination
of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Certain small facilitation
payments to foreign officials may be permissible under the FCPA if customary in the country or locality and intended to secure routine
governmental action. Governmental action is &ldquo;routine&rdquo; if it is ordinarily and commonly performed by a foreign official and
does not involve the exercise of discretion. For instance, &ldquo;routine&rdquo; functions would include setting up a telephone line or
expediting a shipment through customs. To ensure legal compliance, all facilitation payments must receive prior written approval from
the Compliance Officer and must be clearly and accurately reported as a business expense.</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"><B>ENVIRONMENT, HEALTH AND SAFETY</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; text-indent: 24.5pt">The Company is committed
to providing a safe and healthy working environment for its employees and avoiding adverse impact and injury to the environment and the
communities in which we do business. Company&rsquo;s employees must comply with all applicable environmental, health and safety laws,
regulations and Company&rsquo;s standards. It is your responsibility to understand and comply with the laws, regulations and policies
that are relevant to your job. Failure to comply with environmental, health and safety laws and regulations can result in civil and criminal
liability against you and the Company, as well as disciplinary action by the Company, up to and including termination of employment. You
should contact the Compliance Officer if you have any questions about the laws, regulations and policies that apply to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Environment</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; text-indent: 24.5pt">All Company&rsquo;s employees
should strive to conserve resources and reduce waste and emissions through recycling and other energy conservation measures. You have
a responsibility to promptly report any known or suspected violations of environmental laws or any events that may result in a discharge
or emission of hazardous materials. Employees whose jobs involve manufacturing have a special responsibility to safeguard the environment.
Such employees should be particularly alert to the storage, disposal and transportation of waste, and handling of toxic materials and
emissions into the land, water or air.</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"><B>Health and Safety</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; text-indent: 24.5pt">The Company is committed
not only to complying with all relevant health and safety laws, but also to conducting business in a manner that protects the safety of
its employees. All employees are required to comply with all applicable health and safety laws, regulations and policies relevant to their
jobs. If you have a concern about unsafe conditions or tasks that present a risk of injury to you, please report these concerns immediately
to your supervisor or the Human Resources Department.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>EMPLOYMENT PRACTICES</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; text-indent: 24.5pt">The Company pursues fair
employment practices in every aspect of its business. The following is intended to be a summary of our employment policies and procedures.
Copies of our detailed policies are available from the Human Resources Department. Company employees must comply with all applicable labor
and employment laws, including anti-discrimination laws and laws related to freedom of association, privacy and collective bargaining.
It is your responsibility to understand and comply with the laws, regulations and policies that are relevant to your job. Failure to comply
with labor and employment laws can result in civil and criminal liability against you and the Company, as well as disciplinary action
by the Company, up to and including termination of employment. You should contact the Compliance Officer or the Human Resources Department
if you have any questions about the laws, regulations and policies that apply to you.</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"><B>Harassment and Discrimination</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; text-indent: 24.5pt">The Company is committed
to providing equal opportunity and fair treatment to all individuals on the basis of merit, without discrimination because of race, color,
religion, national origin, gender (including pregnancy), sexual orientation, age, disability, veteran status or other characteristic protected
by law. The Company prohibits harassment in any form, whether physical or verbal and whether committed by supervisors, non-supervisory
personnel or non-employees. Harassment may include, but is not limited to, offensive sexual flirtations, unwanted sexual advances or propositions,
verbal abuse, sexually or racially degrading words, or the display in the workplace of sexually suggestive objects or pictures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">If you have any complaints
about discrimination or harassment, report such conduct to your supervisor or the Human Resources Department. All complaints will be treated
with sensitivity and discretion. Your supervisor, the Human Resources Department and the Company will protect your confidentiality to
the extent possible, consistent with law and the Company&rsquo;s need to investigate your concern. Where our investigation uncovers harassment
or discrimination, we will take prompt corrective action, which may include disciplinary action by the Company, up to and including, termination
of employment. The Company strictly prohibits retaliation against an employee who, in good faith, files a complaint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Any member of management
who has reason to believe that an employee has been the victim of harassment or discrimination or who receives a report of alleged harassment
or discrimination is required to report it to the Human Resources Department immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CONCLUSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">This Code of Business Conduct
and Ethics contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics.
If you have any questions about these guidelines, please contact your supervisor or the Compliance Officer. We expect all Company employees
to adhere to these standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><I>This Code of Business
Conduct and Ethics, as applied to the Company&rsquo;s principal financial officers, shall be the Company&rsquo;s &ldquo;code of ethics&rdquo;
within the meaning of Section&nbsp;406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><I>This Code and the matters
contained herein are neither a contract of employment nor a guarantee of continuing Company policy. We reserve the right to amend, supplement
or discontinue this Code and the matters addressed herein, without prior notice, at any time.</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: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

<!-- Field: Page; Sequence: 10; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: Black 1pt solid; border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>13
<FILENAME>davis_ex9902.htm
<DESCRIPTION>CODE OF BUSINESS CONDUCT AND ETHICS OF THE REGISTRANT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75in; text-align: justify">3006, Two Exchange Square,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75in; text-align: justify">8 Connaught Place, Hong Kong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75in; text-align: justify">Tel: 852 2191 7566</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75in; text-align: justify">Fax: 852 2191 7995</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.75in; text-align: justify">www.frost.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">28 February 2023</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">Davis Commodities Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10 Bukit Batok Crescent,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">#10-01, The Spire</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Singapore 658079</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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Re: Consent of Frost &amp; Sullivan Limited</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">Ladies and Gentlemen,</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">Reference is made to the registration statement
on Form F-1 (the &ldquo;<B>Registration Statement</B>&rdquo;) filed by Davis Commodities Limited (the &ldquo;<B>Company</B>&rdquo;) with
the United States Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) under the Securities Act of 1933, as amended, in connection
with its proposed initial public offering (the &ldquo;<B>Proposed IPO</B>&rdquo;).</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">We hereby consent to the use of and references
to our name and the inclusion of, summary of and reference to, information, data and statements from our research reports, market surveys
and amendments thereto, including, but not limited to, the industry report titled &ldquo;The Agricultural Commodity Market Independent
Market Research Report&rdquo; (collectively, the &ldquo;<B>Reports</B>&rdquo;), and any subsequent amendments to the Reports, as well
as the citation of the foregoing, (i) in the Registration Statement and any amendments thereto, including, but not limited to, under the
&ldquo;Prospectus Summary,&rdquo; &ldquo;Risk Factors,&rdquo; &ldquo;Industry,&rdquo; &ldquo;Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations&rdquo; and &ldquo;Business&rdquo; sections, as well as the prospectus included in the
Registration Statement (together with any prospectus supplement and related free writing prospectus), (ii) in any written correspondence
with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings and/or submissions
on Form 20-F, Form 6-K, other registration statements and other SEC filings or submissions (collectively, the &ldquo;<B>SEC Filings</B>&rdquo;),
(iv) in any future offering documents, (v) in institutional and retail roadshows and other activities in connection with the Proposed
IPO and other capital raising transactions, (vi) on the websites or in the publicity materials of the Company and its subsidiaries and
affiliates, and (vii) in other publicity and marketing materials in connection with the Proposed IPO and other capital raising transactions.</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">We do not assume responsibility for updating our
report as of any date subsequent to the date of the Reports and assume no responsibility for advising you of any changes with respect
to any matters described in the report that may occur subsequently.</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">We further hereby consent to the filing of this
consent letter, and any of the amendments or supplements thereto, as an exhibit to the Registration Statement and any amendments thereto
and as an exhibit to any other SEC Filings.</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">In giving such consent, we do not thereby admit
that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the
regulations promulgated thereunder.</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">Yours faithfully</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For and on behalf of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Frost &amp; Sullivan Limited</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">&nbsp;</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"><U>/s/ <I>Jessica Lau</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name: Jessica Lau</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title: Executive Director</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>14
<FILENAME>davis_ex107.htm
<DESCRIPTION>FILING FEE TABLE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>Exhibit 107</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Filing Fee Table</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"><U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;F-1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</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"><U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Davis
Commodities Limited&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table 1: Newly Registered Securities</U></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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee Rate</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calculation</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registered</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>or Carry</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Offering</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Forward</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price Per</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Offering</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rule</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Unit</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 8%; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees to Be Paid</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares, par value $0.001 per share<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule 457(a)</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 3%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,250,000</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00011020 </FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,900.95</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,250,000</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,900.95</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Fees Previously Paid</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Fee Offset</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,900.95</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_______________&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 96%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated solely for the purpose of determining the amount of registration fee in accordance with Rule 457(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). Includes ordinary shares that may be purchased by the underwriters pursuant to their option to purchase additional ordinary shares to cover over-allotment, if any. </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with Rule 416, the Registrant is also registering an indeterminate number of additional ordinary shares that shall be issuable after the date hereof as a result of share splits, share dividends, or similar transactions.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" !- ,P# 2(  A$! Q$!_\0
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MUXS^(P?QKS;XS:X+SQ!!ID;9BL(]\F/^>C\_HN/SI/A)XFBT>\U*SO)-MM)
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M)L9Q-::99P2@%0\<*JV#U&0*T:* ,C_A%-!_Z NG?^ R?X4?\(GH'_0%T_\
M\!D_PK7HH AM+.WL+9;>S@C@A3.V.-0JC)R< 5-110 4444 %%%% !1110 4
M444 -=E12S$!1R2:R'T\ZU?PW-ZK+:6S;H+=A]]^TCCV[#\3Z#79 Q&X9QR,
JTM%KC4G'8*6BB@04444 %%%% !1110 4444 %%%% !1110 4444 ?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !. .4# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^D+!1DD
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MI5BO5C)22:V.9IIV8$9&*XN>6=?%ZV*W4XMRXRGF'TSBNTKB;C_D?H_]\?\
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MXS[D^E*M&,H>\:X6=2%2]-7?Z=;E6+7IG0!M*O/.Z; G!/UJSI]O-&]Q>W8
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%T4 ?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>image_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MP  +" $& G ! 1$ _\0 'P   04! 0$! 0$           $" P0%!@<("0H+
M_\0 M1   @$# P($ P4%! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$(
M(T*QP152T? D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%56
M5UA96F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI
MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W
M^/GZ_]H " $!   _ /9J****************************************
M************************************************************
M************************************************************
M***********@OI&AL+B2,X=(F93Z$"H(K)VB1C?762H)^9?_ (FG?8'_ .?V
MZ_[Z7_"J*W=DUP(!K$WFE_+"[ESNZX^[UIRW-D\#S+K,IC0J&;S%X+8VYX[Y
M&/6IHTBEDEC34[@O"VV0;U^4XS@\>AS4GV3_ *B%S_WVO^%(ELL@!34;A@>,
MAT/MZ4/;+&NY]1N%7U+H!Z>E/^P/_P _MU_WTO\ A1]@?_G]NO\ OI?\*=IL
MCS:= \C%G*\L>]121"XU.17>8*D*$*DC*,DMGH?853M[S2;D#;>3)E0RB6>1
M-P)P"-Q&>1BIE?37*A;UF# $,+MB#G&.=W?(IQ%B+XV9N9Q<!0VPSOT/3O['
M\JK?;=,\J:437I2'<)&#2D+M)!S]"#2W%WIEH%-Q/>1[HC, 7ESM! /'U(X]
MZDEETV'=OO)0%5F8BY<A=N,@G/!Y'%$$^F7$22+>R*'7>H>Z925QG."?2B2;
M3$M)+D7DLD,8#,T5P[X!Z< TEI<:5? ?9[]W)?9M^TN#N_NX)SGVJ=H1;:A:
M".2;#EPP:5F!^7/0FM&BBBBBBBBBBBBBBBBBBBBBBBBJ=S+/]LA@@>--Z.[,
MZ%NA48ZC^]2^5??\_4'_ 'X/_P 51Y5]_P _4'_?@_\ Q5'E7W_/U!_WX/\
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M0--*DC(VL6BNN=RF-<C R<C=Z$&I8X[R:-9(M1A=&&0RP @_^/4[[/J'_/\
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M)Y84;\'GI^%#:[I@FGMT>&2ZM=GVF!"I>$-C&1^/:K&G:E9Z@JO:X#,F_:0
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M_P#H7_ZZD>%9)8Y7TAR\1RAW1_*?^^O85532XUC3.F2-<1QM%'<MY)E1&SD
MY]ZM"$9A9M+E9X<%&9X\@XQG[WM5G[7<?\^$W_?:?_%4?:[C_GPF_P"^T_\
MBJ/M=Q_SX3?]]I_\51]KN/\ GPF_[[3_ .*H^UW'_/A-_P!]I_\ %4?:[C_G
MPF_[[3_XJHKJ:ZGM)HEL)0SHR@ET[C']ZK36R367V>=0R,FQU]1C!JI)H5A+
M;>1)"64G)8L=Q.=V2>N<FJ]WX7T[46==1MX[J$3)/%&X/[MU4+G.>>!4[:);
MSVTL5V!*9&9F8#;U;=BM%0%4 #  P*6BBBJNI:A'I=A)=S*S1QXR%QGD@=_K
M52W\2:;<)$?/\MI6VA)%*G/IZ=Q[<CUJ"Y\5V5I<M%-'-M5RGF* 5. A)&#D
MC$B]O7TJ3_A);-9H8I$F1Y@KIE?X&SAC@\#@^]%YXFL[,VY99)$GZ/'A@#Z=
M>OL,U,WB#3E'$^XY PJ,3R0!VZ?,/P.:KWOB>TL9VC>.9U5@N^/:5.5+<<Y/
M"G\:4^*+(>066<+< -$VS[Z$XW>PY'7GD5IVUS%=PB6%PR$D9!S4U%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%5)_P#D*6G^Y)_[+5NBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBH+NTAO[9K>Y3?$V-RY(S@Y'3W%1-I5F]P9VA!D+ER2QY
M) !XSTP!QTXIL>C6,5V;E+<"4[N<G'( /&<=%4?A3X=,M+=2L4"@$ 8))X'0
M<]ADX'2F1:/8P-"T5NJF L8\$\%AAOKD>M,&@Z<-H%JN%QM^8\8QCOVP/P&*
M>-'L5NUNEMPLRL&4JQ !"E1QG'0D?C3X=+L[<DQ0*N1CO@#.<#T&><#BI;6T
M@LHS';1K&A8L0/4U-1111111111111111111111111111152?_D)VO\ N2?^
MRU;HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHJ"YNEMM@*2.TC;55%R3QG^E1?V@?^?.[_ .^!_C1_:!_Y\[O_
M +X'^-']H'_GSN_^^!_C1_:!_P"?.[_[X'^-']H'_GSN_P#O@?XT?V@?^?.[
M_P"^!_C1_:!_Y\[O_O@?XU@ZE::E=^*],U"WGU&"QMU<7-LJC$A_A[]SU^@K
M>_M _P#/G=_]\#_&C^T#_P ^=W_WP/\ &C^T#_SYW?\ WP/\:/[0/_/G=_\
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MZ**R]9U"ZL]JVD/F.8W<<$Y(*C&!UX8MCOMJG<:W=VCA8X?M<>PR&8J8^!V
MQ@G ./? J.7Q+>0R%'T\DA]AV;S^/W>G2G0>(+NZANP;)K>2.V>1&*LWSJ!Q
M@@9Y/'K@U')X@OH@I6U>5D0_*(V D.$P<XXZMQ39?$M]*-D%@\;%E(<JY&W?
M@K]W[V,GZ5HG56GT>68/]FN$&#F)GVG/'&.0?6J2ZMJ32E9&2$[U )@<J?F(
MVYZX*@-GMD"KEAJ%Q)=QQ/(L\<C2X<1%"H7;C(/U(_+WK8HHJHW_ "&(_P#K
M@W_H2U;HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHJM=P2RO#) Z*\3%OG4D'((['WINW4/^>EK_W[;_&C;J'_ #TM?^_;
M?XT;=0_YZ6O_ '[;_&D*7YQE[0XZ?NV_QI'AO95VR&S9<@X:)B,CD=Z=MU#_
M )Z6O_?MO\:-NH?\]+7_ +]M_C4+RZ@EU%#OM?WBL<[&XQCW]ZFVZA_STM?^
M_;?XTFW4/^>EK_W[;_&EVZA_STM?^_;?XTFR_P YWVF?7RV_QI=NH?\ /2U_
M[]M_C1MU#_GI:_\ ?MO\:-NH?\]+7_OVW^-$-O<?;//N)(CB,H!&I'4@]S[5
M;HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHJG/_P A2T_W)/\ V6KE%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%4Y_^0I:?[DG_ ++5
MRF2-LB=N/E!/-<T?%5P?)VV\026-&+DDJ@95;>?]G+%?J*MV>NW+20)?V30&
MXD"Q[?FQE<C/I_GBMVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBN>U/7A9^,=*TLV-W(]U'(4F11Y8 QN
MR<]L<_45T-%)@>E%+1111111111111111111111111111111111111111111
M1111111111111111111115'4(4N+BSBE4/&9&RIZ'Y#2_P!D6'_/K%^5']D6
M'_/K%^5']D6'_/K%^5']D6'_ #ZQ?E5:^@TK3Q UQ:H%FE6(,%R%8],^@[9]
MZJ)>^'V5VD2.((S#]XA&0K;2P]L]Z>9] _>!4A9X_O+L((_/I4+7.BBSDO6T
M[Y8652=B[AO('!)X&<9YJ6QN= U$Q+ D0DER$C="K' R>#4C_P!D1/=":S\M
M;:1(V8ID$OC&,?[PJ2P@TK45F:WM4*12>66*X!. <CVY%6O[(L/^?6+\J/[(
ML/\ GUB_*C^R+#_GUB_*C^R+#_GUB_*HX;6&UU91;QK&&@8D+W^85HT44444
M44444444444444444444444444444444444444444444444444444454NO\
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MW_PH_M&+_GG<_P#@._\ A1_:,7_/.Y_\!W_PH_M&+_GG<_\ @._^%']HQ?\
M/.Y_\!W_ ,*/[1B_YYW/_@._^%']HQ?\\[G_ ,!W_P */[1B_P">=S_X#O\
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M]HQ?\\[G_P !W_PH_M&+_GG<_P#@._\ A1_:,7_/.Y_\!W_PH_M&+_GG<_\
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(*******__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>image_004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_004.jpg
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M***********@OI&AL+B2,X=(F93Z$"H(K)VB1C?762H)^9?\*=]@?_G]N_\
MOI?\*HK=V+7 @&L3>:7\L+O7.[KC[O6G+<V3P/,NLRF-"H9O,7@MC;GCOD8]
M:FC2*626--3N"\+;9!O7Y3C.#QZ'-2?9/^HA<_\ ?:_X4B6RR %-1N&!XR'4
M^WI0]LL:[GU&X5?4NH'IZ4_[ _\ S^W?_?2_X4?8'_Y_;O\ [Z7_  IVFR/-
MIT#R,6<KRQ[U%)$+C4Y%=Y0J0H0J2,HR2V>A]A5.WO-)N0-MY,F5#*)9Y$W
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MC,J:E S)C<!""1GD9^;TJ-))Y9!''JUJ[DD;5B!/'7C=V[U-]GU#_G_C_P#
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M]_!5&^6RO9XI#>P#9&\9!=2"K8SP>/X1^M9DNA:>^"-64E0-N]T;!!!'/7'
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MEO\ ]^U_PH_LZS_Y]+?_ +]K_A1_9UG_ ,^EO_W[7_"C^SK/_GTM_P#OVO\
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M3_XJC[7<?\^$W_?:?_%57OI+JXLWB2PEW-C&9$]0?[U6/M=Q_P ^$W_?:?\
MQ54KVWEOI TMM>! NWRUEC"YSD'KG(.._:JLVA6]PBI-IUTZ!2I4S)R"<^OK
MS]2:<^C0/:F!M-N.3DN)(PY.[<3G/J:KWWARVU9&AU/29+BV6=+B)#(H*,JA
M>2&YZ?K5A]+^TP2I=Z?*SR,S%T=%(!;=C.ZM1;F=5"BPFP!@?O$_^*I?M=Q_
MSX3?]]I_\51]KN/^?";_ +[3_P"*H^UW'_/A-_WVG_Q5'VNX_P"?";_OM/\
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M/)( /?I@#CIQ38]&L8KLW,=NHE.[G)QR #QG'15'X4^'3+2W4K% H! !!)/
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M3)&V1.W'R@GFN:/BJX/DE;>()+&C%R250,JMO/\ LY8K]15NSUVY:2!+^R:
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M]HQ?\\KG_P !W_PH_M&+_GE<_P#@._\ A1_:,7_/*Y_\!W_PH_M&+_GE<_\
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M<0M!=&/S#&>>^#S6I11111111114-S<I:QJSJ[;F"JJ#))-0_P!H'_GTN_\
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MW"0M#/&T@.W>F <=:MT444444444R65887E?[J*6./056&HY (M+O!_Z9_\
MUZ/[0/\ SZ7?_?O_ .O1_:!_Y]+O_OW_ /7H_M _\^EW_P!^_P#Z]']H'_GT
MN_\ OW_]>C^T#_SZ7?\ W[_^O1_:!_Y]+O\ []__ %ZP=>@U74-8TB?3Y[ZU
MM;>8M=Q+&O[Q,<8SW[?1O:MQ[U9%VR6-RRGLT0(_G1]K3.?L-QG.[/E#KZ]>
MM*+T!MPLKG.,9\L=/SI?[0/_ #Z7?_?O_P"O1_:!_P"?2[_[]_\ UZ/[0/\
MSZ7?_?O_ .O1_:!_Y]+O_OW_ /7J2VNUN6D4)(C1XW+(N#STJQ111115/4.M
MI_U\+_(U<HHK UG4M3M;FZ2RB,D?V7*,(BWER_,<G^\"!C'KCUJ&/7=5DE6-
M;$ ,Y0-)'(.WRD\< G(/IP>E#ZQJIBB:2T> LQ!"QLQQE3DC![''U!]*L)JM
MX(8 T3F22U# F,@M*6"@$=@,Y/UJ :]J'DP[[&02  2A8V/SAB&QQC:<9&.Q
MZT2ZQJ;Z1=RI;M'<I;"156,L0^YAMP1DY !_&GP:GK%O<I!>VT<JF3YI8T?
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644444444444444444444444445__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>image_005.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_005.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" %O G # 2(  A$! Q$!_\0
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M8//MO^>L7_?0H\^V_P">L7_?0H]O4#V,#Q__ (5QJ/\ S\1?]\&C_A7&H_\
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MQO\ X5QJ/_/Q%_WP:/\ A7&H_P#/Q%_WP:]D_=^JT?N_5:/K$^X>PAV/&_\
MA7&H_P#/Q%_WP:/^%<:C_P _$7_?!KV3]WZK1^[]5H^L3[A["'8\;_X5QJ/_
M #\1?]\&C_A7&H_\_$7_ 'P:]D_=^JT?N_5:/K$^X>PAV/&_^%<:C_S\1?\
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M-H]!^5+16A FT>@_*C:/0?E2T4 )M'H/RHVCT'Y4M% ";1Z#\J-H]!^5+10
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M\K_\57EE%/ZA1["^O5NYZG_PM+2?^?2]_P"^5_\ BJ/^%I:3_P ^E[_WRO\
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M)21<X.#@]?<5:K@.T**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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MJC).  <\]*+?W@NOY3J\>$?^>6E?]^D_PHQX1_YY:5_WZ3_"N-DTN\BMC/)
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MEK=ZD2;IVD#DIMZ2,!Q] *WZ "BBB@"AKO\ R -1_P"O67_T$U)I7_()L_\
MK@G_ *"*CUW_ ) &H_\ 7K+_ .@FI-*_Y!-G_P!<$_\ 010!;HHHH *X+XJ_
M\@W3_P#KNW_H-=[7)?$>."3P]")D<R/=Q0PLI VNYV@GVYYK?#35.K&4MC'$
M0<Z;BMSR2@@'J*ZQOAMKP8@"U(!X/FXS^E)_PK;7O[MK_P!_O_K5[GUFC_,C
MQ?J]7^5G)[1Z"EP,YP,UU?\ PK;7O[MK_P!_O_K4?\*VU[^[:_\ ?[_ZU/ZS
M2_F0?5ZO\K.4P,YP,TFU?0?E76?\*VU[^[:_]_O_ *U'_"MM>_NVO_?[_P"M
M1]9I?S(/J]7^5G*;1Z"C:/05U?\ PK;7O[MK_P!_O_K4?\*VU[^[:_\ ?[_Z
MU'UFE_,@^KU?Y6<IM'H*,8Z5U?\ PK;7O[MK_P!_O_K4?\*VU[^[:_\ ?[_Z
MU'UFC_,@^KU?Y6<I7=_"K_D)ZC_UQ3^9K/\ ^%;:]_=M?^_W_P!:NC^'&FRZ
M;>ZY;W,8\ZWF2+S #AAL#<?B:Y<7B*3I.,7=LZ,+0J*JI-62.ZHHHKQ3V HH
MHH YS1;Z/QAI5Y_:%L@2"^EMPJL>?+; /UJU_P (EH__ #ZG_OXW^-4M.\1V
M4>K-I=KHFJVQDG?=*;(K"6Y)8MTP<=>^:L:OXLAT?4/LDFEZO<M@'S+6S,D?
M/^T*:DUU$TF2_P#"):/_ ,^I_P"_C?XT?\(EH_\ SZG_ +^-_C3M:\0QZ)!;
MRR6&HW0GSA;2V,K)QGY@.E+_ ,)!'_PCXU?[#J.PC/V?[.?/ZX^YU]_I1S/N
M'*NPS_A$M'_Y]3_W\;_&C_A$M'_Y]3_W\;_&GZ+X@CUN*:2.PU&U$)P1=VYB
M+?[H/6JVC^+H=9OQ:1Z5K%LQ4MYEU9M&G';<>]',^X<J[$W_  B6C_\ /J?^
M_C?XT?\ "):/_P ^I_[^-_C4%SXOAMM8.GG2M9D<.$\Z.S9HN>^[T]ZFUSQ-
M%H4\44FG:I=F12P:SM3*J\XP2.AHYGW#E787_A$M'_Y]3_W\;_&C_A$M'_Y]
M3_W\;_&GWWB".QT:#46L=1E28*1##;EYEW#/S)VQWHL?$$=_H\^HK8ZC"D(8
MF&:W*2MM&?E3OGM1S/N'*NPS_A$M'_Y]3_W\;_&J>KV^B^%-*FU&6P:6(%(W
M0'?G<Z@<,<<$@_A5O0_$\6NSRQ1Z;JEH8T#%KRU,2MSC )ZFLO4-7T_Q-,V@
M7ND:VL4DP!E-JR1Y1@P._P!,@4.3?4+(ZZBBBD,**** "BBB@#G_ !1<:A!=
MZ$-/,H23442Y\L9'E;6SN]!G%=!6)XAUR71KG1HHHHY!?WR6KER?E4JQR/?B
MMN@"O>V,&HVQ@NDWQ$@D9(Z?2L[_ (1+1_\ GU/_ '\;_&LCQS/+%/9B*61
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M1WU]',\=XZ)" SEYF'7Z5<?1=9CQNN6 YW,9V 3 SD_AZ9H<&OM!S)]#JO\
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M*;I$A-FQ^TH%(+,W\)^48 Y.1QS71^')-3:*ZCU:4S212JJ2&'RMV45C@#J
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MVRVWY%<%OTKH*Y_QE>7]EIEH^FF02O?P1OL7<?++@-^&* .@KB/'?_(1M?\
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M#^'IFKNI^&X[(V\4,DS2S!"'D*!/F7., EOTK,O-6N]0ACCNY%D\L !R@WG
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MEC_C^^RKC.<_ZO..G%'/+N')'L5I/!VG3.7EDNI'/5FER?SIG_"$Z7_T\?\
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MT 0FQ27GN=Q.>:LZS8:M>PPKI6L#3Y$/[QS:K+YG'H3Q34FM$3+WW>6K*?\
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M_P"_[?XT?\)#K'_05OO^_P"W^-']FS_F#^T8_P I[O17A'_"0ZQ_T%;[_O\
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M[6SO"8^8^A.>E;%<AU!1110!%<?\>TO^X?Y5D^#/^1,T?_KTC_\ 016M<?\
M'M+_ +A_E63X,_Y$S1_^O2/_ -!% &W1110 5S_C*'49M,M%TL3&47T#2>4<
M'RPXW9]L=:Z"L'Q?K-SH>FVD]IY>^6^@MVWKD;7< _CB@#>JG=76GQR[+N:V
M60#I(RY _&KE>>>,?^1AD_ZYI_6NG"T56GRMV.?$U72AS)7.Q^V:-_SWL?\
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M^S?]\K1_P@=O_P _L_\ WRM9\T"^69$==L3/;LMV$:-HS+(8C^]4*05Z>O\
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M5$N;II)VN0R3OY[,"Y8D':>  JCICEC4>M^'-2O=4N;^T?9.V(XR)V0>6J'
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M]AD[<]\T 6O$_B"XTW[%'I[P;[E78-)&SAL ;54 CEB<#/O61?>)-5G6>-
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MSSG'Y"EU'0]*TB58M2\16=I(R[E6;:A(]<%JDN_#FGV%E'>7FO6L%M*0(Y9
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MO]#65X3_ .13TK_KV3^5 &O1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110!Q6A:9;ZE97UUXIME:9=0GCBDNUV'R@V$ )QD8Z5?_L'P
MC_S[Z;_W\'^-95YKDNO>$[V:>-(S!J<EL G<(Q /UKFL#TKII<[CI)HPJ<B>
ML4=U_8/A'_GWTW_OX/\ &C^P?"/_ #[Z;_W\'^-<+@>E6].L/M]R8RVQ$0R.
M^,X4"K:FOMLCW']E'7_V#X1_Y]]-_P"_@_QH_L'PC_S[Z;_W\'^-<VFBQW%F
M+NUDD>':Y8,JJRE<=><8Y[5%<:/(FJ7-G RN+<$M(Y"@#'4^G6E>?\[':/\
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M%'_"J=/_ .?^Z_[Y3_"LUI]:2&*5I[[;,2$^=LMCKQ2176KS/M6ZO!S@LSN
M#[GM1[;$?SA[&A_*:?\ PJFP_P"@A=?]\K_A5L?#\"Q^Q?VS??9L;?+PG3.<
M9QG&>U84%QK%Q/'%'=79,C;%8R,%)^O2H6U3449E-]<Y4D']ZW^-)U*[WD-4
MZ*VB;'_"J=/_ .@A=?\ ?*_X4?\ "J=/_P"?^Z_[Y7_"L;^UM0_Y_KK_ +^M
M_C1_:VH?\_UU_P!_6_QJO:XC^<7LJ'\IL_\ "J;#_H(77_?*_P"%'_"J=/\
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M^^6_QH_X3G4/^>%K_P!\M_C7-45U^RAV.;VDNYTO_"<ZA_SPM?\ OEO\:/\
MA.=0_P">%K_WRW^-<U11[*'8/:2[G2_\)SJ'_/"U_P"^6_QH_P"$YU#_ )X6
MO_?+?XUS5%'LH=@]I+N=)_PG.H#_ )86OY-_C1_PG6H'I#:_DW^-9_AQ%?7;
M=74,#NX(S_":T(;,7C22W%M>22P[?+AE4(2"W+?*!D"I<8)[%*4GU#_A.M0_
MYXVOY-_C1_PG.H?\\+7\F_QK4O;*%9+DK;B4M#-B( #D,N N!P:@?1;'[+'
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M_P :Z[1[V34-)M[J555Y%R0O3K7EE:UIXJ\0V.HZ+IEKH3/ITN1]I+9\[@G
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L@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>image_006.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_006.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" #) A # 2(  A$! Q$!_\0
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MW_YZK4>:,T[(+DT=S%*VU'!/I4M5X?O_ (58I,84444@"BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** ,9O#JM?22B]G6!Y3/Y"A0!*5QN#8
MS[X]:HR^#!)I]Q;"_9#<.K2%;:(*X!SAD"X)_P!KKTK=O[TV-OYHMI[@DXV0
MJ"?KR0 /J:H6GBFPOM6CT^ 2&5X5G#': %(R!@G.<>@H @U7PC;:H;/=,RBU
M@-N!)$DNY3MYRX.&^4<CFF2^"K.5RWVBX&23C(/4,/3_ &S^5='10!S\7A*W
MCNXIGN9I%@?,*%5PB_-\O3)Y?.3SQ6S9VRV5G#;1DE(D" GK@#%3T4 %%%%
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M6-5#B,AG8<%G92&8X  YX_&MR"-HK>.-G:1D0*7;JQ QD_6K'V.W_P">,?\
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M ,*L5$EM#$VY(U5O4"I:3&%%%%( HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@"AK.E?VQ9"V:YFMTWAF,04[P/X2&!!'M[5&FBJ+Z&XDNI
MY!#AA$0@7S NW?PH.<$\9QSTK3HH PM1MXXO%FCW$8*RS&6.1@Q^91&2 1TZ
MUNUC:K_R,6A?]=)O_11K9H **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** ,;Q1J":;I8EDO9;3=($5H@FYR<X4%@57W)'0&LZQU2]?6K6&:]66
M5MJM!&J['B,>XS XS]_Y<YQ[5U5% &!J<[-XMT6'R)0JM*PE(&QOW9X'.<_A
M6_6-JO\ R,6A?]=)O_11K9H **HZKJ$FG0121VS3[YDC;#!0@9@NXD^F>@JC
MI7B%]2U>XM&LWBA56:&5L_O0K;6QQZD=": -RBJ.F:@^H"Z\RW: P3M"%9@2
MP !#<=,YZ5>H **** "BL'7=2U#3[B0VQB,0M))$39EMZXY)]!GIBLZ/6M0;
MPK,_]H67VU9S&EVSKY17<!OW;<$8.,[<9H Z^BJ&B74E[HUK/,2TCI\S''S'
MID$  @]0<#@BK] !1110!')/%",RRH@SCYF YI^X8!R,'H:YR;PX)4O[=K6&
M6&ZO5ES-B0A"B!V^;."<,/QXJ[J&F&\-@8X-GV*Z1D&_ "#@D <=.@- &O11
M10 5%<7$5I;R7%Q(L<,2EG=C@*!U-2UDW.NZ)-#)"^KZ<"P*\W"<'\Z )?[=
ML?M%M#OE+704PL()"CY&1\V-HX]34L&K6ESJ,]C#(SW$ S(!&V%Z<;L8SR.,
MUD6]_HUN;5AKVG,;6V\B,-.F-W WXW>W\ZKVDNB6VNR:C_;>C@ON.(WC1V+;
M<[VW?,!MXXXH ZNBH+6]MKZ(RV=Q#<1@[=\3AQGTR*GH ***JW>HV]C);I<.
M5>XD$48"DY8_3I]30!:HK,T[7[35?MALQ+(+1BCD+]XC.0O/M4VF:I'JD<KQ
MP7,/E/Y;+/'L.<9_K0!=HHHH ***YO7M4U*PN;M;>2$1BU5XLKCRR9%5G9CD
M8 )/3 QSF@#I**Y*3Q!J$7@V6XAQ=Z@H=?-@42* "P$N!C<O'4 9]*Z6QF:X
MT^WF<,&DB5B&7:02,\CM0!8HHHH **0YP<=>V:XC4YM:B@15O;D,EQ/M<0MN
MF<./+CPHP 1G!/'KF@#N**Y75+K4&\3V/V>XF2W!0+"L;XF^8B3)^Z-H /S?
MA754 %%%% "=*8)XC+Y0E3S/[FX9_*JNLV(U+2+FUV[C)&0%W%<GMDCWJHFD
MJNKK?O90-)!;JL;JJAV<Y#9;KP  .>YH V,C..]+6;8:<;35M1N N$NC&V2Q
M)) (/T[5I4 %%%17-U!9P--=3Q01+C+R.%4?B: (;K4H+.[MK:3>9;EBL85"
M1P">3T'3O52'Q!"]I>7-Q;75HEF<2>>JC)QGC#$'J._>H[G6="NI+=WUJP!@
ME\U<74?)VD<\_P"U51[KP^^FM9-KMF8Y&9I";F+<Y)SDGV.#^% &OI&K6^M:
M>MY:AQ&S%</C((.#T)'Y&KU8.FZIH>G0.G]O64TDLAEDE>YB!=CWP, < =!V
MK=5@ZAE(*D9!'0T +116%K/B;^R=12RCL)[J1H?.)1T4*N['\1'>A*X#=0U^
MZM9=0B2T0-;^2(2SEO-WE@3M4$\;3@#)-23:[,GAR#4H[5)'<H'0285<L%)S
M[>G7MQ6+=>((KU91<>&YW\X*'/VB($[22O(;MD_G0GB"%+4VR^&YQ 0H\OSX
ML?+T_B]JKDEV%S+N=K17-V/B\W6IVMG-I=Q;_:7*+(TL; $*S<@,3T4UTE)I
MK<:=PIK@LA"MM)'!QTIU<0?$^N33W/DOIR11W$L2*]N['".5&3O'/'I0HN6P
MFTMQTYUB%]*7?J,K*Q#-AOG/FCEMHV_=S]_"X)QSBKDC:E)XSBD26Z^R94)"
M(G$9CV'<S-]T$-V(R>,<51_X2'Q!_P ]],_\!9/_ (Y1_P )#X@_Y[Z9_P"
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M>.Y)-7O,?^\WYU4U5V.C7_S'_CVE[_[!I\H7-U'66-71@R, 5(Z$4ZJ>D?\
M(&L?^O>/_P!!%7*D9DZOJ]Q87EI:VEFES+<+(_SS^6%";<\[3G[PJL=6UDYS
MHUF<C!S?_P#VNEUC_D9])_Z][G_VG5BJ2N)LJC5=848&BV8&,<7_ &_[]TCZ
M_J5M);_:M*MTAEGCA+1WF\KO8*#C8,]?6K=9^L_ZBS_Z_P"U_P#1RT[(5SIJ
M***@HXZ]\3:PNK7]O:1Z>L-M-Y2F4.6;Y%;)P<?Q5%_PDOB#^[I7_?$O^-4Y
M_P#D.ZS_ -?G_M*.EKHC3BTF9.33+?\ PDOB#^[I7_?$O^-:/A[7]1U#5YK+
M4([3"VXF5X PZL5P<GVK#J[X7_Y&R?\ Z\%_]&&E.$5&Z",FV=I1116!J>6:
M9$USIEO--=7[22)N9OMLPR?P:K7V-?\ GXO_ /P.F_\ BJAT7_D"V?\ US%7
MJZU%6V,&V5_L:_\ /Q?_ /@=-_\ %5U?@MW?PW'YDDDA6>= TCEVP)7 &3R<
M 8KG*Z+P3_R+B_\ 7S<?^CGK.JDEH7!NYOUSOC@!M!C# $&\M^"/^FJUT5<]
MXV_Y 47_ %^6_P#Z-6L8[HM['.>3%_SRC_[X%'DQ?\\H_P#O@4^BNPYRIJ,,
M7]F7G[J/_42?P#^Z:] TC_D#67_7O'_Z"*X+4?\ D%WG_7"3_P!!-=[I/_(&
MLO\ KWC_ /016%;H:TRY7$^)O^1O3_L'C_T8:[:N)\3?\C>G_8/'_HPU%/XD
M5/X2I111748"V?\ R,>B_P#7TW_HF2O0*\_L_P#D8]%_Z^F_]$R5Z!7-5^(V
MAL%>;VWW[S_K]N?_ $<]>D5YO;??O/\ K]N?_1STZ.X5-B>BBBN@Q-/P9_R%
M]9^EO_Z"U==7(^#/^0OK/TM__06KKJY)_$S>.P452U>\FT_3)[FW@$\D:Y",
M^T>Y)JB-:N3K"0^5%]D,HMB>?,\PQ^9GTVXX]<U)0[5?^1BT+_KI-_Z*--\8
M_P#(IZA_N#_T(5'J=W _BW1;595-PC2NT>>0IC/-2>,?^13U#_<'_H0H GD_
MUC?4TVG2?ZQOJ:;6A Y/OK]:B\(?\BEIG_7!:E3[Z_6HO"'_ "*6F?\ 7!:F
M12-FL3Q%_P ?FB_]?I_]$RUMUB>(O^/S1?\ K]/_ *)EI+<;):***L@S]9_U
M%G_U_P!K_P"C5KIJYG6?]19_]?\ :_\ HU:Z:IEN4@KG(O\ D9]9_P!VV_\
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MB;_D;T_[!X_]&&NVKB?$W_(WI_V#Q_Z,-13^)%3^$J4445U& MG_ ,C'HO\
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M7_KYN/\ T<]<[71>"?\ D7%_Z^;C_P!'/65;9%T]S?KGO&W_ " HO^ORW_\
M1JUT-<]XV_Y 47_7Y;_^C5K&.Z-'L<_11178<Y7U'_D%WG_7"3_T$UWND_\
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E0P)/\6:Z2B@"KIUE_9]C';!PXCR PC5.^?NJ !^ JU110!__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>image_007.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_007.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" #? AP# 2(  A$! Q$!_\0
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MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BF32I!"\LK!8XU+,Q[
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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ME\CY(V9B@5CV;<",#.*N:3K>G:X]XNGNLRVDWD2.%^7=@$X/?KUH O?:8?\
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M:W_YX-^8HL%RU157[6__ #P;\Q1]K?\ YX-^8HL%RU157[6__/!OS%'VM_\
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M.E:.D^'[^RU&.\N[UIY,E9&\UR&3RU &T\<,"?QKHZ* "BBB@ HHHH ****
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MP,?=)(Y.0:5Y/"$^E#3[K5]/N;<#Y1+<1$JQSEQCH3N/3@=@* .LC<21JX!
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M4SS]=WJ_D:+O485MTN0/0';3LPN1Z-JMU<^'[O[=J,?VN $M<V^R1" H8E,
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M_P"0+9_]<Q7I]>8:+_R!;/\ ZYBKH[LFIL7J***W,C=\#_\ ((N_^O\ G_\
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M&B_\@6S_ .N8KT^O,-%_Y MG_P!<Q5T=V34V+U%%%;F1N^!_^01=_P#7_/\
M^AUTE<WX'_Y!%W_U_P __H==)7'+=G0MC \;_P#(H7WT3_T-:YYOOGZUT/C?
M_D4+[Z)_Z&M<\WWS]:VH[,SJ"4J??7ZTE*GWU^M;&9T?@G_D3=,_ZY?U-;M8
M7@G_ )$W3/\ KE_4UNUQ,Z3D_&G_ !_Z+_UUF_\ 19K*K5\:?\?^B_\ 76;_
M -%FLJNFE\)C/<*I:Q_R"9_^ _\ H0J[5+6/^03/_P !_P#0A5O8E;GIU%%%
M<9T'"ZW_ ,C???\ 7M;_ ,Y*@J?6_P#D;[[_ *]K?^<E05U4_A1A/<*?I_\
MR-.C?]=)?_1+4RGZ?_R-.C?]=)?_ $2U.?PL([G?4445R&X5BKX5L$$H1KE2
M^-C"4Y@PV["'^'DUM5R=KXNO+MG1+%(VG919F4D!P6();&>!CMZB@#I;.TBL
M;2.VA!\N,8&3DGU)/<D\UF^$?^13TW_K@*L6>K+-HRWUPC)C*R+&C2896*G
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MJQX;_P"18TK_ *\X?_0!4R*1I5A:_P#\A;0_^OB7_P!$R5NUA:__ ,A;0_\
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MZW_R-]]_U[6_\Y*@KJI_"C">X4_3_P#D:=&_ZZ2_^B6IE/T__D:=&_ZZ2_\
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M>D_Y&Z^_Z\K?_P!#FI+<&6Z***LDHWG_ "&-#_Z_&_\ 1$M=)7-WG_(8T/\
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M!1S&C?\ ,2_[",__ *$*T:SM&_YB7_81G_\ 0A6C6BV)856T3_D8]:_W;?\
M] -6:K:)_P C'K7^[;_^@&E+8$;]5-5_Y!%[_P!<'_\ 035NJFJ_\@B]_P"N
M#_\ H)J"C)TG_D"Z?_UZQ?\ H JW532?^0+I_P#UZQ?^@"K=:$!4/AC_ )B_
M_81E_DM35#X8_P"8O_V$9?Y+2D-&Y6)XI_X\;/\ ["%M_P"C5K;K$\4_\>-G
M_P!A"V_]&K4(HEHHHK0@CN/^/6;_ *YM_(U8\-_\BQI7_7G#_P"@"J]Q_P >
MLW_7-OY&K'AO_D6-*_Z\X?\ T 5,BD:586O_ /(6T/\ Z^)?_1,E;M86O_\
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M[)I,1M\D/WVXZ+[UQ$-G>/!$\5EJ,2MN^SP$R?Z+/E<$DG)7&<D\9W<5W]%
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M]0$(C>:Y9_+G;Y=S!N5&.=H ]S5+3[#4(M4L#J5K<GR[>V4$QS3@$9W?.'4
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>+/!-%,4CWF2WECR0#GEW;<<]QBNIHH **** /__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>image_008.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_008.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" #- B@# 2(  A$! Q$!_\0
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MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@"*XD,-M+* "40L
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M[NHA?.UK;Q-*E^\!WQ[MQ95&'^\.OH?6B["QV2VL*,&5 ".AS4U%%( HHHH
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M4QG@]2?K6U=W<-C:2W-P^R*)2S-Z"LM/%FF26UO.K3,DQ;D1$[ I"EFQT )
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MMDHP9) 23@@CH..:;)X#@NIKF>^O&GFN7A:0BW1%81MN *C@DGJ376?8;?\
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M9R,565<9 S@]0<=^:QO^$2;R@HOMK2[UN=D "R*S D*N?DZ=>>IKHV8*I9B
M!R2>U1+>6SHC+<0LLC;4(<88^@]30!1T?1GTLL9;HW!$:PQ9C"[(US@''4\\
MG]!4%HK6_B^\@6:=H7M(YC')*SJKEW!*@D[> .!Q6Q'-'-N\J1'V-M;:P.#Z
M'WK)C_Y':X_[!T7_ *,DH V:*** "BBB@ HHHH **** "BBB@ HHHH ****
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MM_\ T<E;]8'C;_D5YO\ KO;_ /HY*P6YH]CG3U-%!ZFBNPYQ4^^OUKH? _\
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M^'=1EATRSCE2W9D=(5!4XZ@XKHZR_$W_ "*^I_\ 7L_\J8'54445F4<[=?\
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M&O\ D<#_ -@]O_1BTJGPLJ&YVU%%%<IL><0?Z^__ .O^Y_\ 1K5-4,'^OO\
M_K_N?_1K5-77'X4<[W"M/P;_ ,AG6?\ =M_Y/696GX-_Y#.L_P"[;_R>IJ_"
M5#<ZZD/2EI#TKF-CS'1/^0'8_P#7!/Y5>JCHG_(#L?\ K@G\JO5V+8YV%:G@
MS_D*ZU]8/_0#676IX,_Y"NM?6#_T U%7X2H;G6UE>*/^13U?_KRF_P#0#6K6
M5XH_Y%/5_P#KRF_] -<QL<BG^K3_ '1_*G4U/]6G^Z/Y4ZNTY@K<\#?\@[4/
M^PA-_2L.MSP-_P @[4/^PA-_2LJVQI3W.EK \;?\BO-_UWM__1R5OU@>-O\
MD5YO^N]O_P"CDK!;FCV.=/4T4'J:*[#G%3[Z_6NA\#_\B=I_^ZW_ *&U<\GW
MU^M=#X'_ .1.T_\ W6_]#:L:VR-*9OT445@:B,P52S$  9)/:L]M?TQ(K:0W
ML/EW1Q"P.0_.,@^F2.>G(J^Z+(A5U#*>"".#7,OX7NEL;:VAN+< 0O;3ED/W
M&<-E/?C'/]* -VQU2SU/S?L5PDWE-M?;V/\ A[]*HQ_\CM<?]@Z+_P!&24NA
MZ3=:>S&[EA?9#';Q>4",HF<%L]SGH.!4%G T/CB]+7$LWF6,3 2;?D'F2<#
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M^!_^1.T__=;_ -#:L:VR-*9OT445@:A112-G:=O!QQ0 M8T?_([7'_8.B_\
M1DE5/"MI/;23&2VN(/W:+.9CGS9P3N=>3D'CGC-22V>N)X@GU"WATUHWA6!5
MDGD4X5F;)PAY^;I[4 2>*/\ 5Z7_ -A*#^9J:J&IV7B+4EM08-*3[/<)/_Q\
MR'=M[?ZNG_9_$7_/MI/_ ($R_P#Q%4F)HN4C?=;Z&JGV?Q%_S[:3_P"!,O\
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M)\V49,?<X^]G\*;:!(ZFBL?S?$?_ #Z:3_X%2?\ QNCS?$?_ #Z:3_X%2?\
MQNH**=K_ ,C!KO\ UWA_]$I5ZLR+3O$,5_?7/DZ23=R(^W[1)\NU O\ <YZ9
MJ?[/XB_Y]M)_\"9?_B*M-$M%RJ%U_P C%H7_ %VF_P#1+4_[/XB_Y]M)_P#
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M8HK6-I+^:V4R?OY$O$,APG+*A+CG<!GCKBO0K;!M8L9QL&,YST]^?SYJ6B@
MI#T-+10!P:22S&:7_B=QV)FQ/"PN/.(P^'!QD9;;\J<  9ZFFS-J4IF6%]4A
MO8X )F=)667(7=L &P;1DY!W$Y KOJ* /.E744N[1;E[Z2V6,A)'6\4N/,."
25CY!QCA^V*]%HHH **** /_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>image_009.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_009.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" #H H(# 2(  A$! Q$!_\0
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MV)L8%?/VDDGY#@<.!N8CJ<8/L8\*^'5TUM.&@:6+%I?.-L+./RC)C&[;C&[
MQG&:6^\+>'M4F6;4-!TN[E1!&KW%G'(P4=%!(/ ]* /+;>::/X@2:IJ5K:7D
MZ^*!ID+%72\A4V_R.KJX'E;228RI!W.<^E_X6:(LNEVNH-X8T&0"]NC_ &F\
MG^E@B9P"%\D\@\#]YT_*O3/['TO^TDU+^S;/[?&GEI=>0OFJN,;0^,@8)XS5
M.'PAX9M[U;V#P[I,5TC^8LZ64:NK==P8+G/O0!LT444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M/:O?3'<$ACDVJ7!(S^[;L#G'4N%CK/L\W_/[-_WRG_Q-'V>;_G]F_P"^4_\
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M*P ,#YNP;K1<+'HB02JX+74K@?PE5P?R%3T44AA1110 4444 %%%% !1110
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M32;QK-KK2[*=K(YM3+;HQ@/'W,CY?NKTQT'I3M2T;2]9B2+5--L[Z-&W(EU
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M \=N\,8B.-DDB%V8 *=[#=P.."*M^%=<;7+*[9KNRO3:W)M_MEB"()QL1PR
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MQ5@Z4T=^+NVG5'2S-K&LB%P#D$,>03TZ<9]166GA29?%O]MF_B(\POQ;D7#
MIM\DS;^8<G>(]OW@#G(H Z>BBB@#,UVYN[336GM+O3[,(P,US?JS1Q1X.3M#
M+N.<#&Y>N<G&#E7NOZC:>#K34K@6ME=2M&DT]W$ZPP*S8,KH6#*",'8S J6
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M64LKEO,\M5.UARX.01C- '145D-KZ/HUGJ-EIU]?"\V^5!;HH<94M\Q=E50
M#RS 9P!DD W=-OXM4TZ"]A5T25<[)!AD/0J<9&001P2..": +5%%% ',Z?H>
MNV.I7U_+JFGWLURQV-)92(\:[@50-YK (JY&%49/S$DDDUI/!,[B:%=52*V0
M7)LUBMMDD33OO?>X?YUSD8 0D'DD_-6+HOA?P_J,%_=7VA:9=7,FJZAOFGM(
MW=L7<P&21D\ #\*TO^$*\*?]"SHW_@!%_P#$U7**X[_A![Q=#DTV/4-,$,TK
M2/:MI0:SC!"!?)A,F8RI3>/G(W2.2N2-NCK7A_5=2L;>QM]8@CM8W'F1W-J\
MWVF,( $E*RH6RVYCR P(4@C=NS/^$*\*?]"SHW_@!%_\31_PA7A3_H6=&_\
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M,LT/@^8P7$]N[W=G&9()6B<*US$K ,I!&5)'![UT]<K\1?\ D3G_ .O^P_\
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M!O?[RG.]LY[=%10!S5MX*L[6>%TO[\Q"5;BXA9H]EW.KF02R?)G=O.[Y"H)
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M$7_D3G_Z_P"P_P#2N&NJKE?B+_R)S_\ 7_8?^E<-9+=%O8YBBBBN\Y0I+/\
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M +!EA_Z-NZ4MBEN=5111691RNM_\CYHG_8,O_P#T;:5?JAK?_(^:)_V#+_\
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MG'_Z1VU=C7':;_R,?BO_ +"<?_I';54=Q/8UJ***L@*B\"?\D\\-?]@JU_\
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MRO<*IW_WM-_["MA_Z515<JG?_>TW_L*V'_I5%2G\+''='KM%%%<)TG/^._\
MDGGB7_L%77_HIJXZNQ\=_P#)//$O_8*NO_135QU=%#J95>@4445T&)3O_O:;
M_P!A6P_]*HJ]=KR*_P#O:;_V%;#_ -*HJ]=KEK_$;T]@KE?B+_R)S_\ 7_8?
M^E<-=57*_$7_ )$Y_P#K_L/_ $KAK);HM[',4445WG*%)9_\CCX8_P"O^7_T
MDN*6DL_^1Q\,?]?\O_I)<5%3X&5#XD>I4445Q'2<7\1/N^'/^PJ?_26XK"K=
M^(GW?#G_ &%3_P"DMQ6%750^$PJ;A1116QF6?#7_ "4.S_[!5Y_Z-M:](KS?
MPU_R4.S_ .P5>?\ HVUKTBN.K\;.B'PA11169845S]AKUXVD:S?:E9QPR:?+
M*/(AD+_(L:N 6QRW/.!CL,]3EKX@UZ*4:9.^FMJ-Q]E>">.VD$,2S>:2&3S,
ML5\A^0RYW+P* .THKA;#Q;K-T[S.M@+>QU"/3+Q!"^^:5I_),D;;\(H+*VTA
MCU&>]=AJ&H0Z;:FXG2Y= 0,6UM)._/\ LQJS?CB@#)\"?\D\\-?]@JU_]%+5
M76_^1\T3_L&7_P#Z-M*M>!/^2>>&O^P5:_\ HI:JZW_R/FB?]@R__P#1MI36
MXGL7Z***T("J&B?\CYK?_8,L/_1MW5^J&B?\CYK?_8,L/_1MW2EL4MSJJ***
MS*.5UO\ Y'S1/^P9?_\ HVTJ_5#6_P#D?-$_[!E__P"C;2K]:1V)>X4444R2
MGX2_Y"7BG_L*I_Z1VU=/7,>$O^0EXI_["J?^D=M73UF]S1!7)2_\E#U7_L%6
M/_HV[KK:Y*7_ )*'JO\ V"K'_P!&W=$=Q/8TJ***T("J?A+_ )"7BG_L*I_Z
M1VU7*I^$O^0EXI_["J?^D=M4RV*1T]%%%04<=IO_ ",?BO\ ["<?_I';5K5D
MZ;_R,?BO_L)Q_P#I';5K5HMB'N%%%%,17\#_ /(N2_\ 83U'_P!+)JZ.N<\#
M_P#(N2_]A/4?_2R:NCK(T"N.TW_D8_%?_83C_P#2.VKL:X[3?^1C\5_]A./_
M -([:JCN)[&M1115D!47@3_DGGAK_L%6O_HI:EJ+P)_R3SPU_P!@JU_]%+4R
M*B=!1114%'%^&?\ D&WG_85U'_TLFK9K&\,_\@V\_P"PKJ/_ *635LUJMB&%
M%%% B+P)_P D\\-?]@JU_P#12UT%<_X$_P"2>>&O^P5:_P#HI:Z"LC0*\8\+
M_P#(I:+_ ->$'_HM:]GKQCPO_P BEHO_ %X0?^BUK>ANS*KLC6HHHKI,3)\4
M?\BEK7_7A/\ ^BVKV>O&/%'_ "*6M?\ 7A/_ .BVKV>N:ONC:ELPHHHK U/&
M/"__ "*6B_\ 7A!_Z+6M:LGPO_R*6B_]>$'_ *+6M:N];(Y7N%4[_P"]IO\
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M0#EM#V^<"X0&+,?[[+%5'E[LEEQ]X9LQZ3\.)(;*0:%H"?;9C!;QR:9&DCR
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M5CH**Y__ (03P?\ ]"IH?_@NA_\ B:/^$$\'_P#0J:'_ ."Z'_XFD,R_#/\
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->GYUKT44 %%%% '_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>24
<FILENAME>image_010.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_010.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" #4 BT# 2(  A$! Q$!_\0
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M^Q1YLW_/N?\ OL5/7!CQ5JQO;BRCN;6?-W#:+>1P$1Q2L6+H 6^?:JCG(Y-
M':^;-_S[G_OL4>;-_P ^Y_[[%<;!XMU.X_L&2.2W:6_<1O9)"6=@&9992V?D
M0 9'!]*K7GB_6;>+4EMYK>[-O<6\ N(+8[%D>3#QJ"WSE5*\Y')H [OS9O\
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M=IK4^HWLEK'LMWE$I\U_E4@=5))^[[=*[#S&_P">,W_?%0I##'G98[<MN.V
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBJ5UK%A8^:+F[AC,(4R M
MRF[.W([9P: +M%4'US38]/BOWO8!:2D".8O\K?0U>5@RAE(((R".] "T444
M%%%<9:Z=>G5-9VR7^;B.4M(T9C,;;AL6)LD,,9Y'3 Z4 =G17/W]HU[X<AM)
M+>:6Y6.(<EUVL>"Q8$9(Y)_#/6MJTMDL[2&WC+%(D"*68L< 8Y)Y- $U%%%
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MBBLBSD/$FIZG%XC%G9:@UK"MHLI"PHY9B[#JP/8"L_\ M#7/^@[/_P" T/\
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M5[/DG.?X <5O_:M7OM2U);?4XK:&VN?)2/[('./+1LDEAW8U)Y6N?]!R/_P
M7_XNG9BN0:_>3M:63Q?;DO5('EQ>9M+\;E^489NPW?)R:ZNN;\K7/^@Y'_X
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M>\7_ %\V_P#Z.2JELQ+<]+HHHKC.@XCQ'_R.+_\ 8/B_]&255JUXC_Y'%_\
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M_C^UK_L(-_Z*CK0K/TS_ (_M:_["#?\ HJ.M"M%L2PJA=?\ (PZ#_P!=YO\
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MS&B?\>MU_P!?]U_Z.>M&L[1/^/6Z_P"O^Z_]'/6C6BV("J2_\C?IW_7G<_\
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M6BBBLRCFX?\ D:=:_P!VV_\ 07J]5&'_ )&G6O\ =MO_ $%ZO5:V)850NO\
MD8M!_P"NTW_HEJOU0NO^1BT'_KM-_P"B6IO8$=+111691S4'_(T:Y_V[_P#H
M#5?JA!_R-&N?]N__ * U7ZM;$L*S=9^]I7_82@_]FK2K-UG[VE?]A*#_ -FI
MO8$=1111691P.I_\C=J_T@_] -,I^I_\C=J_T@_] -,KJI_"C"6X5&?^0II'
M_80C_DU25&?^0II'_80C_DU.?PL([H]%HHHKD-SB/$G_ ".7_</3_P!&-56K
M7B3_ )'+_N'I_P"C&JK753^%&,]PJ/\ YBVC_P#7^G_H+U)4?_,6T?\ Z_T_
M]!>G/X6*.Z/1:***Y#<XCQ)_R.+?]@^/_P!&/56K7B3_ )'%O^P?'_Z,>JM=
M5/X483W"JNH?\>\7_7S;_P#HY*M55U#_ (]XO^OFW_\ 1R54MF);GI=%%%<9
MT'$>(_\ D<7_ .P?%_Z,DJK5KQ'_ ,CB_P#V#XO_ $9)56NJG\*,)[A5:_\
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+ **** "BBB@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>25
<FILENAME>image_011.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_011.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" #. C(# 2(  A$! Q$!_\0
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M_GFM'V>+_GFM244P+:\*/I2TB_='TI:@H**** "BBB@ HHHH **** "BBB@
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M%'V:;_GLO_?%6Z*+A8J?9IO^>R_]\4?9IO\ GLO_ 'Q5NBBX6*GV:;_GLO\
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M4'D?A3@01D$$>HI#%HI 0P!!!![BEH ***JW]XUE )%M;BY8MM$< !/U))
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M?010"$)'!+L497)[>M=[7 ZG_P C=K'_ &P_] HIJ\M0F[(K[+O_ *#.K?\
M@3_]:C9=_P#09U;_ ,"?_K5+171R1[&7,^Y%%-?6NI::RZKJ,@DO8HW26?<K
M*3R",5Z-7G$O_']I7_80@_G7H]854D]#2#N@HHHK,LHZO>7%C9&:VC@8@_,T
M\OEH@]20"?; '>L6Z\77%M&9SIW[A%17#2XD$KIN"XQC'0$Y[]*V]4TFVU>&
M.*[\W;'()%\N5HR&'0Y4CUJO/X:TVYEWW$,DI*!&#S.0^%*@L,X+8)&X\^]
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M2WC.XR2?^)=%U_ZZR5T-<]I__(Y7'_8.B_\ 1LE=#4/<I!7F&B_\@>V^C?\
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MK_Z ]>B5YVO_ "&=&_Z_U_\ 0'KT2N:K\1M#8*X'4_\ D;M8_P"V'_H%=]7
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M+]%%%420>'?^0EKO_7VG_HB.MVL+P[_R$M=_Z^T_]$1UNU#W+0AZ&N7\,_\
M(KZ5_P!>L?\ Z"*Z@]#7+^&?^17TK_KUC_\ 013B)FG1115$E33_ /D<KC_L
M'1?^C9*Z&N>T_P#Y'*X_[!T7_HV2NAJ'N4@KS#1?^0/;?1O_ $(UZ?7F&B_\
M@>V^C?\ H1K6CNR*FQ>HHHK<R+?AG_D<9/\ L'_^U*[:N)\,_P#(XR?]@_\
M]J5VU<M3XF;PV"O.1_R%-8_["$G_ *"M>C5YR/\ D*:Q_P!A"3_T%:JE\0JF
MQ+111708EKPY_P CC'_V#Y?_ $9'7;UQ'AS_ )'&/_L'R_\ HR.NWKEJ?$S>
M&P5Y[/\ \A_6_P#K\'_HJ.O0J\]G_P"0_K?_ %^#_P!%1TZ7Q"GL+111728A
M:?\ (R:)_P!?3_\ HF2O0:\^M/\ D9-$_P"OI_\ T3)7H-<U7XC:&P5P%_\
M\C3K?_7:+_T2E=_7 7__ "-.M_\ 7:+_ -$I12^()[#:***Z3$8O_(9T;_K_
M %_] >O1*\[7_D,Z-_U_K_Z ]>B5S5?B-H;!7 ZG_P C=K'_ &P_] KOJX'4
M_P#D;M8_[8?^@44OB">PRBBBNDQ(9?\ C^TK_L(0?SKT>O.)?^/[2O\ L(0?
MSKT>N>K\1M3V"BBBLBPI,#.<<T$@ DG '4FFF6-9 A=0Y&[:3SCUQ0 X  8
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M_P#(LS_]=8?_ $:E3O\ ?;ZU426)1115"(/"WW-6_P"PE-_2MVL+PM]S5O\
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MX"__ .1IUO\ Z[1?^B4HI?$$]AM%%%=)B,7_ )#.C?\ 7^O_ * ]>B5YVO\
MR&=&_P"O]?\ T!Z]$KFJ_$;0V"N!U/\ Y&[6/^V'_H%=]7 ZG_R-VL?]L/\
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M!>_\>-Q_US;^58.@_P#(N:7_ -></_H K>O?^/&X_P"N;?RK!T'_ )%S2_\
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MKP?RKL/^$JT'_H-:=_X$I_C7-4^)FT-C6KSV?_D/ZW_U^#_T5'76?\)5H/\
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DY5G:5H<>D-^YO+V2(+M6*:7<BC/88K3H 3:OH/RHI:* /__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>26
<FILENAME>image_048.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_048.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" $6 >0# 2(  A$! Q$!_\0
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M ,N22<D#(SN(P,#F@#;2Y@ED,<<T;N &*JP)P>AI;B>.UMI;B4XCB0NYQG
MR:S--\-V&E7GVJW\XR^48@9)"V%^7CG_ '1^5:LD:31/%(BO&ZE65AD$'J#0
M!BGQ=HI0-'=^;N1G58T+%@H#-@>P8?D?0T3>+=)MT1I994+MM"F)@0?<8XZ5
M>_L72]SM_9UKN<[F/E+DG&,]/0FD;1=+>1Y'TZU9Y""[&($M@$#/X$C\: $L
M]<T_4+E[>UN!+(CLC  \%<9_]"%9X\::'\I:Z9 2>6C8 #&<GCI6E'HNF131
MS1Z?;)+%]QUB *]>A_$TQ-!TB+[FF6B\YXA7K^5 %1O%VC1R".:X:"3(4I+&
MRL"<XR"..GZCU%.A\5Z1<63W<-PTD4;*K[8VRI9BH!&..5-6ET+2514&FVNU
M00H\H<9(;^:J?P%.;1M,:"2%M/MC%+CS$\H8?'3([XR: *R>)=,EG2&*61Y'
M"L%6-CA26&X\<#*GFFP>*M'N;J"W@NO,>=V1-JD@D$CK^%6#H&D,"#IEH<OY
MA_=#[WK]:DBT?389DFBL+9)$QM=8@"N!@8/;@F@"[4+W=O'(T;SQJZC<5+ $
M#GG]#^1J:L?4?#&F:I??;;F.3[1L$>])"IVC/R\=OF- %P:KI[2&,7L!<*'(
MWC[I&0?ICFG+J5B^=MW"<2>6<./O\_+]>#^59A\):6;8P 3JFU4&)3E4&\!0
M?3#L/ICTJ-O!FCL[OLG4LYE^64C#DYW#W!/% &T]Y;1B(O<1J)CB,EA\_P!/
M6F)J=C(CNEY RH"6(<< 8R?U'YU2;PY9O;6T$DMPRVZM&C&3!,;8RA([?*OO
MQUJO_P (AIP9F66Z5FC,3$2_>0XPO(Z#:,?2@#4;4[!8DE-Y"(W!96WC! ZG
M\*<=0LQ,8C=0B0 DKO&0!UK,G\)Z7<VT4$Z2ND9D)S(<N7!W;C[Y[8II\):<
M=^Z2Z)ESYQ\XYE)!&6]\$C_]5 &M#?VEQ-Y,-S%))M#[5<$[2 0?R(_.K%8^
MF^&=-TJ]-W:I()2I3+R%L+A1@9]D6MB@"I?:A%8>0)$D=YY/+C2)=S,=I8_H
MI/X5FIXNTJ60QPO+*RW#6QV1Y < '!/09SQZFM:ZL[6^A\F[MXIXLAMDJ!AD
M=#@U%_9.F[XG_L^UWQ8\MO)7*8SC''&,G\S0!CGQOI*P&9END01QR9:$@;9#
MA.3QSFK;>)].2>VA8S*;E(WB)B(#!R .?7D9':K?]C:69!(=-L]ZHJ!O(7(5
M?NCIT'8=J631],F_UNG6C_N_)^:%3\G]WIT]J ,UO&&DK8S7K-,MM$ 3(8\
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M]NWK0!J1ZWIDJ%DO8BH!.<\8! )^F67GW%1'Q'I"A&:^C"ONVL00#@9)!QT
MYJM)X1TN>.)+A9;@0*5@\U@QB!*'"\<8\M>>O6EMO"FFVELEO&)/+0R% =O&
M]=C=N>/7- &Q!/'<P+-"VZ-NAP1G\ZDJIING0:581V=N6\J/)&X\\DD].!UZ
M#@5;H **** "BBB@ HHHH **** "BBLG7=1ATV*&29V578J-OK32;=D3*2BK
MO8UJ*XY?%-CR#/+_ )_&GCQ+8X_U\OY?_7K3V,^QE]:H_P R.NHKC9_%>GV\
M$DSW$VR-2QP.P_&N?;XN>&AUN;L?]L__ +*HE'D^+0TIS517AJ>I45@>&=;M
M=<@-S:2R/'M!^<8Z]*WZ35F5%IJZ"D+ =2!^-+7(^)_$46DZDD#PF0M&&R&Q
MCGZ5+E&*O)DSFH+FD=;O7^\/SHWK_>'YUYTOC2 C'V-O^^__ *U/_P"$RM_^
M?1_^_G_UJCVU+N8_6Z7<]"WK_>'YT;U_O#\Z\OU7XBVFE6@N'L)'!<+@28]?
M;VK&@^,=C/=10_V3.#(P7/FCC/X52J0:O<WA+VD>>.J/:@0>AS16;H5XE_I$
M-TBE1)D[2>E:54FGJAIW5T%%%% PHKS[X@W,T6I620WC0?NF) E* \UR\5W=
MD8_M1S_V\,?ZUPUL;[*3CRWL=U+!>T@I\UKGM-%>212W1 SJ;_\ ?]JG(NI4
MV#4W!;C/G-7/_:JO;D_%#> :^U^!ZI17DK:;=YYUEO\ P(:MWP'*_P#:M]"]
MX]P4C'!9B!@^]=<,6IS44MS*6&<8N5]CO:***ZSE*]U?6MD%-U<1PAON[VQF
MJ_\ ;NE?]!"V_P"_@K \="%DL1*7&"Y&P ^E<<L-KV,_XJ/\:Z:=!2C=GE8G
M,)T:K@DM/,]0_MW2O^@A;?\ ?P4?V[I7_00MO^_@KS18K11UE_(4&.S(.[S0
MO<\5;PT4KW9A'-*C:5E][/2?^$@T?_H)VO\ W]%3VVJ6%[)Y=M=PS/C.$<$X
MKREH] '_ "WD/TQ70>"_LJZVPMMY1HF"LQ'/(]J\S#576<DU:RN>[BU[#DMK
MS.WX'H-%%%;B"BN;US5UL=1$3),<H&RO3O5-/$4)_P"64_\ G\:=D:*C4:ND
M=A17*KX@@_YX3_D/_BJD&OV__/O-^0_^*HT'["K_ "G345S7]OV__/M-^0_^
M*I#K]O\ \^\WY#_XJEH'L*O\ITU%<A<>)[> +FUNFS_=4'_V:JZ^+('<*+2\
M7/<@8'_CU)S@G9L7LJFUCMZ*XIO$<7.$N/S_ /KUUMA+Y]A;RX8!T#?-UYJF
MA2ISC\2L6****1 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !7)
M^.P'LK52/^6A/Z5UE<IXT&Y+-?\ IH?Y&M:'\1'-B_X$C@P .@I:",'%%>L?
M.%35?^01>?\ 7%_Y5Y3]CN&M#<^2Q@'!?'%>KZFK/I5VB*69H6  ').*X9;G
M5!H9TC^S+G[,W)_=C=G.>NW/6O,Q\6Y1MV/<RB:C"5WU7Y'L_P *@$T55 ZP
MQG]*]"K@?AQ$UO9B%P598HP0>WRUWU9U/B^[\D=6'^#YO\V%>:^/5!UQ#CD0
MC^9KTJO./'"[M:SV%O\ UKDQ'P&6-_@OY'(T445YYXQ@>+QG2(Q_TV7^1KGX
M]'N]-U33?M* ">12F/J*ZGQ!93WUA'';Q+(ZRABK' (P:H6MAK=YJEDU^@:.
M!\JS3,Q4>@R3Z"NBFURV9[.#K0CAG%R2>I[[X0P/#EL![_SK=K"\(<>';;Z'
M^9K=KLI_ CHI_!'T7Y!1115EGF/Q'"R:Q%QS'"N?Q)_PKE(0!76^,X_M.OZC
M@_ZFSC)^NXG^M<G#7SV-_B29]!A?X44:$-+J4C1:5<2+PRQDBDAHU1&DTBY1
M%+,8R  ,DUYL?XD;]U^9=39G%_VAJ7V;[1MD\G^_VKTWX:'_ $\2'[TUJS'\
M"O\ C7FC7&H_V2-.-E,+=>1^[.<YSUQ7IW@F%K/5-&1^#+I['!]<Y_I7TDE#
MG@X]SS+RY))]CTRBBBN\\\X[QJ=US:)WV,:Y*NJ\7L/[6M\]%A.?S-<K7I4/
M@1\MF&N(D_ZZ!45R<6DQ'_/-OY5+3)D,D$B#JRD#\16KV..+M)' 16M[-IDE
M\LG[J,X/!_GTKT_X=.<Z8S<L\3\_G_A7!+X=U=(3"LMN(SU3<<'\,5Z!X-A:
MRGTB%]N^,,C;3QDY_P :\VC2E#FNK:'U&,Q5*JZ:A)-J2/3J***R.TY[Q1"F
MVWG<?+DQ,1V!Y!_ C]:XJ[CFMI2N[CL17?\ B9-^@W#?W,/^1%<7J6&M8G[D
M4,]'"2T2,Y9Y_P"\:=YUSV8TQ*G7I4GH\J(_-O.STTS77=Z8=4MEN9;=F(>)
ME4^A+#/'X#FI5N(9N(I4D]=ASBBX6B4[G7_[(VM<()/,X&>V/_UU%'XPAO9%
MMHX$5Y#M!':L?Q?MW6)<C:'8G/<<51BNK.]\2Z=):1") X4KW/Z5SSHQE/F9
MQ5)VJ6/0;6%I&@@)S+<.J#_94GDUZ<BA$5%&%48 ]!7 Z+&)/%%HG:-6?\AC
M^M>@5UG)BY7DD%%%5=3S_95YCKY#_P#H)I(Y).R;+'F)_?7\Z/,3^^OYU\^A
MFVCYC^=+N;^\?SKJ^K>9\[_;_P#T[_'_ (!] ^8G]]?SH\Q/[Z_G7S]N;^\?
MSHW'U/YT?5O,/[?_ .G?X_\  /H'S(Q_&OYTGG1?\]$_[Z%?-VNLPT>?YCV[
M^]<7O?\ OM^=<M?]U+EW/;RVO]=I.I:UG;N?8PEC/1U_.E!!&001[5\S^'68
MZ0OS'[[=Z]Y\$J1X2LLYY#'G_>-:.%H*?<PI8WVF*GA^7X;Z^AT%%%%9G>%%
M%% !1110 4444 %<KXP.88L=5?C_ +YKJJY3Q80$C)(QYG/_ 'S6M'^(CGQ?
M\&1P3R)&RJ[JK.<*"<%C[4JLK#*D$9QP:YW7;HSZL#:?ODLD,H"'.Z5N%_+J
M:JLNK1XAMY9T"-'"65!AV/S/(>.G;-=SQ&KLKH\A8-V5Y6?F=;1R3BC).,G)
M QFIK=-S9-;WTU.-I7LCK_!X*F5CU)4&NQKC_"_#2?[ZUV%>57_B,^BP?\&(
M5YSXWRVHC'7R_P"IKT:O.?&DT<&H"24X01<X'^T:Y*ZO&P8Q-TFEW1Q+WD$<
M[0.^)%C\TC!^[ZU,A$@4ISNZ8KE)YHKG4)I)9XXQ+, RNVUEB7D ?4U?L-/N
MQJ,%W-D9WROB3C<3P,>F*X7%+<X)X:,%[SM_70W>AP:DA4M*N.QJ.KMJ@49]
M:45=G&>G>%^-%@4=-O\ 4UM5B>&/^01!_N?U-;=>E3^%'T-/X(^B_(****LL
M\F\773#7=65?XW2,GV"@_P ZY9;Z.*:6-@?W:ALYZD]!]:WO$TG_ !/-7.TN
M?M& !]*X^,$7 \Y)@QE,C 1DAC_#SZ"O#J4^>4G+;7\SW83Y(1BO+\CIK:Y@
M>01B5/,)QLW#.?2M _<K!T[2C!=0SR.K%$;/')=CRWY<5O'_ %=>575-.T'<
MU3D]9%"XK8\+W9;7-(#]8V>('V*G_&L>X[U?T0>5K^D#UG'ZUU8-M37R_,SK
MI.#^?Y'KU%%%?3G@G">*R7U>9?[L:5R,^H0V]VMO)D$QF0MGA0/6NJ\4S>3J
MU[)L+[8E^5>IXKS:X8S74LEW'/$)G48\HL#$.=H([DUW*IR026YX$L,JU:<I
M;7?K<Z-+R!]H,J*[8^1F&X$C.,5/6+;Z.S74-W*RD^8TK@K@GCY1[8%;5;P<
MG\1Y]>%*%E3=_P"M@K2T8[+^U<]//7^=9M:=F-DMG_UU4_K1/:PJ'QI]O\T>
MET445Y1]@9NO\Z#??]<C7"7W_'A#]*[O7^- OO\ KBU<'>?\@^'Z4^AWX3;Y
M_H9\?6G74D\5H[VT(FF ^5"<9J"2)IDV+(T9SG<O6G16]T)%=[HD!LE0."/2
MLV>H846E:A+,5NK=UDE+L\R2*5#-U/KPO&*W+'38M.281X/F2;NF,#& /P%0
MW!>T4"34523!*AN-WI4KV]V51Q/M;RP&!YR<=:E$**0V[M+>ZP)X4DV]-PSB
MH+73K**ZC>.UB5U.00O(I88;L,KSS$\<I[_6K$/^O7ZU:%))J]CJ/#?/BKZ0
M-_2N[K@O#1_XJS_MW;^E=[5L\G%?&O1!574_^05>?]<'_P#035JH[B+SK:6+
M^^A7\Q0MSDFKQ:/ (XW:W$@P5'!XY%&#[?E0P>UF:,Y4JS(1]#0& ') KU(O
M0_/:T;2T#!]%_*EY_P!G\J7-%48W?<H:NXCTR5I%5E&,C:#WKEOMMI_SZK_W
MP*Z;7AG1Y@.IQ_.H(8=*'A)X)(7_ +2VD[?+XW9XYSZ=_?%>3CE>HO0^XX:E
M;"2_Q?HBUH82?1VF11'&"V!@#)KVOP'*9?"5MD$;691^=>'^'T==!._/#LH!
M[<BO=_!D!M_"=BI&"RES^)-;2_@Q^1CAXVS&JUY_FC>HHHK ]@**** "BBB@
M HHHH *Y'Q<%:-5<94R$$>HVUUU<CXM!*H <$RD9]/EK6C\:.?%?P9?UU1YM
M?Z=HTDBJUL,J,AQD-^8YJ6":RM8UMX6"*H^51GG-7KV&;<N)@#[(*J&"?S-P
MN %_N[!7H0CRZI'B5)\VDI-_,<M[;,<+*I/H*M6UW;[0?-7GFJDD$S* L^PX
MY(0?G5RS@97#,X88QC:,_G5-R,XJ']?\,=CX8/S2>F]:[&N-\,GYY/\ ?2NR
MKS:_\1GO83^#$*\Y\7X.IJ"H<>4.#W^8UZ-7G?BN,OJB94E?*]/<UR5MD&+_
M (3]4</=;&N?GL]Q!X)4<4@GDR,P-@^_2K5Q!'Y[?NQZ=*@^S1<?N^AS7 ]S
MR+KL-$[G_E@P/49(YK1MI22%\MQ[FJ*6\2LI6, KTXZ5JP*2!@'\JJ!.G1'I
M'A<_\2F#_<_K6Y6'X7!&E0 @@[._UK<KT*?PH]^G\$?1?D%%%%66>0ZH WB?
M5E9MH^T-DUGQVT6\A;A,<D$D5>U?_D9=7_Z[M6/%UKYZO))NZOJSZ&G%N*L[
M:+\C5BA3RPPD!;G*Y%62@V#YA^8JC#5H_P"KK@E4A_(OO8.,OYOR('MTE W3
MHC=P35BP4)XETA0P(%RG(^M9\_6K^G_\C)H__7RG\ZZ\-*+:LK:HSJ)I.[Z/
M\CUZBBBOI3PC@?$;.FO711=S;4XQFN7DN)Q(P6V<@,1GID>M=AKEO,VOW#K$
M[*47!"D]JY][.YWM_HTW7^X:]&F_=6O0^:Q*:G*\;ZON9_G385C 1GJO4BF+
M=RL^T6S=<$YZ?I6C]CNO^?:;_O@T?8[K_GVF_P"^#6G_ &]^1RV?\GYD-:<'
M^NL_^NJ_SJE]CNO^?:;_ +X-:<%K<&>T_<2<2*3E2.]*<EW*HTYWV?3H^YZ+
M1117EGUIF>(<_P#"/W^!D^2:X6\5O[/A^4]/2O1-0_X\)_\ <-85U)+;6JF%
M=[D<?NRV/P%/H;T:WL]+'$QQO_=;\JL*CX^ZWY5TO]H7:G;Y0!Z9\A^3C-6[
M:[O+D[$2)'49;>C#CMC/XU&AV?7FOL_B<1)92R.S,0W]T-&#MZ5(L4J1!9"7
M;G+;<5W@74ST-IUZD'I2NNH;,C[*#CG(.,T<HO[0_N_C_P  \\D1N?E;\JCA
M1O/7Y6Z^E>@Q_:C(_GB(KQMV _C00!SBK427C_[OXF#X;!_X2X<''V=_Z5WU
M8%@JC6E*C!,39_2M^AG'5J>TE>P4444C,\)\40B#7]2C48"W+$?0FN5N1)?!
M6B3>0X3/7:,\DBNY\=QB/Q3J( QG8WYJ*Y2&;8IQL'/.37H-*5-)GR#DZ-:<
MHJ[3?YL99W&H_;(MT.V+EOF'0=@??_&M+-5?M6><Q],GDTGVE^[1!3T.ZB+4
M>MSBK1G5:M%12Z+^MR2\M5O;5[=V*JW4CK6;!X/@N)UB2>;+''05I*\Y&=J$
M'_:[5O>&T8W7F2*H('&#FE4A3G[TE<Z,!7Q5*:I4IV3>MK?Y&=/I\6DPKIT+
M,R1]VZDGK7N>FQ"'2[2(# 2%%_("O&]:&_4V '5P*]M5=J!1V&*PK)*,4CW<
MODYXBM*6^GZBT445SGKA1110 4444 %%%% !61>PPS2R^=$D@4Y ;H.*UZS9
MN;F53G!/]* :3T9STR:?N7S;&UP<?-YW3/J,4^/3;.6-9(]+A=6&05FR/SK3
M:QBWY$DXP.GFG%21)Y2A-[O[N<FJYY=R'2I_RK[C).F6P+ :,N!P"91S5V'2
MM-Z"VB##J,YQ3;Z5]H9"5C#A'(/)^GXUR,4J)-_::KDPEB%7[Y*\Y^AY'TJ)
M59)[E*A!]%]QW<-I!;2)Y,2IEAG ZUKU@:1?-J-I!<NFPL_W?09X_2M^G>^H
M[6T"N>U+A20.>>P/\ZZ&L"]4,YW $>AK*KL7#<YFY9_-('E]?[H_QJ,JX;YA
M%CW2K4L$3ROF-.?85"XR0N/:N*3[&Z0L<$H4M)Y 5,%L+CCV.:T+":VN'*0N
MCLO51U%9]W(T5M*47.U. >F<CG]:H1W,UH(Y[5LF5@'=A]W(Y_#(K516Y)Z+
MI^.W]VKU9^F$-&&'0J#6A75#X3"6X44458CF=<L;-1/<?9H/-8Y+,O7G'7UK
MF7TVW,A6."(,<X&*['6%+1R@'&1Z9[US;JHR27SZUP58QYM4=5.4K;F>;.%%
M'RQAL\YXJ7["AZ*,=2*E/08W8[Y[U>MH1):J6E"C#9S_ (US^RYW:$33VC2O
M)F=#IUN_S-$I'N*V].L;9;ZVD%O&'5AM8+S4*6=\TOEPPV?V;.0[2,6V^OUJ
M[IR,E[&K C#\$]ZZ:=+D:31E.;DMSIJ***[CF,V]A2X>2)\[6 !*G!_.L_\
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M%@V69USD?X'FLZJNBH;A(<$].:A4[\DXXY%41J\<L:8>,OCYN#@GVIQU)54
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M/_?L4GV"S_Y](/\ OV*L44 5_L%F.EI!_P!^Q3EM+9?NV\0^B"IJ* $  &
M![4M%% !1110 4444 %%%% !1110 4444 %%%1SQF:"2,.R%U*[U/*Y'4>]
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M[J_XUM6%]'J-HMS$KJC$@!QSP<4G&2W0RS1114@%%%% !1110 4444 %%%%
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M48 J7[$0 VPG=P..M=D>6*V/H%"BOLK[E_D9E[XI\2(T4::W?*SMVE/2O=O
MMIJ-KX7MWU6YGGO+C]\QF;<5!Z+^6/Q->,6-BDWB*S,J;@KA0A'4D@8KZ* "
M@ # ' KFJ?$WW/#S:<5:$8I7\D+11169X@4444 %%%% !1110 4444 %%%%
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MR7306TK"/$B)NQMX%=KX.N-]I<0D_=<.!Z!A_P#6I2FJD+Q$XN+LSI:***P
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M7B6[%8I&4*0G9>#VKH**%!)W13J3<>1O0****H@**** "BBB@ HHHH ****
M"BBB@#D?%;[-5LB>!Y;?S%01W*$<&NKO=.M-114NX%E53E<]C57_ (1S21TM
M%_[Z;_&E8#$-_%$OS.!^-5)-=C!P&KI#X9T<];)#]6/^-(?#&C_\^2#Z$_XT
M6 YZ+6XG.&:K!NHY!E6!K:_X1G1\8^PH?Q/^-*/#>D+TLU'T9O\ &BP'.33(
M$8[ATKK-).=)M3ZQBJW_  C>D;@WV)20<\LW^-:@ 4    < "F M%%% "/\
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(H **** /_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>27
<FILENAME>image_049.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_049.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" $D > # 2(  A$! Q$!_\0
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M<F@#J**Y1_$NM-<HD/A^Y\MKC;N>-A^ZX 8^ASDX[#''6NKH **** "BBB@
MHHHH **** "BBB@ HJM?WT&FV,EY<EA#& 6*C)Y./ZUA?\)YH1_Y;3?]^C2<
MDMV!TU%<S_PGNA?\]IO^_1I1X[T,_P#+6;_OT:7/'N*YTM%<TWCO0U4DRS8
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M9.6!P<'/-7[;1;B9=SL(@>@/6N*IB(P7-*5D=3]G%7DD2PW]_*VT7MQR0/\
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MRR$"W!/;I7MY&017B%]"9[=[9.':9K<^R*S$_H:XL8^5)^I4=[&CI$7]J?\
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MRTE3+QDG_>-6O['L>\1_[Z-.MB%  JVQ^6ERQ[!=F+J5C96EF\H4HJ L3N/
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MT:73I;;>Q^>0 ,3^(IX"@I8.FEH]WYD1Q'LJLFU?H<49CECYH&>3R/\ "DC
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MLS+D KR>  #SQT_"O5_!";-7U#WC4_K0WH*O[L5'LCN:***@Y HHHH ****
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M!(A<C(7<,D4^@ HHHH **** "BBB@ HHHH HZCI%EJOE?;(VD$9)4"1E'/J
M1GIWJM%X9TB#(AM/+C)!,2R,(S@[AE<X.#TXK7HH RK7P[IED6^SP.@9D<KY
MKE=R !2!G . /RJ2VT2QLU"PQN %D49D9C\Y!8Y)SD[16C10!D#PSI(A\HVI
M9-JK\TC$_*69>2<Y!=CGW]A39/"VDRF5G@E:290DLAN)-\BCH&;=D_C6S10
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MN#T.#STQ7:Z&V8)?]X?RJ:&(J3J\LF.<(J-T:M%%%>@8!1110 4444 %%%%
M!112,,J10 9'J*,CU%01!9$S4GE+[T 29'K29'K4?DKZFCRE]Z )<CUI,CUJ
M/R1ZFCRE]Z )<CUHJE<2+".-S-Z U-:%FMU9A@MSBF(GHHHI#"C(%%17! 0$
M],T 2Y'K29'J*C$:D9YH\I?>@"7(]:,CUJ+R5]31Y2^I_.@"7(]:,CUJ+R5]
M308E ZD?C0!+D>M%9TT^UPD:LQ)Q6B.E !1110 444C?<./2@!:*A3<ZY#G%
M+L?^^: ):*BVR?WZ-K_WZ ):*BVR?WZ-K_WZ ):*J33^2,O)^%6(6+PHQ[C-
M #Z*** "BBB@ HHHH **** "L34=<DLKMX%A1@H!!)K;KD]?4?VD_NHK.K)J
M-T:4HIRLQ#XRF4[3IX)]I#_A4D?C$NI/V$9Z<39_I7':O?160CAG#C[22BLA
MQCC/7UKAH+F]M(-D>J1(I;<2)#P0J9S@<C[U8QG-]3>4(+H>RW'BF:6+']GJ
M.<_Z[_ZU8.I2C6+F*9UEMV2&2W/EN#O1\;ARIQ]T<CFN;\*WDK2SPW$TMQ*/
MO,0Q"@'&"3WR#^M=0()=Z%8VQGTJ)*3E<<8PL6!X.T21O--LX+$-A9649V@=
M!]!4S>&='CC AT^W#J,(S+NQQC^0Q6E'<$1@&(@A?[PYIBW#R-A[=HU_O%E/
M\C6$HU+=2$T9L,,D5T%=D*!=J!5P%]A73:#Q%./]H5B2J@</N  SWJ;POJ;3
M:UJMDX18HA"87SS(6#%L>N,#I2PL)1JZH=62<3K****]4Y0HHHH **** "BB
MB@ HHHH H1X$\@0D$,>.U<[/\2?#]K]M$DEPS6DWE,J19,GWLLG/S*-K9/M6
M\1FZF7GECTK.A\(Z##):2IIT>^UB>&$DD[4?.X')YSD]?4TV(CUOQE::?=0:
M=9D3ZA=1"2WR,Q'.2H9@>"P!V^M54\=VCR6+RK)%!(B&9E7.QW;8 ?10>I]Q
M5K_A$=#AM)88['=GRB 96+?N_P#5X8G( ]O>L^3P7#*ML&D5D9&CO8F!VS(S
M%B!CH03P:SDI75CJHNDZ<E/1]'\OZMYLLI\2-!FAEDA:XE,<[PE%C^8[%+EQ
MS]W"GFI(O'FDW&A7NKQK<_9K1HUD!C&[+A2,#/\ M"I$\)Z%#,)8[!%<6GV,
M$$_ZK&-O7T.,]:J_\(/H*P36ZV<BP3!1)&+B0*VT #(SU 4<^U:6.6YLW,K%
M2Q0KGN:UHP%C4#H *YPV<>GVHMX#(4!)_>2,Y_-B371I_JU^@H8(=1112&%0
MW0!MI-PR,5-45QS;2?[IH K),L,#2O+B)%+,S?P@=:S[/QEX?OI+".WU.)WO
M]WV9=K OMZ]1Q^.,]J==Z?%J^DSZ?<-(L-PFR0QMM;;W&??I^-9A\":(MU=W
M,4<L,UQ)%*'C?'DM&<KL_N^_K38BS?>-=,M=0>TA?[0UO,L5YLR/L^[@$Y'(
MSQQTIR^--(26_-U>+!':JS_,C?,BD*S@@<_,<8'/YUF7G@FP2W1;3SOM#"2-
MY6?.\2/O8OZX/(J(>!K:?5MUYB6QAF^T6P#$,&.-R,.A4D X]A4>]S>1TI4G
M1;VE^:O^9MS^-_#MNJM)J2A6B28$1N1M=2RG@=PI..O%63KUA)+:0QW&Z2[@
M-Q H1OGC&,GI[C@\U@'X?:&-.DL42=8I)S.<2<@[2H4'^Z QP*='X.@ADM)$
MU34UELXS% _G#*1G'R].G JSF.@@;??QJ1@<FM6L6T)_M1,\\'G\*VJ&""BB
MBD,**** *4#,C,JG<JL1[]:LK(C':&&[TSS6!J.CVVJW(\^2X3R9"R&"9H\$
M]SCKV/X5FOX1M([MV3^TFC8[R([C;EN.=V0>N3C_  H=QQMK=G:5ES^)-#MI
MVAGU>QCE4X9&G4$'T/-9VDV5KH1R&O(8F&P"ZN-Z@EB0!DGG+'\/PKSQ+W3U
MNI$DL[2:1,"4.VWRV4\D_)DY(.>3R:PKUU2M<[,%A5B.:]].UOU/98IHYX5E
MAD62-QE70Y!'L:1Y-HKG_"UY ='AA0Q(6W.D49X5,]NG&<UL/GKFMH24HJ2.
M2K'DFX]BM.P>55[L0.:U@,# K$F<_:H1_MK_ #K;JF0@HHHI#"BBB@ HHHH
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M-0BTC1F82R#=R<-BM$U;4S:=]"QY;&^^TMC[@4#\_P#&K08GTJHC+&,!V/\
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MK-%%QV"BBBD 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
B4444 %%%% !1110 4444 %%%% !1110 4444 %%%% '_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>28
<FILENAME>image_031.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_031.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" %9 E@# 2(  A$! Q$!_\0
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MHP0&X'X=Z5P-C<!W%&Y1W'YUB[T?<DX^?(*YP2??BHI(GG3#*1&K<E^"RT7
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MKD8)FEN3;^5,A3_EH(PIQ_6NGL5VVB#<6QGDC!ZT)W$6****8!5:_;9;;L@
M'N,BK-07;;8@?]J@#)E:66$C]WEA@#=QGL<U5N;$I<0R!F!( 90>-WK5AW6.
M<K]U-I^5AT/;'M4<TTDMHK/"LB@YXZ@U#+0Z"WC+O*XW%OXL$$55!ABOOW<0
M./XVSQ^!JR"[1^9+\@'..PJI$SNWSR-*K'*-]TX],4 :+1YQYK<'[IS4#^<T
MZ1L5 ))Y'Z U(8@NR-6SCEBS=*8Q=' WIQR#W_&F21;F>5, X&=Q&!4KM&L3
ME<_+ZX//I3)&.QO+V%F!) YY^OI3 KO"F3ET RP[_A0,<#+&0[,/*(R1C!J2
M21(1$X^93\O3.0::2L\:\,C*?NG^5*(=A#\DD8*YH D.54[&/";@!40)G@)E
MP$)Z=,4B2 3 1L=IRIXX4]Z=.\:JN1\IX /<G^M $,H)BY*, <\-SBIQ.F^1
MXT)<X(7'ZFH9K2)=K8 ,8S@>E2><)+==K#YO3H:0R&YD\Q8U) FQ\P%/C1O,
MWY5PW#=C0["-5=V4<] O)HCW!V9"P8#/TH T--B*WI<$X*$$>O(YK2N/^/>3
M'7::R=&>9[DF<-OV')(]ZUKEMMM(WHIH;]UBZG/6WFQ3NLCAB,_B*D67YR A
M5/>H9GCW>8X8,1D*M+;,\T:2,P#$_,*\:+UY3N:Z@TN+E%&6.#@@< 4YDESN
M9@ ISD#J/>GP+(G^L=<Y. !V[5"&E2\8YRI&6![T-=^H>@]1 VYDD& >0.U2
M(L<L84<J_/U%16?DR>:8U^4Y+<8%-CG(B EPC 8PO<>U-222N%KE:#<T[&!E
M:,,0P;/3M5@,)R50!2#C)I%"-;A87\L$]QU]JEC95&UM@8=<4H^>P,=.%1/F
M4D'T[_6HRC& 8C"GT;I1->*W[L=A\S8Z5!Y@N&:%5D3*_?;O]*J4TWH))V'2
MA)8%A1T#YR^SD"FK;E%/DREHR>5/8^WM4<,9BS&, CHQ_K4UO"84\L,$E?+<
M#(K-*^Z*>@VXF/G2[8\%0#QU8TJ22.ZE^% Y Z9^M6!(58J4+'KTIDDSIM(1
M0,X(-5IO<0R9B(XR"<,>0*JO!<F3,CYA)['^=6#(]PS1/E PX8=_\*DBC,<$
MB&0RL!\N[^5.RD[AL5M.D6358#$0$\[!^7[V.*[*N3TZ5VOX(R$#JREP.WTK
MJZ[\$O=9S5]T9TJOY+[ 2X;H*;O7:IVGSSP >U/="2V9"@SU!P:0LC@KYA1^
M@8]ZZ69#)I&13Y:[_P"$N3T-!1G7:'QMYSZTJ*(H_+XP" />AY5$9)(&01FE
MZ@/+^5WRRC)!/6ERBIO (+#O34=7E1B?E<8P10(6>8H1B)!U[FF(;;RLR(J@
M$X.:;&(Y2#*O)XP:=%&MN73S,LZ\>U+%"$5!@EBV0/2DD^HR8* K*. #Q]*B
M$0#/+_$?T I8]S^:7.U<_+GM4:AI(V0@Y(R1Z"F(FY$;LP !&1CK^--<>7EP
MH<DY.?2G7.);?*ME>!E::V0BX<,O0DT 2%PJ9C3/L!FFC<QWPE >ZXX-1JCK
M%N1LL/O#_"FBW\K#Y.3SGI0P)UN/F*E&5@.5ZCZT2RQ)(%X)QG&*;E(T&,<#
MGZ5)M5AN106'8T:[ &X,HD8A2?;I5L=!5$222AEPJ(,@YJ\O"CZ52$8>IK_Q
M,,GS,-C)!&T #TZU1^TL;@M'#)$@SF4X&<#TJQJ]RUM>2LJ_*6&=O+,<# J@
MUU,R^7=HJ9!#>Y[ 4F,N.9IX=\/E0G(.0W7UW4]S%+B.0-&?3.01]*JL$,()
M>;*X"I&.3[$]ZLLC_91&Q".2.O"GOC/8T .\^2(CY8T4,/E53N*]OI0DSE D
MKL[-_"$P!^)J-+@@EY$;85[]AGI]:2"8RI^Z8,%SM./FW=S@T 3F"-D_U2(1
M_$2%-,:&..+%O.J@MSW8CO\ C4,5I'<LLLR%)4Y'S9//8]N:DA$3!) &:1 /
MO<\\C@_6@!&$,\A1I2L4?9ARK>Q__73]KA K.Q)/R.&!Z?[/%22B'<V=N[Y<
MD#GVJ*-9(3^]=-R* C2,.?7.*=@' SQE5")(K@ECG"CZ"AU>,E8K=#NP=H;
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MV[G-B-T9DL"SEF67(_NGH*6&2WB 1-K,.K&F>7'!O9U)W-TS4J&.)-J*N_T
MZ5U=3$15CED,B,K;A@AA27$=O'"=PQGH!SS3>O#J%5>6VBE46Y7>%7'7GDT
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M<V(5I(I.^U6,B!XQR?45%B&-L1,J,_(#G^52QJZD>9@]0W/7FED6$[<*K,G
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MW"9V/4*O"GZFMBP %F@4 #G@'(ZUS\:QRABL#0DY78?Y@?UK<TA%CTR%5Q@
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M;VJ'[-M=E7)R=PR<X^E%@N-:Q61@[,J;N2">M::C"@#IBJ**'?$B [3BKPX
MII(5S"U2REFU!Y"^8]H"IT /<DU6+?90QFC+$$!=@SDXZXJ_J$T2W4B2)C:
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M>;:Z;>7!A2,/,Q*VK"1F9D!'(.X'L<BMI?&VF-J!M3YJ@,5\T[<<1^83MSN
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M:.)+>SN6LCF>RSL@D^7 QP?NGD9&*S#X0U.6\ANI$L(R@M<I"N&41LQ81O\
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M>R>4RQR74$YDD<RPS%'.\@LN1V) ..V.*EL_#]M8:E->V\MR'F<N\9DRC,0
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MD ST!&:A\ITO$EG\LE25W+G.*F:*.6<AX.(OF4@X'/K0@97#_O"0VX;00/\
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MOJ5;L=C*DSVR-'>0O(J\1MQN^I_K6-J<2L%B,A&]=S =,^M6KKSX[!3"R32
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M9P0>N#SS3X0(W>3&/0$\?6FK+YS*(SN/3Z4;@.@PSGS-H_NG^=,,BM-&2?\
M@1I9T7;L)PJ_F* 8F4B,;MO?T-&NPRWH[9U(AASY9(^F16M?8^PS[@2-AR!6
M5HR8O=_&XQD''KQ6M>?\><V<8V'K6L/A(EN8MJR"'RT^Z.5J)8I4O/,3E5;.
M":D"0L$,;$GKD'BID18U))+$\DFLRKE>[(AF$\:J6]ZDM[@R('(SGL*S3)--
M?%)(F6VD.$+#G/>M2*-4)R!A>E);@R8)NPVT#OC-$,[-*Z%578,M@YJ)K@!D
M"L#N/7MB@[;=7;L2"QJKB)9_EV# SU-,CG\]WP"%0[<GH3[4Z^=ELY2A&X+D
M9]:ABNAL4A,8 Q2;U!(M*Y0=BQ/!IADCC8(<%V/W134/F$[LJ/5ABHXH8X96
M??G(].E.X"S(3(A9OE[J#UJ2,!SG@#T'\J@&)I%NHW8@*55>V*L[L../EZ\"
MD@*MT0FT?,-S?P=:CF5IB#DL5Z8JS<)N523@#KGTJ"UN<O,\B&-(_N!AC(]:
M3W&5K:9GE(C^91PVXG@U,UO</+D;$CQR%)SFDBN8KB,R*RQEF);/!]JFM&N&
MMU^U1HLHZA3FA /L$:&YCCZKN!%;U<_%+LU&%5RNYP"#6_6M/8F1Y@;9+;67
M>*-9(W=MX;OSZU9LXGN+JXCL_P!Q;[QOR/G (Z U5NTN+C-A;PNJQ73%[@>Y
M..GL:U+6 :59W!:0R/.N$ 'S;NF::78&R#6V@"06P@6) -V\G.?:G-JTD-NK
MQPJ8C@D _>^GI5;4;BV6S,$H\^\"[<EN5/X=,52:^*2QPRPL/*52XSG=QVHO
M9L+:&S%=)%;O//M7+X!)]>@K)U34/M5RQCM3,(5"I*5PI_+GK4DZ1S36]R89
M$@F.WYE[^OTJ_=I%IB1QVJ^:UP"VU2&P1[=>:&VUOH"LBCIMG)I\,GV_RBTY
MSTY^A]JGL[0 2>7')@.<$=-OTJOJER5O+.18WC+#$J2+@''./YTX:FTDSB)6
M3>.(HLEL#KGVHNMNP:[FS<2K!:VN5\K<^2&&<@>OL:HRWEQJURL41#QPE6.P
M8&?>IKB9[JQADX 0^6<<YX]/PJOH4IBO9?O%)VX"KSGZ?G5-W=A+:Y=U0;S*
MGF_*L>\*#CYL=/?FF6):(6K?9T9EX(#<KQUJ&YMOM6ISNTI0_=1.Z@#&?SJ_
MH]IL9XY',CKSNSP?7\:2;;!V2+4:R3$SW!VQEP0BG@ =,^OK2RO!;W"-AV>9
ML */3K_2J\FHQQ7 MBF1U()X^N:;>:H)0I6>)AC(5!G:/<U7,N@K$GE)!<)/
ME4E<G"_7K4LT272".1NP+=OPJI%NAE,EQ^]:1<KG^$^GTJ4OL9$:,F5P"K#I
MBFF(L3*EH8UC*1J>!N&2/H*Z5/\ 5KWX%<K<3+%(@N<,7'S28Z<<5U,./)3'
M3:,4,$<]JMN([^YFDRRML(XY7C''K20HB0Y4^8K<%LC(I=;C8W$S[\HI4[0>
MX X-1/)!YB$(R1#_ )YC@FN=[FRV*LES;_;VB8,YA4;B!D#/3\:MO"WE-<C$
M:J. 1UISVZM(%&P"3J0>33;B.:$B/S5D+9"!ST'^-*P[C961-L_S-L&2Z]3V
MP*;:W,1A:9%9=P)V]/SI8Y'E1H&Q$P/!;IBB*%?/.\$AC@<<&CKH'0LR-YB)
MMB61??@9J&[AEDB42*&$3!AMQ^=-:9K=HHIF^3.T%?4U((B(W;>S!>G/WJ0"
MSH! I4[0<;F(SQ44OE%%2:0S%R I X'U!J2W@+M*H8I'_P \SSS2-&+:=EF1
M&P@4;!P"?6F L[13@B&0F1>-Q/4TR>5HF5'C7R\;CM[?4T,UNI1FB _>#+XX
MZ4][=HI9'*AE;MT_"@""._@N0J'>@DY"CJ15M&>*3]U$J*>$&>E5X1()%;RT
M&YB-C=5%/F$[R>9"FX(=IVGCW-"!B30Q327*R<RI_$._%,M9$*AUE5N,<?RI
MC3VD%TB, L\G5CQD"GW#*5ED=%5#\Z.H^YCKGVI 3B5)(B'')ZJ1TK7TD;=-
MB 8MC/)/7DUS[N7'F^8%!7YI,C ]ZZ+2P/[.BVOO!!(;UYK2GN3+8MT445J9
MA69KZ*^GJK8P9%Z_C6G4-S:Q7<828$J&W#!QS2:NK#1R =9[QMF7:W/3U./Y
MU+'<;RYW$R'DJ2!GVS70KH]JH8 /\W7YC35T.S7.U&!/?=67)(KF1S<8(FSN
M 8C!XR*FGG9G*POB6+&X/SE?<5T T:U5MR^8"?1S48T"Q!!$;@@YSO.3]:7L
MY6#F1B)(D8E*J$SR03P,U)&[M<Y**J!,!E/&>^:VWT>UDB,;!\'N&YIS:3:L
M "C<?[77ZT>S8<R,03.P;R\@9 .>^.HI)B>L!SCG;[]Q6ZVEVS%3M8%>F#BE
M;3;=CG:1]#3]G(.9&"$C^T!MK%CE&&,C_P#53LESB6,8/ /<8K9&D6RA0H<!
M3G[QYI(]%M(D=%1L.<G+$TO9R#F1CB;RQ@XST!%)*0=I1L@9SN'&?K6T-(M0
MRG:V%& -W%..EVY8MA^3G&[BGR2L',C#5255)&WD\DCM5?=-%=9 )'0 <9_^
MO71OI5LY)*MDC!PU-_L:U[JY^K&DZ;#F1ANA,A;=^[ R13(6W%C%'\ISR#GI
MWK??1K5QA@^,$??/-"Z-:(H55<*.P8T>S=Q\R,WP_&ZW<K32;I"IX7H%SQ^-
M;5X,V<P_V#3(-/@MI3)$K!R-I)/:K$B"2-D;[K#!K2$>6-B&[NYRQ9HBHA +
M'@[N:(WD9OW\@RY(&.BK6Y_8]K@\/SWWG-+'H]G$H5(\*!@#/:H]FRN9&<QC
MCA++RJCM5".[^VSQ;05CP2!W-=(=.@*%=K $8X-0P:+9VRD1HPX R6).*'"0
MKHH;X&RO#%.#SR*CF7$+K%(^TJ" !G]:V#IMN4==IPYRW/6E33K>.-452%48
M S1R,+F1YR7D8@D5@67)[=*=&D-F .<GGGFM1=-MTDWA3NQCK3FL8'^\I/&.
MM/D87,B2=YHSM!5<X![FJURRV^EN'#/*X**6]36^-/@"!0IP.G--GTNVN(]D
MBMMSGAJ3IL.8R;2+['; $LP Y[_C2BZ?]Z&C)5?N8&216R+&$)MP<8QUI%L(
M%SA3S[T>S87.>T^-BLC,7)7Y0K'IWK.UB![G4;>..:5!%U5#PQ/8^HKL#IT!
M.<,#ZAJA70[)95DVN74[@2YZTG2=K#4C(,"6H@!&29%7-&HRS0P;H"-Y<#GT
MK;ETJVF='=6RARN&Z&EDTNVE&'5B,Y^]3]FPYC&TZ62::%IMI(E&,5TM4H=*
MMH'W('R"&&6Z8J[6D$TM26[GF6H3Y%[;PY1R6W;>,\U'I2S6NGA96"7+8 *\
MD9/J:[=O"FF-<M<>7()&!!(<]SFE_P"$6T[RPNV7(_B\P[OSJEO<72QQNIZ<
MGGO- H6*)!N;/WB.ISZFLJ2];<K2B*%79000<MCK7H4G@[3)HEC<W)13D+Y[
M8S4!\ :&S;C#,3[RFI:[#3[G-WNLQW'EP1@;)!\I&>#ZY]!53/V"83R,TA9\
M9;@Y/3GTKT%?#U@BA5B( & -W055F\'Z7/&8Y%G*%MQ7S3@FAI[@F<'(\VL&
M:%C&JPMD%1G+<C\JT=(ABL[)+B)&:Y0$2MCD<]/TKL(?"NF02%XH60E0I <X
MP/:I;?P_8VLDCQH^9&W-ER>::6MWN#?1''0[&N7E+$12#</09Y_I5BVU"ST^
MX$SE\LQ4A1]T]:Z9?#5@C9"RXSG;YAQGZ4I\.:>T2QM&[*O3+DTM>@:'/Z?+
M+=/)=[4C9G8X*YX)R/QQ5F>=8I&D(497^'CYO_U5LG0+(LK;9 5SC#FE?0+&
M3R]R.?+.1\YJEHA',M%(+1C#^\ED? +#H/6I++3K2WMYQ)LDD4C<?0XR!722
MZ-:S1A'\S:#T#D4UM L6DW['!Q@X8\_6E97N%V<Z+A;JY=VP)$^ZF>V*26[2
M*>#S)0 P(^;M71-X?L6E\S8X;&,ASS39O#>GW"@21N0IR/G-5?0+'):A=LEC
M=S9WA2=@/?Z?6N\M3NM(6QC**<?A67-X4TVXA:*193&W;S#6Q&@CC5%^ZH '
MTI,$86IDO?RQ.<1X!Z]\53595D_=(2SG^#KCZ]JWY]+MKBY\^16+_P"]Q0-,
MM_,W_/TQC<<5FXMLM21SMY;2-(I$C6SIG9L (/'>EA*RF"2X),BAOE!KI&T^
M!L94\>]11Z/:12%U0ACR?FI>S8<QA;7:=/W0>)@6SGE#G@&ITGANY0F\(T>1
MM'>M9-(MD^[Y@YS]\T]M-MW<.P8L!C.[M1R,.9'.:@"MDT2(SDON7!YSG-2/
M'*W[V,X8C*H>@S6]'I=O&2<,Q/!W-FD;2[=D*_. ?1L4O9L?.C$CA>&=,RIY
MO#DCJ3W!HN9&W-"P+[FSSZ5M?V3;"02 .' QD-2_V3;&<RD,7(QG=3Y&',CG
M)RC0M#\P(P0QY&:>MRT@$=[$"X7G:QY'J/K70#2;7RV0JS*QR<MFF+HMHL_F
MXDW8VX+G%+D8<R,F&%9XVDA5P3PJ@\**HV<DT>ZW9I4\M\#/0K]:ZB/2[>+.
MP. 3G&[BB72[:9E+H<KTP:/9L.=&&Z0RYC.UY,;MQ'(]J)IXX%7SE$F_@IC(
MQVS[9K>?3K=V4E""O3:<5$='M"C+L;YNIW<T^1AS(P_+AMIQ&$& 3)L'3/\
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M)+N5QP2./3D5HZ[X8U'4;'2H4DMKB:TM98Y)+I2P>0HH#8SU)!Y[>] '7%@
M22 !US2;USC(SZ9KBO\ A%[^,J\MM'?P+,'-K<3_ .M'DH@9CC!8%6Z^N:L:
M;X?O+3Q8]_)8PK;N(]FUT;R@(@I )7=P1V(H Z^BDI: "BBB@ HHHH ****
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M;Y1S]:0VT+,K-#&648!*C@5+10!%]E@X_<Q\  ?*.@Z"D%I !@01@>RBIJ*
M&HBQH%10JCH , 4ZBB@ HHHH **** "BBB@ HHHH **** "BBB@"$6EN&W""
M+.=V=@Z^M.:")MVZ-#O&&RHY'O4E% $/V2W"E?(CP1@C:.G6C[);G)\B/)_V
M1_GL*FHH C2"*-RR1HK'N!@U)110 4444 %%%% !1110 4444 %%%% !1110
M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !
61110 4444 %%%% !1110 4444 ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>29
<FILENAME>image_050.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_050.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "' FT# 2(  A$! Q$!_\0
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MCC/:OE,QK2J5M=EH>Y@J?)#3KJ=KIEEX=DTN!_LMF,( WF ;@>^<U:%CX<.
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M=)7/VX<NNT<C'X5T%6B3B];!&MW?K]GK&BTR^9%EC2/##(.[FMG7O^0W=?\
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M KQ\)_O53^NIWXC^!#^NA2G4^?<W9U!WMOFW0RD (P_A'<8XJMI5@+'Q'/\
M;5CV7,:BUG4X+L"2P..X[9[5Y[XDUBU^V37 O&+RW)S$I/"#/3MS_.G7-UJ2
M7L-Q86E^MIO+1M<':!N4KR,\$9P*]&R3U1SNI)\ROLE_6AZP^K)$[QH^_ R
MPR?T[5DWWB/5K2<SQV*3V*QY9DY^8]/<>F*YFR26YL+2Y@E$5\2(VEE<Y8;N
M3CZ=*ZYK>XLIS#; 8C'^NR=[]/O'<,\U%*3JK32QI&=""4DN:_0@O?&R16<;
M6UHQNFD$;Q2?\L^G)_$XJY?R/)IOFN KR,K%1VK/DT%9=5BO)$5%EC\R=%!
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ML,2P NTLA##/&0.XJMH]Q%;Z=/;W5TL<LUTQC8,"#G&W'J#CI7*^+[+Q+>W
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M4:EJ4I.72)5X[9/_ -:O6J[,+_"1Q9M_O<OD%%%%=!YH4444 %%%% !1110
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
40 4444 %%%% !1110 4444 ?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>30
<FILENAME>image_040.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_040.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  @ $\# 2(  A$! Q$!_\0
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DYO<$]NU>F:%=:K=Z8LNLZ='I]X68&".<2@#/!W#UK2HH&?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>31
<FILENAME>image_041.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_041.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !) $\# 2(  A$! Q$!_\0
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M?AJ2WAL3H6GP>5 ^^6/=MYZASGKCFJ/@B+R#J/B6_=A%S C;2Q/S?,<#DY;
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E5Y?'T'T-=3\.O^1RL_\ KG)_Z":WCA(<T7V,*E."C)VZ=S__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>32
<FILENAME>image_042.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_042.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  , $\# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#U75O&2:-J
M=U%=6P%I;L(VF#\[VB,B#&.Y4J/<CUIB^*[Y7,DUA;I;PW,5G<+YY,JS.JD[
M5VX*@N!UR0":Z.;3;&X,AGLX)#(R.^^,'<R'*DYZD8&/2FOI&G2:@-0>QMFO
M ,"<Q@N!C'7KTXH Y#3/'UY>:9=W\VE!8;."&YN C.&6)P2V%906(4;@1\K#
M(!S6GJOB34=-TO2ICIJ?:[^4H8 7D\H;&<?<4ECA0#@=<]JW?[+T_P LQ_8K
M?88/LQ7RQ@Q?W/\ =]NE%[IEAJ4*0WMG!<1HVY$EC#!3C&1GV- '/Z;XMN]2
MN-+A334']HPBX1Q+E8XUXE#''WE8J .^X=,&J&H?$&:RU^[TE=.1Y(KR&&,F
M8C?&VWS'Z<%2RC'?<*[**QM(#"8;:&,P(8XMB ;%.,J/0<#CV%12:/ILL[3R
M6%L\K$EG:)2Q)VYYQ_L+_P!\CTH YD>/X7AUN6*WB<:7*"%68%IX=Q1F48^_
MN5@%[_+S\U0S_$%[1K47%E#B6.&[D9)\K%:L#OESCG8< ^N:ZW^R=./V?_0;
M;_1@!!^Z'[L @C;Z<@'\*:=%TLHR'3K4J\3PL#"N#&YW,O3H3R1ZT 8>C^+I
MM2U2VLYK%(3,I;(ER5'E1R#MZ28_"MG1M3.JV<L[1B,I<S0;0V<^7(R9_';G
M\:+K0-(O<?:=,M)L'<-\*GG:%S^0 ^@%26NCZ;8W4EU:6%O!/)G?)'&%9LG)
&R1[T ?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>33
<FILENAME>image_043.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_043.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !J $\# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W[-&:\G^)
M_BGQ!%K0TGPM=&&;3+%]5ORHSNC4C$9^HR?Q%9&F?$G6-1\8V/B/SWC\'WE^
M-)2W=<;9#&"')_WS^0- 'M%[>VVG6<MY>3)#;PKNDD<X"CU-5!XATEM ;74O
MH9-,6(R_:$;*E1UQ[Y&,=<\5XYXO\8:A?^)]1N))?,\$Z?>QZ1J-M@;9?,5A
M(^?]DXQSUVUP[:C=>%-&UGPC<RO+I]AX@MW9L\-%EB?P;8K4 ?4>G7$]W8Q7
M%Q!Y#RC>(C]Y >@;WQU]ZM9KP?4O%OBV,ZCX*T_4YI_$;ZJ6LKDXW-9&,R*0
M<8Z ?G4,_P 1M9U[2KC4+'5I;./2M!#7"I@&6_;@C!'. "?;C- 'OV:,UX_\
M+_&UU?ZYK,'B#7%*1VUD;9+J5$^9H\N1G&221^8K8^%?BQ]6TS4H]9UF*:__
M +6GAABFE42; %VJJ]<=?UH ](S1FBB@"@NB:6E]=WJZ?;BZO$\NYF\L;IEQ
MC#'N,56'A30!I"Z2-'LAIRR>:MMY(V!\YW >OO6Q10!B2^'O#EEH=U8R:78Q
MZ7(QEN(3$/+=N#N([G@?D*X0?#6+7_"WB:2^B%A<ZY.L]LK#'V6.(8@##L<9
MW#L&QVKU4@$8(!'O67/>7%W?26%AM7RL"XN'7<J$C(51W;'/H/?I0!Y_HEC?
M>$/#FE1:E;Z;>^+V#65E=C#;(!TW/@$JJ_T%=)H_A2PM=+N+**R@N3>Y-]=7
M$ "S$G)VQXQC/0<#ZU/<:0UAKJZB)F.VU*1R/$K*K[LD,%' (QR,=#S4][J[
M7MQI^G0[H3? N['AA$HRY'H.0N?]KCUH IZ?X1\':A))(GARPF^SN(UNI;=2
M9"HQE3CD#&,]...!1K&C^$/"=G<>(SH&GQW-KF2.2*W42O*>%"G&=S$X_&H3
MXN#6(O+&(PZ:URME8;(MS7<I)&0.BQC!YZD*3QQG/UG6;'5->FU*_F \.>&F
MWL5Y%U>XX51_%L!P!_>;VH [?1I=0GTBUFU6&*&^DC#2PQ$E8R>=H)ZXK*T+
MQ'/K^N:JEK!'_8]C)]F2ZR<SS#[^WMM7IGN<U@:YK^O75G8Z=;;;'5];REO:
M !GM8,?/-(W9E'8<9('/6NP\/Z=8Z3H5G8::NVT@C"1G^]CJQ]23DY[YH TJ
M*** "LS0XQ#:31M_KQ<2M-Z[BQ(/Y8Q[5IU!+9V\[AY(@7'1@2#^8H Y^_6'
M0_MEY>WL@2Z8902,[RXSA(T[$YP<9_#M#X;TB]N[V^UW6XO*N+V/R(;7/_'O
M;C^'V)ZFNBATNRMY_/CMHQ-_ST8;F_,\U;H R-,\/VVFV5K9[C/;VB".W211
MA . ?=L=_P#$UG+X&TY='733)(T45P+F$L 2CB3S,G^\<\$GJ.*ZBB@#"_X1
M:U.N'5VFE:YDM_L\Q;'SKNW<?W<]#CL *W%4*H50  , #M2T4 %%%% !1110
M 44 @YP0<=:* "BBB@ HHHH QM>\5:+X9-H-7ODMC=R>5"&!.YN/3H.1S0OB
MK17\4-X;6^0ZLL?FM;@'(7 /7IG!!QUKB/%W@/5/&?B;6)[^&)-/BTIK72<R
M YG8AO,(_AY&/I6'I?PY\5V%MI?B*589_%D.K_:;K,RCS+8H$9-W3H/_ !XT
MM1Z'H'BCQI:Z5--HNGS13^)7MVFM+%@?WI +8STR0#@9YKE-.^+,FK?#@ZG'
M%'#KCW:::(@,JLSGY7 /;:<X]016??\ P[\3Z@NJ>)6A@C\4G6(KRQ0S A((
M^%C+=.A.1_LBN#\1Z%?VG_"9:MIT1CMM.UNWG,:\B-\.6 Q_<9U'T-)IE1ML
MSW2T\:^%=*\(?VI_:A.FVTQM9+B2-][3#[P(QDL3D].]7-4\=>'=':!;W4 I
MGM3>)MC9_P!R!G><#@?SKRG3?"(\::@VK":W3P-J$KZK<1F4!X;HQ%'0CMA\
MG/3@57T7P5XBU'PAKEQ</:2R2:;'I=A<2,45K=&XVD] < [CZ< YS3OT)L]S
MV?1/%>C>(KFYM]+NO/EM4C>9=C+L$B[DZCN/RJ?0_$&F^([26[TNX\^"*9H'
M?85PZXR.1[CFO+O!GA_QQX3U>_O+;1+.[M]12U5GFO1&T8C3:3C!SU/IT%:O
MP^TCQGX3+Z3<Z-8MIL]_+<278O1O16]$QST'?O3$>GT4U)$D7<CJR^JG(HWI
MOV;EWXSMSSB@!U%%% $5R)S;N+9D68C",XR%/J1W^E9%MHVF:'X<FT]_+DMY
M=[7+W1&+AW/SLY[EB?Z"MRL33X?[5NY-4N1O1)&CM(S]U%4X+X_O$@\]ABI;
MUL-;'(MING-+8^&=-M8;#1(LW5Q"6<1RDMA5R0#@G)[9Q7:3106,*W%XYE*$
M+%&%PH8\!47U[=S5&>X@O[F\DBBFBEC3[,3+%E+H')"KZX.>1TR:S8;F6_\
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,T50A,#TI:** /__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>34
<FILENAME>image_044.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_044.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !Y $\# 2(  A$! Q$!_\0
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MZPUZLCR0>28RH4D@#SMV"V!G;G&176^&=$ETN?4WN(@H-P8K/Y]VRU !1!Z
M,7X^GM73]7H\ZGRJZ'[6?<;_ ,([-$B)"]OM3[H=2<>^?7WI&\+^=EI6C$A(
M)*,PY'0_7WKI<45R?V5AN;F2:?DVOU#VLCE9_"EQ<1S0O?YCGD$LA*X8L,C(
M*X'?T/K6MI^E-93A]ZE0NT =O\XK4Q1BM'@*+G&I*[<=KL3J2:LPI"0!DTM4
M]5LY=0TJZLX+IK62>)HUG10QCR,9 />NT@Y[_A9/A;["U[_:B>0MZ+$ML/\
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+#FKM% !1110!_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>35
<FILENAME>image_045.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_045.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  + $\# 2(  A$! Q$!_\0
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M>6$"&\06KM""(X4$9F#'N?WB8/\ M>U>G[5W!MHR!@'':FF&)L[HT.>N1UH
M\XA\=:A,=:8R-"K(;C2#)9NHE"2;!&"1^\,G[L@KT\WVIDWC#7UM+,12Q->7
MD)N/+,.! T+.US">^578@)YSSWKTHQ1G9F-3L^[Q]WZ>E'DQ9)\M<G))QZ]:
M /-]/\=W;ZS;2W^H6MOI-U<(\;S*L86"2&>2,%CW/EQG\<5T?AOQ7::M?:E:
M2:I8RW$=](EK#'*F]X0BL" #EAR3FNC:VMW7:\$;#C@J#TZ4BVMNCAT@B5QT
&8( : /_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>36
<FILENAME>image_051.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_051.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  D $L# 2(  A$! Q$!_\0
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>37
<FILENAME>image_052.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_052.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  L $L# 2(  A$! Q$!_\0
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+R,ZDW4DYRW9__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>38
<FILENAME>image_053.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_053.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  D $L# 2(  A$! Q$!_\0
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>39
<FILENAME>image_054.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_054.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  L $L# 2(  A$! Q$!_\0
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*,ZDW4DYRW9__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>40
<FILENAME>image_055.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_055.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  D $L# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BBJ*ZUI
MC:R^CK?6YU)(O.:UWCS G]['IR* +U%4=*UK3-<MGN-*OH+R%)#&SP.& 8=0
M<=^1^=<QK/Q"M=/NK.6R$%]I;S/!<W,,F[R9%(RO'&0#G![5,I**NS:A0G7G
M[.FKO_+4[6BN6UGQ1I]IJB17>HQ66G6R)+<W#MM5F?/EQY[9 +'Z =S6U)K>
MEQ:K;:6]_;K?7,9D@MRXWR*,Y('<<'\C33N1.FX6YMWJ7Z*P7\:^&8[B2W?7
M+%9HFE1T,HRK1C=(/JHY/I5B;Q/H<&AQZU+JEJFF28V732#RVR<#!^HID&M1
M2*RN@=2"K#(([BEH 1FVJ6()P,X R:^?M3\*>+I]/O/'5E87<7B:^U&5!:%3
MYD=D\9B52O8C@Y[<'M7T%10!XC::'XA^&$NI:?H.EWVH6M_H\;));1EQ'?J-
MA8^@/+?EZ52T[P7J7@V'5-$N[>XGTB^TI+XW>W<EO?1KE@3VSAA]"HKWNL_5
M=/.JQ16DA M"X>=>\@4Y"?0G&?88[U,E>+1MAI^SK1G>UFG]W]?B>2O:":2_
M\,ZTWEQZYI<"12R#B.8(/+)^C#'U KG['PGXXN;%?&=W87*:]H7V6VT^Q93N
MGBB&)"1U.X-VZ_-7N6M^&-,\026TE]$YDMFW1O&VT^N#ZC@5L5-.+C=/8Z,=
MB*>(<:D5:5K2[:;6^7Y'SU>^!=>M=$\,*NE74]Z]AJEQ?LD>2L\\7RJWHW1<
M>HIE[;>)M4^"Z>$O^$/U>"ZL1$PD>(XF_>$D*.O .?PKZ(HK0X3G?!^MWNMZ
M4SWV@WVCO PB6*\&&D 4?,/;M71444 %%%% !1110 4444 %%%% !1110!__
!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>41
<FILENAME>image_056.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_056.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  L $L# 2(  A$! Q$!_\0
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*C.I-U).<MV?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>42
<FILENAME>image_046.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_046.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !- ,P# 2(  A$! Q$!_\0
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M5U?QVT);_P -66OVX#-8OMD=><POCGZ!MOYUV86?-3MV/EN(,,Z6,<^DM?\
M,ROBWXP35?AYX>BMW&=6"W4H4]%0#(_[[/\ X[7E-UX?O+7POI^OR#_1+Z>6
M%..A3N?8_-C_ ':JI)?:S+IVEQNTSJ1:VD?7;O?.!_P)B:^E_%W@J&?X42>'
M[- SV%LKVQQU>,9_-N1_P*N@\,XG2O&IM_V>[H^9B]M=VEISSECA3_WPW_CM
M8?P+\/#4/%DVK2)F#3(L)D<>:_ _)<_F*\T749ETR2R$V+225;AX^Q=5(!_(
MFOJ#X3>'CH'@&R\U-MU>_P"ES9'(+?='X+MH \'^*G_)2]>_ZZ)_Z+6KOQ&.
M=+\$G_J")_,51^*S ?$S7AD<2)_Z+6KWQ**IIW@D9'_(#3O[B@9Z]\$?^2:6
MO_7Q/_Z&:[Z]_P"/&X_ZY-_*OF;PE\7-3\(>'X](M-.L;B)'=Q),[!B6.3TK
MNO!WQ>U3Q=XA&C76FV,$4MM,YDA=BPVIGO0(\D\!C/CSP[_V$(O_ $*OL&OB
MO1-5;1M8L-4A6.26SF69$<X5BIZ'':O3_P#AH/7?^@+IG_?UZ /H6BN;\!^)
M)_%O@^RUJY@B@FG+AHXB2HVN5XS]*Z2@ JE?Z/INJE#J%A;7?EYV>?$'VYZX
MSTJ[10!4L-,L-+A:+3[."UC9MS)#&$!/3.!WXIU]IUEJ< @OK2"ZB#;@DT8<
M ^N#WJS10!0L-$TK2Y&DL--M+5V&&:&%4)'ID"K<\$5S \$\:2Q2*5='7*L#
MU!'>I** ,8>$?#@.1H6F@^ULG^%36?AW1=.N1<V6DV5O. 0)(H%5@#UY K3H
MH 1E5U*L 5(P0>A%9$?A3P]#*DL6AZ='(C!D9;9 5(Z$''%;%9NOZO#H6B76
MHS$8A0[5_O,>%4?4XI-V5QQBY-16[/&?$%F_B7XH7=E; GSKE86([*J@,WX
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M **** "BBB@ HHHH :[K&A=V"J!DDUA/IC:[J4%[J",MG:-OM;1_XW[2N/\
MT%>W4\\#=9%9@6&<'(S3J35RHR<=4 HHHIDA1110 4444 %%%% !1110 444
,4 %%%% !1110!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>43
<FILENAME>image_047.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_047.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !$ ,8# 2(  A$! Q$!_\0
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M,F5FG ZGU"@?G0!VMA?V^IV45Y:N7AE&5)4J3^!J*^U6WLK2:<*]R82 \=N
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J=@=TS$@LW'/ &/2NL@M;>VW>1!%%N.6V(%R??%%% $U%%% !1110!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>44
<FILENAME>image_058.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_058.jpg
M_]C_X  02D9)1@ ! 0$ > !X  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1" !O 1,# 2(  A$! Q$!_\0
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MB'OU]<U+_@HE\"=&U&ZT^_\ %TUG?6LK03VT^G7"21R*<,K IP0:^%?AS?\
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MLI,<G/5U<Y8/WR<\YKP+]O?]CO5+?5Q\<OA*)M,\7Z2XOM3M--&V2;9S]JB
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M)1W:N^QX5IO[!/Q]_:BOH_$?QJ\<MH4$QWKILQ^T31*><+ I$47TR37H\/\
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M_M)BAE,###_,V57&.I'O7ZTV/[$/P3TNWN+>R\"6MG!<#;/%;W4\:2CT8"0
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(NX44451!_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>45
<FILENAME>image_066.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_066.jpg
M_]C_X  02D9)1@ ! 0$ > !X  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1"  K +@# 2(  A$! Q$!_\0
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M_P#^$O8__&J/^&3O@A_T1OX?_P#A+V/_ ,:KU6B@#RK_ (9.^"'_ $1OX?\
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MBS\.V<4GER:]81RIN6,':\;NC#H59@>":*](_:6_Y)UI'_8Y^$__ %(=.HH
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59(3LEO&7< Q*MC*L%92&4$% '__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>46
<FILENAME>image_059.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_059.jpg
M_]C_X  02D9)1@ ! @   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "  =8# 2(  A$! Q$!_\0
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M_&7B>1BS>(M5)_Z_)/\ &L>**2>5(H4:21SM5$&2Q] *ZJW^&'C2ZA$L>@7
M4\_O&6,_DS T##3?B9XQTQU:+7;F8#^&Y/F@_P#?6:]1\(_'&TU"6.S\1VZ6
M4S' NH<^43_M \K]>1]*\9UCPKKV@+NU72KJU3./,=/D_P"^AQ6/0!]N1R)+
M&LD;JZ,,JRG((]:?7@7P6\7ZRNHKX>>WGO=-(RKJ,_9/<G^Z?3\J]]H$>/\
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MC;1NS_\ /*4KDJ?KU'X^E<K0,^WZ\]^-/_)-;S_KM#_Z&*RO@_\ $'^W+%=
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MB@ HHHH ^;_CQ_R/T'_7A'_Z&]>85Z?\>/\ D?H/^O"/_P!#>O,*!GVU;_\
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MYO\ CQ_R/T'_ %X1_P#H;UYA7I_QX_Y'Z#_KPC_]#>O,*!GVU;_\>T7^XO\
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M_>WDB_(H[A?[S>PKZ'LOAGX,L)1)!H%L6'3S2TOZ.374QQI%&L<:*B*,*JC
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M_P#OJ/\ ^)KUBB@#R?\ X4%X=_Z">I_]]1__ !-'_"@O#O\ T$]3_P"^H_\
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&444 ?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>47
<FILENAME>image_060.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_060.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !_ JP# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M=XP/F&">/K@\=*EHH;N"C8****104444 %%%% !1110 4444 %%%% !1110
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MT]32T4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
=HH **** "BBB@ HHHH **** "BBB@ HHHH __]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
